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foreign people don't seem to get that point you have any idea why Charlie Lauren if people weren't so often wrong we wouldn't be so rich you know those of you who are about to enter a business school or are there I recommend you learn to do it our way but at least until you're out of school you have to pretend to do it their way it's China when China copied Singapore and let the Farmers on their own plots and let the manufacturers own their own businesses and so forth China's productivity increased many times and they went from rural poverty to Modern extreme wealth and they did it by adopting a fair amount of capitalism if a democratic politician doesn't understand that he's nuts once in a while Traders go bearish and that is okay here you can see how Charlie Munger reminisces about his experiences of being down he said that this is the third time that Warren and I have watched our Berkshire Holdings declined by 50 percent from Top Tech to bottom tick so let us let a thing or two from Charlie himself but before that yeah I think you would understand any presentation using the word ebitda if every time you saw that word you just substituted the phrase earnings thank you what's up Bulls are you wondering what the best stock to buy is maybe you're asking yourself what is the current situation of the global economy or just thinking about whether we are in a deep recession or not good for you you are in the right channel because that is what we discussed in stock colleges if you are new hit the like And subscribe button and let us start the discussion going back to Charlie's experiences he said that he believes it is inherent to long-term shareholding that by regular fluctuations and worldly results and markets the quoted value of a long-term holder shares Falls by 10 percent You could argue that if you're not willing to react with Equanimity to a market price decline of two or three percent two or three times a century you're not fit to be a common shareholder you deserve the mediocre result you will get compared to those with it impairment to be more philosophical about these Market fluctuations now that is a piece of loved off advice you can eliminate all boom and bust from a capitalist economy but they could be significantly dampened by prudent legislative action and what happened in America was that the people profiting from a lack of wiser restraints gained more and more power by lobbying more and making larger and larger political contributions they were aided by a certain ideological naivete that assumed that free markets worked well compared to Communism if no laws were restraining Financial clout they would work worse suppose you permit unrestricted sin and Folly in finance which dates back to the South Seas bubble without a system of wise limits terrible immorality and extreme Madness would occur in markets in that case sin and Folly must be crushed Charlie also added these both parties wings are filled with fools it's the nature of the game the reason it's worked so well it's because the folks in the center have over time primarily tuned out the idiots on both sides nevertheless ever once in a while the nature of the system is that idiots take charge which of course has awful effects we went too far with financial deregulation and people were making so much money and the economy was booming because of the dump moronic expansion of consumer credit Charlie also expressed that the next three weeks would be more enjoyable if you used addictive stuff but it would destroy you in the long run this is what an economy does when it allows itself to be seduced by the potential for craziness allowing gross immorality and Insanity to take over Charlie even said how he remembered this one guy as the only person to have immediately called me a horse's ass I'm embarrassed by my lack of foresight he added Alan Green's fan is talking that way so in my book he's a hero and it is difficult at his age to look back on a career as distinguished as his with as much success and adulation and say I was a horse's patoot he's done that so to me he's a hero and we need more people like him here is what Charlie thanks of Wall Street he said Wall Street gains and loses I refer to this as a locker room culture some must win at football soccer or something similar they are highly competitive whatever somebody does they must be as good as or better than that of course Warren and I don't have those compulsions and I would want to live my life rather than theirs they cause immense damage to the rest of us with their awful locker room mentality we have to deal with things that we're able to comprehend subsequently we must have a business with some intrinsic characteristic that give it a durable competitive Advantage we would also prefer a management team with great integrity and talent finally no matter how wonderful it is it's not worth an end infinite prize so we must have a prize that makes sense also consider giving a margin of safety considering the natural business attitudes of life that's a whole set of ideas and the reasons that our ideas have not spread faster is that they are too simple professional classes can justify their existence also it is so apparent and straightforward he is now regarding his most successful purchase the Coca-Cola Company this is what he has to say when we purchased it it was successful on numerous fronts and inexpensive compared to what was evidently going to occur this was a significant insight there are times when even a company as big as Coca-Cola is too cheaply priced by the market considering what it will do for the shareholder and there are times when we can figure that out and sometimes we can't and when we can figure it out we tend to go in heavily for many months we were buying as much Coca-Cola as we could buy char early said that approximately a third of the volume traded every day for several months so we were very aggressive in our Coca-Cola purchases we have the mentality of someone who is buying the whole business at the price you would realize by multiplying the price we're paying per share by the number of outstanding shares we want the price for the whole business to be calculated so that it appears very attractive therefore we prefer buying individual shares at a lower price than a rational person would pay it if he could buy the whole business now Charlie also talks about his friend and co-investor Warren Buffett he said Warren would have been a tremendous success if Charlie Munger had not existed when asked how frequently do you talk to him he answered well it was almost every day in the early days but now it's maybe once a week you can accomplish much more when you're given a strong hand than when you're starting with nothing however they won't be able to multiply money as quickly per share now that they are working with such large sums still they will be able to establish a reputable institution that serves the more fantastic world and finally he said that he believes that berkshire's contribution after Warren's death can dwarf his work while he was living and I guess that is the end of this video comment below what you think of our topic let's start a discussion in the comments section if you liked this video please like And subscribe and don't forget to hit the notification Bell this will help us at psychologist grow our Channel even more thank you for watching and we'll see you the next one
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