Munger's Musings: Trump's "Not Wrong On Everything"; "Young People Should Shop Less, Learn More"

Tyler Durden's picture

Charlier Munger, the 93 year old billionaire vice chairman of Warren Buffett's Berkshire Hathaway who once said Trump was not "morally qualified" to be President, seems to be warming up to the new administration.  Well, at least he doesn't think Trump is quite as bad as Hitler anyway, which is a start. 

In speaking with a group of investors and students for nearly two hours yesterday at the Daily Journal's annual meeting, on a wide range of topics, Munger said that he's "gotten more mellow" when it comes to Trump and is now convinced that "he's not wrong on everything."  Per Yahoo Finance:

“Well, I’ve gotten more mellow,” Munger said at the Daily Journal’s 2017 meeting on Wednesday, adding, “I always try to think about the good as long as it’s not good.”

 

“He’s not wrong on everything. And just because he isn’t like us, roll with it. If there’s a little danger, what the hell, you’re not going to live forever anyway.”

 

“And when Donald Trump says he wouldn’t touch Social Security and Republicans have all kinds of schemes for revising Social Security — I’m with Donald Trump. If I were running the world … I wouldn’t touch [Social Security].”

When asked about the disaffected, millennial protesters around the country, Munger blasted the "agitators" saying that short of Trump turning into "Hitler" he's not in favor of "young people agitating and trying to change the whole world because they know so much."  He also encouraged America's entitled, know-it-all youth to "learn more and shop less."

“I don’t like all that. Basically, I’m not in favor of young people agitating and trying to change the whole world because they know so much. I think young people should learn more and shop less, so I’m not sympathetic to anybody. Young people are out in the streets agitating—that’s not my system. I think if you’ve got Hitler or something you can agitate. But short of that, young people should learn more and shop less.”

Munger

 

Meanwhile, in addressing Berkshire's recent investments in Technology (AAPL) and Airlines (DAL, AAL, LUV and UAL), Munger sought to assure the crowd that he didn't think the so-called 'Oracle of Omaha' had "gone crazy" but was "adapting" to changing markets.

On Tuesday, Berkshire revealed multi-billion-dollar stakes in all five companies, marking a reversal of its longstanding aversion to the technology sector and antipathy to the "joke" that Munger said airlines once were.

 

"The nice thing about the game we're in is that we can keep learning," Munger said.

 

"He's changed when he's buying airlines, and he's changed when he's buying Apple," he said of Buffett.

 

"I don't think we've gone crazy," Munger added. "I think we're adapting."

And here is the full 2-hour meeting for your viewing pleasure:

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YouJustMadeTheList's picture

Does "learning how to shop" count?

Never One Roach's picture
Speaking of the daft and wimpy younger kids(great short vid by Tomi Lahren): Tomi Lahren WRECKS Millennial Men https://www.youtube.com/watch?v=SK6pjFt11nU
YouJustMadeTheList's picture

"Why didn't I take shop?"

~Johnny Dangerously

Gaius Frakkin' Baltar's picture

No clue about the issues affecting White society today. Just another old relic who can't die soon enough.

Déjà view's picture

"Shop less"...BRK also be 'shopping less'...

mind reset's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... http://bit.ly/2jdTzrM

bugfixx's picture

Maybe young people should learn to eat the elites who give none of their gains back to society but never miss a chance to socialize their losses.

Wahooo's picture

Funny looking guy, but h's right about the value of learning more. Education is the only thing you can buy that can truly improve your life for good.

magnumpk's picture

Sort of looks like a Nazi in Raiders of the Lost Arc mid-face melt.

Idiocracy's picture

Enoch the sleestak, from land of the lost

GodEmperorNanner's picture

Internet has all kinds of great educational tools for absolutely no cost other than your ISP bill. Heck, it's why I am where I am today.

Condition 1SQ's picture

Yeah, but short of being self-employed, you won't get a legit job without an accredited degree.

Sonny Brakes's picture

And it won't free you from having to surrender the fruits of your labour to cover your share of the all those socialised losses the government insists on holding everyone except those responsible accountable for. Whatever happened to the tradition of Jubilee? https://en.wikipedia.org/wiki/Jubilee_(biblical)

The Ingenious Gentleman's picture

Looking pretty good for a 93-year-old, I'd say. Charlie Munger for president in 2020!

Wahooo's picture

He's got those Kellyanne Conway eyes. Even for a 93-year-old, that's kinda creepy.

Twee Surgeon's picture

I'm Mungin with Munger, Get yer Mung on Bitchez and quit cryin in yer Cheerios !

doomchild's picture

people like munghole and soros just cant die soon enough. they are like parasites instinctively feeding on the system releasing poisonous toxins as byproduct until the end. 

2_legs_bahhhhhd's picture

thses guys have been sloping the buffet far too long

ebworthen's picture

Munger and Buffet aren't dead yet!?

