• Knave Dave
    05/23/2016 - 18:16
    This past Thursday marked the one-year anniversary of the US stock market’s death when stocks saw their last high. Market bulls have spent a year looking like the walking dead. They’ve...

"New Normal" Mungerisms: From Jews & Gold To Bankers & Heroin

Tyler Durden's picture




 

The bespectacled Robin to Buffet's Batman is at it again. After casting disparaging remarks about the hard-money fanatics of the world with his "only old jews like gold" comment last year, in a brief interview on CNBC today, Charlie Munger explained how "bankers should not be trusted" adding that "they are like heroin addicts." He was reflecting on the debacle that occurred in Cypriot banks of course - but his perspective is likely useful for a broader remit of investment professionals with endless fungible free money as their backstop. So that's the pair; hard- and soft-money partakers be damned. The irony of his firm reporting dramatically better-than-expected profits on the back of a surge in insurance-selling (not at all like CDS) is not lost on us.

 

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Fri, 05/03/2013 - 21:21 | 3529225 Burr's 2nd Shot
Burr's 2nd Shot's picture

CDS is different than insurance because it is both issuer and counterparty risk. Hence the awesomeness of the returns.

Fri, 05/03/2013 - 22:07 | 3529313 wee-weed up
wee-weed up's picture

Munger-bunga...

hell, I thought that old coot died!

Fri, 05/03/2013 - 22:41 | 3529397 Tijuana Donkey Show
Tijuana Donkey Show's picture

He did. It's weekend at Buffet's........ Just ask Becky Quick to reanimate the corpse.

Fri, 05/03/2013 - 22:58 | 3529429 flacon
flacon's picture

I just mungered in my pants when I saw his photo! Oh lordy, and it's sticky now. 

Fri, 05/03/2013 - 23:25 | 3529470 akak
akak's picture

And all this time I thought Mr. Magoo had been taken off the air years ago.

Sat, 05/04/2013 - 01:21 | 3529620 Precious
Precious's picture

What do people expect from this fucking lawyer.  Truth?  Integrity?  Insight?

Fuck this steaming pile of pompous, disingenuous, horse shit.  Fuck off Munger, you fucking law school piece of useless, parasitic garbage.

Sat, 05/04/2013 - 07:16 | 3529777 GetZeeGold
GetZeeGold's picture

 

 

Check his clothes....you know he's got some gold sewn into the linings.

Sat, 05/04/2013 - 09:02 | 3529839 jbvtme
jbvtme's picture

how'd you like that guy to be babysitting your kids?

Sat, 05/04/2013 - 14:04 | 3530202 FEDbuster
FEDbuster's picture

Wonder if CNBC will chip in to have Warren and Charlie sent to a taxidermist and Disney for animation once they finally kick the bucket?  That way they can still do these dumb ass, propagandist interviews with the bimbo of the day long into the future.

Sat, 05/04/2013 - 14:17 | 3530224 akak
akak's picture

You say that as if it has not already happened.

Sat, 05/04/2013 - 20:10 | 3530735 FEDbuster
FEDbuster's picture

Good one!

Sat, 05/04/2013 - 20:00 | 3530718 RobertMugabe
RobertMugabe's picture

What the fuck does that have to do with anything you stupid shit

Sat, 05/04/2013 - 08:58 | 3529837 Roandavid
Roandavid's picture

You seem bitter.

Sat, 05/04/2013 - 11:06 | 3529949 Precious
Precious's picture

You seem to be another dickless wimp, perfectly willing to accept a culture dominated by charletans and non-contributing mouthpieces who's only goal is to keep you and other milktoast like you the greatest possible distance from their criminally accumulated and protected hoard.

Sun, 06/02/2013 - 10:30 | 3618044 Roandavid
Roandavid's picture

Yawn

Sat, 05/04/2013 - 01:20 | 3529624 Godisanhftbot
Godisanhftbot's picture

 Yeah , but the man you mock has made billions and you're here diddling on zh.

Sat, 05/04/2013 - 01:35 | 3529630 Precious
Precious's picture

Eat shit and die you fucking moron.  I'll take my life any day over his sorry, ugly, evil ass.  I know a fucking prick like Munger when I see one.

Sat, 05/04/2013 - 10:57 | 3529936 robochess
robochess's picture

You don't know shit as shown by your comment you ignorant fuck.

