Charlie Munger Interview @ CalTech
This writing in no way justifies the amount of learning you get seeing the video directly and listening to the great investor of all time, Mr.Charlie Munger
A couple of things though I would like to think worth pondering after listening to him are as below
He brushed off academia totally and I believe his argument was, he would not want to spend 90 hours every week just to get a promotion and move up the ladder. He would rather prefer an easy and dumb life. While it sounds crazy, when I started thinking, I guess he meant to do what you love doing and rest will come to you irrespective of how you do. You need to be absolutely sure and fanatic about the area you want to pursue and academia cannot give you that knowledge to know who you are and how you want to do it. It's an exploration you have to take yourself and enjoy the fruits of it.
He commended China for its economic supremacy and how a bunch of communist people could rule the world for such a long time. He also vocal about how Indian and the US, both democratic nations could not sustain good economic growth and struggling to get back to normalcy in the post-Covid world. It's intriguing to me to think that China could become a great investment opportunity if India flounders in growth story and I would wish both developed and developing nations compete albeit they will lose the prowess to China and would not be a good situation if one country dominates the whole world.
He also made an interesting comment on how he likes to see his investment company be the same for a long time irrespective of whatever disruptions come the way. He gave an example of his investment in the Rail Road company in the US. His argument was, the railroads need to be expanded no matter what, to carry goods from one place to another. In the process, they may adopt cutting-edge technology, but the underlining business remains the same and the objective will not change for a long time to come. This to be a real clincher and eye-opener. It sounds very simple to identify such companies and stay put with them for a long time. But you guessed it right simple is hard and hence difficult to look at companies from such a broad lens.
These are just a few of the many gems he has been saying for some time now which is spotting the right opportunity, having a common-sense approach, do know your biases, read a lot, never tune into business news, never believe the management at the face value and so on.
Overall, thoroughly enjoyed an hour-long session with the intelligent fanatic :)