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Mr Munger you've spoken about the importance of avoiding mental biases in decision making in your experience what's the most challenging bias to overcome and how do you personally guard against it well what if I had to name one factor that dominates human bad decisions it would be what I call denial if the truth is unpleasant enough people kind of their mind plays tricks on them and they they think it it isn't really happening and of course that causes enormous destruction of business where people go on throwing money into the the way they used to do things isn't going to work at all well in the way the world is now having changed and and if you want an example of how denial is affecting things take the world of investment management how many managers are going to beat the indexes all costs considered I would say maybe five percent could consistently be the averages everybody else is living in a state of extreme denial they're used to charging big fees and so forth for stuff that isn't doing their clients any good it's a deep moral depravity if some Widow comes to you with five hundred thousand dollars and you charge your one point a year for and you could put her in the indexes but you need the the one point and so people just charge some Widow you know a considerable fee for worthless advice and the whole profession is full that kind of denial it's everywhere so so I had to say it it was I always quote demosomes it's a long time ago democity that's 2 000 more than two thousand years ago and he said what people wish is what they believed think of how much of that goes on and so it's of course it's hugely important and you can just see it I would say the agency costs and money management they're just so many billions it's uncountable and nobody can face it who wants to keep your kids in school you want you need the fees you need the brokerage questions you need this or that so you do what's good for you and bad for them now I I don't think Berkshire does that and I don't think we've Garen and I did it as a Daily Journal Garrett and I never took a dime and salary or director's fees or anything and if I have a business I talk on my phone or use my car I don't charge it in the Daily Journal that's unheard of it shouldn't be unheard of and it goes on in Berkshire it goes out in the Daily Journal but it we have an incentive plan now in this General Technologies and it has a billion dollars for the Daily Journal stock that did not come from the company issuing those shares I gave those shares to the company to use in compensating the employees and I learned that trick so to speak from a guy at byd which is one of the Securities we hold in our Securities portfolio and byd at one time in its history the founder chairman he didn't use the company's stock to reward the executives he used his own stock it was a big reward too well last year what happened byd last year made more than two billion dollars after taxes in the auto business in China who in the hell makes two billion dollars was a brand new internet business for all practical purposes it's incredible what's happened and so there is some of this old-fashioned capitalist virtue lift in the Daily Journal and there's something left in Berkshire Hathaway and there's some left at byd but but most places everybody's trying to take what they need and just rationalizing whether it's deserved or not
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