Sat, 05/04/2013 - 11:05 | 3529948 Bay of Pigs
Bay of Pigs's picture

And anyone defending Charlie Munger is a first clas douchebag.

Sat, 05/04/2013 - 02:09 | 3529673 TwoShortPlanks
TwoShortPlanks's picture

and you're just passing through, I'm guessing?

Sat, 05/04/2013 - 02:56 | 3529696 Bay of Pigs
Bay of Pigs's picture

What kind of a stupid fucking asshole are you?

Sat, 05/04/2013 - 20:04 | 3530725 RobertMugabe
RobertMugabe's picture

Be carefule Godisanhftbot, you going to piss of the psychotic dip-shits of the ZH comment section. It's hilarious that call people like Charlie Munger "an idiot" while they wallow in their own shit badmouthing rich people on internet message boards. ZH has some great articles, but 90% of the people who comment on these boards reguarly are paranoid schizo's too stupid to understand modern finance

Sat, 05/04/2013 - 06:56 | 3529767 Lednbrass
Lednbrass's picture

Looks more like the love child of Mr. Magoo and a Sleestak.

Sat, 05/04/2013 - 02:25 | 3529685 cpzimmon
cpzimmon's picture

Ok, I know you all have seen this one.
http://www.urbandictionary.com/define.php?term=munger

Sat, 05/04/2013 - 01:41 | 3529652 ToNYC
ToNYC's picture

Happy mouthpiece much needed back-scratching routine. What's not to like? Looking for light or lamp-trimming service? No needs there.

Sat, 05/04/2013 - 04:12 | 3529726 Whalley World
Whalley World's picture

Driving Miss daisy Chain

Fri, 05/03/2013 - 21:24 | 3529233 fonzannoon
fonzannoon's picture

selling CDS. So easy, a caveman could do it.

Fri, 05/03/2013 - 23:36 | 3529489 Burr's 2nd Shot
Burr's 2nd Shot's picture

Exactly. DPCs were a great idea right up until they weren't. Think Madman Mundt, writ large.

"I'll show you the life of the mind!"

Fri, 05/03/2013 - 21:24 | 3529234 Common_Cents22
Common_Cents22's picture

if you didnt watch the video, you'd swear that was buffett himself.   They sound alike.

Sat, 05/04/2013 - 01:21 | 3529625 Godisanhftbot
Godisanhftbot's picture

really, i hadn't noticed

Fri, 05/03/2013 - 21:29 | 3529243 fonzannoon
fonzannoon's picture

I'm 36. When I am 88 and on my deathbed I am going to beg my kid to take this roach munger out before I go.

Fri, 05/03/2013 - 21:30 | 3529250 Random_Robert
Random_Robert's picture

I thought Munger was dead...?

No, wait, that was Soros.

Crap, no, wait- that was a mis-print by Rueters.  Or was it?

Shit, these old fuckers all need to go AWAY, already. 

Fri, 05/03/2013 - 21:34 | 3529254 fonzannoon
fonzannoon's picture

when Munger finally drops do you think this he will want to have his gold stitched into his burial outfit?

Fri, 05/03/2013 - 21:49 | 3529290 nmewn
nmewn's picture

Yeah, but Buffet will send in his "personal bodyguard" to strip it out.

Fri, 05/03/2013 - 21:58 | 3529309 otto skorzeny
otto skorzeny's picture

maybe he'll get "Romanoved" and all of his gold will tumble from his pockets to reveal his hypocrisy.

Fri, 05/03/2013 - 21:31 | 3529251 q99x2
q99x2's picture

Ok then part with some of that money you old weasel and hire some agents to stop them because they'll be coming after you before long.

Sat, 05/04/2013 - 00:12 | 3529541 Urban Redneck
Urban Redneck's picture

The old-timers must be setting if he can't even remember how many billions of dollars he has invested in people he doesn't even trust, or how many tens of thousands of bankers Berkshire investments employ today.

Last year's antisemitism and comically screwing up the date of the Anschluss was way early stage in comparison to today's brain fart, where is a good death panel to cut off his meds when you need one?

Fri, 05/03/2013 - 21:35 | 3529260 miker
miker's picture

These people just need to die.

Fri, 05/03/2013 - 21:40 | 3529270 kicksroute66
kicksroute66's picture

Jews?

Fri, 05/03/2013 - 21:41 | 3529272 ebworthen
ebworthen's picture

Uncle Fester is a skilled propagandist.