Why not!?!?

NoDebt's picture

Being literally half this guy's age I can tell you with some assurance that people age like milk, not like wine.  

If you can gain some wisdom from this fossil, then God bless.  As for me, I'll tell you that right now, at this era in time, generational wisdom is of little value.  Understanding epochal change (long wave history) might serve you better.  Or go the opposite way and follow immediate trends.  Medium range 20-70 year views on things to run your daily life will get you very hurt, very quickly.  That is the one timeframe I will guarantee you won't work moving forward from here.

 

 

Manipuflation's picture

+1  So brick and mortar retail has issues.

itstippy's picture

Generational knowledge is of little value.  Generational wisdom is extremely valuable.

My Dad was confused about a lot of the trappings of the modern world, but he knew human nature very well and that doesn't change.

He was cynical as Hell about human nature and considered much of humanity to be greedy, ignorant, impulsive, self-important fucks who refused to take the time and effort to think things through big picture.  He didn't believe in "luck" but did believe in probability and Murphy's Law.  If someone met with wonderful good fortune he didn't say they were "lucky" but rather that they had "beaten the odds".  He disdained people who "beat the odds" and then attributed everything to their own genius or hard work.  "What the Hell," he'd say, "they could just as easily have been born in the slums of India and then where would they be today?"

He was a hard-working guy who grew up during the Great Depression and was amazed that by the end of his life he had a comfortable home with hot and cold running water, central heat, plenty of food, a secure income, and could spend his twilight years puttering in his garden and reading books.  He knew he'd "beaten the odds".

cheech_wizard's picture

Oddly enough, and I hadn't given it much thought. but grandma on my mother's side had the last name of Munger.

Standard Disclaimer: Grandma Munger used to tell her children she kept bat wings in the attic and she would wear them on Halloween to frighten the trick-or-treaters.  Who knows, could be a long lost relative. /s

 

bluskyes's picture

Funny he said that only after buffet dropped a bunch of Walmart shares

Soul Glow's picture

Munger is the most sadistic/masochistic trader alive.  "So he has a little cancer!  I bet I have all sorts of cancer!"  "What am I going to do, sew the gold into my pockets?"  And now  "You're not going to live forever anyway!"

If there is someone out there screaming YOLO louder, I'd like to see it.

r3phl0x's picture

What a surprise - an old geezer in favor of govt bennies for old geezers & not in favor of changing a system that made him rich at the expense of the poor & middle class.

peippe's picture

that sagging eye.

I'd get a toothpick or superglue & prop it open

 

U4 eee aaa's picture

I'll bet that guy still takes his SS checks and buys baby sauce with it

WTFUD's picture

Buffett seems to have recovered from his health scare. Not by eating his Big Mac's and slurping coke but the draining of the blood of snowflakes. It's wonderful to see how the snowflakes throw themselves at the Elite's mercy, unwittingly providing them an endless conveyor belt of transfusions & body-parts. Long live Soros! s/c

moorewasthebestbond's picture

Where are these fossils making their ill-gotten money latey?

 

Trading financial instruments linked to organ harvesting, arms deals, illegal oil, etc. or is that all off the books?

GoingBig's picture

You tucking people make me sick. The guy makes some money and sudenljy he doesn't know anything Yousrejust jealous a holes. Get a fucking grip . go out, quit whining and make something of yourself You sit here crying like some stupid bitches that have no choice. Grow the fuck up.

IndyPat's picture

And stay out of Malibu, Lebowski!

Chet Ricco's picture

I found an inbred kitten once who looked just like this guy Munger.

doomchild's picture

Munger, Buffet, Soros know this, you will not be the ones to inherit this world. Your time has past, you will die if not now maybe in a few years. The world belongs to the children and I hope we can do a good job of making them into better people. Sure some of them will turn into those antifa thugs and precious snowflakes demanding safe spaces. But they are all we have got, they are the only hope. The world does not belong to you Munger, Buffet, Soros, you will die and you will mostly be forgotten and perhaps be vaguely remembered as some rich bastards who were interested in accumulating money. The future does not belong to you and you have contributed nothing to it except create some hellspawn who will inherit your fortune. 

giggler321's picture

So old people like him can buy airlines and Apple but young people should stop buying stuff - consuming, what they've been taught to do from dot

Batman11's picture

When Margaret Thatcher said there was no such thing as society, I don’t think she realised the whole purpose of human society is to keep those at the top in luxury and leisure while other people do all the work.

 

As those at the top have the most to lose, you’d think they would be a bit more careful not to kill the goose that lays the golden eggs.

Why do they want to kill the goose that lays the golden eggs?

The purpose of human society from day one (almost), extracting the surplus for those at the top.

Mankind first started to produce a surplus with early agriculture.

It wasn’t long before the elites learnt how to read the skies, the sun and the stars, to predict the coming seasons to the amazed masses and collect tribute.

