Anodyne
Friday, May 26, 2006
 

Charles T. ("Charlie") Munger, Warren Buffett's "alter ego" and sounding board, in rare form at the 2006 Wesco Financial Annual General Meeting. Some uncommonly good advice dispensed, though I do not agree with every one of his positions (nb., his equivocating non-response to a student viz. Berkshire's investment in Petrochina, a position my ethics would not permit me to ever contemplate holding). Still, much wisdom here, including his description of Berkshire as "the ultimate didactic enterprise." I like that phrase a lot; I hope that, in their own small way, Pulpfiction and CSA are didactic enterprises, too. (Note that these questions and answers are shorthand transcripts, and not word-for-word accounts of who said what).

"Q: Do you consider buying and managing a set of businesses a more noble pursuit than portfolio investment?

CHARLES MUNGER: Hell yes. Passive investing is too unengaged a life. Like poker players -- it pays bill but not a responsible life.

Q: Does it matter if you hold and resell?

CM: Colleagues and businesses keep changing? No one admires that with wives. Why must you constantly flip the relationships of your life? I don't consider flipping a good life. [Then, responding to a previous question regarding Berkshire's tendency to buy businesses for keeps] We may be serving our personal idiosyncrasies, but we are entitled."
- posted by cjb @ 10:47 PM


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