Charlie Munger talks bitcoin, the woes of stock picking, and that simple habit behind his billionaire status in a new interview. Here are the 8 best quotes.

by MMC
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Here are the best quotes from Munger’s new interview.

“The only way to go from being a hunter-gatherer to the civilization that we know that has ever worked is to have a strong currency. It could be shellfish, it could be grains of corn, it could be a lot of things. It can be gold coins., it can be promises in banking systems like we have in the United States, England, etc. When you start creating an artificial currency… you roll your ball stinky in a recipe that’s been around for a long time, it’s worked really well for a lot of people.”

“It’s at least 50/50. Venture capital has made it so difficult for everyone. They keep driving up prices, and of course that drives down the bottom line.”

“I think the modern investor, to get ahead, almost has to invest in a few stocks that are way above average. They try to have a few Apples or Google, etc., just to keep up, because he knows that a significant amount is significant. A percentage of all gains accruing to all common shareholders combined will come from a few of these super competitors.”

“I think fewer and fewer people are actually needed for stock picking. It’s mostly charlatanism to charge 3 percentage points a year or something like that to manage someone’s money other.”

“Most people probably shouldn’t do anything other than have index funds. It’s a perfectly rational thing to do for someone who just doesn’t want to think about it much and has no reason to think he has any advantage as a stock picker.” Why should he try to pick his own stocks? He doesn’t design his own electric motors and egg beater. ”

“I’m not the type to use my money to buy a big yacht, fly my own jet so I can go to the Mediterranean during the season, and so on. I’m not a big overspender.” I prefer my cheaper lifestyle. Who the hell, with my wealth, lives in the same house they built 70 years ago? ”

“I wouldn’t separate them. I don’t consider it that important. They have their little niches. Microsoft may have a nice niche, but it doesn’t own the land. I like these high-tech companies. I thinks capitalism should expect to have a few big winners by accident.”

“I think one of the reasons I’ve been as successful economically as I have been in life is because I’ve read so much my whole life, since I was about six years old. I don’t know how to become intelligent without reading a book. plot.”

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