Charlie Munger on Booms and Busts
Published on October 26, 2009 at 7:10 pm
Charlie Munger was interviewed by the BBC and comments on a variety of topics. As always, Mr. Munger pulls few punches when it comes to providing his candid assessment on investing, economics, politics, and all varieties of “human follies”.
One sure to be classic Munger quote from the interview was in response to a question regarding how concerned shareholders should be when they experience temporary impairments in the market value of their holdings:
You can argue that if you’re not willing to react with equanimity to a market price decline of fifty percent two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result that you’re going to get.
And on politics:
Both parties have wings that are full of idiots. That is the nature of the game. And the reason it has worked as well as it has is that the people in the middle have sort of over time tuned out the idiots on both sides. But every once in a while, the idiots get in control. And, of course, that has terrible consequences. That’s the nature of the system.
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