Fri, 05/03/2013 - 21:44 | 3529276 IridiumRebel
IridiumRebel's picture

You like tapes or CDS?
CDS? I bet you'd like to to CDS nuts in your mouth.

Fri, 05/03/2013 - 21:46 | 3529284 nmewn
nmewn's picture

"gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939 but civilized people don't buy gold - they invest in productive businesses."

Wow...let that one sink in for a minute. The nazis were "civilized " by extension of thought.

Solyndra was "productive" but uncompetitive, state sponsored and amounted to waste of manpower, resources & capital. Doesn't get more fascist than that. They also threw away brand new solar panels & material once they failed at being competitive to hide their assets in foreclosure for good measure.

Likewise, rail transport is "competitive" as long as the federal regulators keeps a pipeline from being built to transport what Canada is selling openly to the world. Sounds familiar.

I wonder what this fascists take on bitcoin is ;-)

Fri, 05/03/2013 - 21:54 | 3529302 CompassionateFascist
CompassionateFascist's picture

The bankers are watching bitcoin with great interest. Right now, it's an end run around their scheme. Taken over and tweaked (centralized), it is their scheme: global digital currency.

Fri, 05/03/2013 - 22:01 | 3529310 nmewn
nmewn's picture

I think so too CF. They've always desired a "no compete" currency.

If everyone was in bits...and the lights went out...its the equivalent of finding the bank door chained with tanks in the parking lot.

Without the manpower ;-)

Fri, 05/03/2013 - 22:42 | 3529403 dark pools of soros
dark pools of soros's picture

yes when the 'lights go out' you think currency is the only worry? 

the compartmentalization attacks on bitcoin are endless

If you are waiting for the holy day of the lights going out you can just join the amish now and enjoy a decent life away from all of this ok?

 

Sat, 05/04/2013 - 02:30 | 3529689 jayman21
jayman21's picture

when the lights come back on bit comes back on too...I just do not get this when the lights go out bit

Sat, 05/04/2013 - 07:20 | 3529780 nmewn
nmewn's picture

It was more of a jab at Munger's business thought process and his sense of overall morality but...

When (or if) the lights go out I will not be concerned with currency, I'll have the kind that depends on absolutely nothing but its existance. When (or if) the lights go out there will also NOT BE electronic credit(s)...which is, exactly my point.

I will have real, tangible currency, something that can be touched, evaluated, appraised of its value at the point in time its needed for exchange. Bitster's will have a device with a dead battery or an unreadable flash drive telling the incredulous one holding something of value to the bitster, their gadget has some unmeasurable, unseen, value.

Again, its not money because it relies on something besides itself. Its a conduit for money. But knock yourself out mining the ether...I'm just saying what it is not.

Sat, 05/04/2013 - 09:33 | 3529864 Amagnonx
Amagnonx's picture

'Its not money because it relies on something besides itself.'?

 

I wasnt aware the definition of money had been amended while I was sleeping.  BTC however does not rely on anything aprt from itself - you just need some code to identify real BTC - the same as you may need a chemical test to identify real silver or gold.

The 'chemical test' for BTC however, is built in.  

BTC is money - it is going to take a while for many people to figure that out obviously - I dont like the idea of virtual money any more than any other gold bug, but I am not so set in my ways that I have become incapable of thinking.

BTC is money - whether I like it or not, and whether you like it or not - our opinion is not relevant - something is, or is not.

Sat, 05/04/2013 - 10:29 | 3529906 nmewn
nmewn's picture

Oh stop it.

"BTC however does not rely on anything aprt from itself - you just need some code to identify real BTC - the same as you may need a chemical test to identify real silver or gold."

So, if I'm standing in the middle of the Sahara (or in the jungles of Borneo) trying to make a simple transaction with one of the locals, which one of us needs to supply proof of value for value again? Where is the locals connection to "virtual money" somewhere around Timbuktu or Kuching? Am I to expect him to have a bitcoin account all set up & ready to go with his own device to complete & confirm the transaction?

Outside of the coin(s) being clearly stamped and identifiable worldwide as money, why do I need chemicals when a simple magnet will suffice?

As I've said again and again, the short term value of bitcoin is anonymous exchange among those connected. The long term hazard of it is the same thing AND identifying it as money.

Its a conduit for money.

Fri, 05/03/2013 - 22:09 | 3529332 Bunga Bunga
Bunga Bunga's picture

How bankers wanna take over Bitcoin? Right, they can try to buy up all coins.

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