They soon made the most of the opportunity and removed themselves from any hard work to concentrate on “spiritual matters”, i.e. any hocus-pocus they could come up with to elevate them from the masses, e.g. rituals, fertility rights, offering to the gods …. etc and to turn the initially small tributes, into extracting all the surplus created by the hard work of the rest.

The elites became the representatives of the gods and they were responsible for the bounty of the earth and the harvests.

As long as all the surplus was handed over, all would be well.

Later elites came up with money.

We pay you to do the work and you give it back to us when you buy things, you live a bare subsistence existence and we take the rest. There would be just enough there to keep everyone on board and those at the top could skim off nearly all the surplus to live in luxury and leisure.

The money scam for extracting the surplus forms the basis of capitalism and quite a few early companies had a company shop where wages had to be spent to ensure there was no leakage into the pockets of others.

The UK’s aristocracy has seen feudalism, early capitalism and modern capitalism; they all fulfil the primary function of human society, keeping them in luxury and ease while others do all the work.

Until the early 19th Century the poor lived in squalor and the rich lived in luxury, the 5,000 years of human civilisation.

Then this awful chap Marx came along with ideas of organised labour movements and those at the bottom start to get a larger slice of the pie. 

Why do they want to kill the goose that lays the golden eggs? 

Batman11's picture

The neoliberal death wish for capitalism.

The lower class does the manual work, the middle class does the managerial and administrative work and the upper class lives in luxury and leisure as our Aristocracy do today.

Like every social system before it, everyone has a role to play, well almost everyone, there is usually some sort of under-class and as long as this is small, society will function.

Neo-liberal ideas, where there is no such thing as society, are leading to the breakdown of society. There is too little training to get the young into good jobs, too many jobs are off-shored and older workers are fired as they become too expensive with yearly pay rises. The costs get passed onto Government that runs up huge debts, maintaining the people that don’t fit in with the profit maximising neo-liberal model.

Neo-liberal ideas only extol the virtues of those at the top, leading to dissatisfaction and resentment amongst those at the bottom. If everyone was at the top, there would be no one to do the work, everyone has a role to play.

With robots the whole thing is just going to get much worse, bankrupting Governments with benefit costs and producing a massive under-class that will eventually over-throw the system.

Capitalism was a way of organising society that is no longer doing its job and the future of this system is very uncertain.

 

 

Fake Trump's picture

"Trump is morally NOT fit to the president". Well said. "He is not as bad as Hitler..". Not as bad but bad enough. Almost one month at The Oval Office and I can't think of one good thing he has done which is considered as positive. All he has done so far is to churn out Executive Orders like toiletpapers. He can't even put in place his cabinet. This is amazing as he should have his shadow cabinet in place when was campaigning. To him all news are fake news except what he is tweeting are real news @ real Trump.

Iconoclast's picture

Surely kids have never been better educated and having so little disposable income, shopping anywhere other than chazza shops, is a dream.

Fake Trump's picture

Shop less fuck more

delmar Jackson's picture

Finally, words of wisdom I can agree with.

Batman11's picture

The wealthy spend their lives biasing the system in their favour and when they are too successful they destroy the system.

2017 – Richest 8 people as wealthy as half of world's population

A shortage of global aggregate demand and with today’s debt based consumption; this problem is going to get worse as consumers max. out on debt.

Neo-liberalism is the typical short termism of the wealthy, rigging the system so far in their favour it collapses in the long term.

 “The Marxian capitalist has infinite shrewdness and cunning on everything except matters pertaining to his own ultimate survival. On these, he is not subject to education. He continues wilfully and reliably down the path to his own destruction”

They never work out:

All employees = all consumers (approx.)

As they cut wages, they destroy demand within the system.

They off-shore jobs, hide profits in tax havens, load costs onto government (banker bailouts, benefits for the low paid, under-employed and unemployed) and refuse to pay taxes, totally unaware they are destroying the system that has looked after them so well.

They want more now.

 

Batman11's picture

Warren Buffet has 73 billion, but how many cherry cokes can he drink in one day?

Warren Buffett is a demand side disaster area.

He wants more now.

Batman11's picture

They last did it in the 1920s.

1) Money at the top is mainly investment capital as those at the top can already meet every need, want or whim. It is supply side capital.

2) Money at bottom is mainly consumption capital and it will be spent on goods and services. It is demand side capital.

There was too much money at the top as taxes were lowered, all that investment capital poured into the US stock market

There was not enough capital at the bottom and so they maintained consumption with debt.

The stock market bubble burst and they were mired in the debt deflation of the Great Depression, everyone suffered.

Another attempt by the wealthy to destroy the system for short term gain.

They just can’t help themselves.

1stepcloser's picture

I'm shopping for Jackets with gold coins sown into them....Fuck u Charlie.