A Quote by Charlie Munger
The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing and we were rigorously and intelligently screened. They bankers cared and wanted to protect their clients. The culture now is that anything that can be sold for a profit will be. 'Can you sell it?' is the moral test, and that's not an adequate test.
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I started in investment banking at Allen & Company in 1991. It was the go-go days of media mergers, and we were incredibly busy with one deal after another. Unlike typical investment banking groups, even in the midst of merger mania, we didn't have a formal face-time culture - and I felt empowered by that.
Is the button white or orange or green or yellow? Does it say 'sell', or 'sell now', or 'on sale' or 'for sale'? You test, you test, you test and most of the ideas you try fail and so I would argue I failed my way to success.
Conservatives frequently complain of being frozen out of the culture industry, though, like all industries, the culture industry will produce or sell anything it expects to profit from.
"They've been trying to test on animals for the past 50 years. Nobody's come up with a cure,"he says. "If you want to test on somebody, test on me."
Many teachers of the Sixties generation said "We will steal your children", and they did. A significant part of America has converted to the ideas of the 1960s - hedonism, self-indulgence and consumerism. For half of all Americans today, the Woodstock culture of the Sixties is the culture they grew up with - their traditional culture. For them, Judeo-Christian culture is outside the mainstream now. The counter-culture has become the dominant culture, and the former culture a dissident culture - something that is far out, and 'extreme'.
SUCCESS is not about HERE and NOW. you must pass the TEST OF TIME. the litmus test is FIFTY YEARS from now. SUCCESS is SUCCESSION.
That wasn't because of money, it was because I had a job for the next two days and wanted to work. So I faked a test. That was over two years ago. Why has there been no issue about it since then?
To be very modest about what is happening in my life and my career over the last couple of years, I did not know if I would go on to play Test cricket when we were in the pandemic, in the lockdown.
When I joined the Marine Corps, you have to do a vocational test to get in, and I took the test, they were like, 'You did great. You can do anything you want to do.' I said, 'OK, I want to do this.' 'Except for that because you're a woman.'
Of course, bankers were always interested in making money. But when bankers had clients, they bore some responsibility for the clients' welfare.
Yes, business really does change. 400 years ago, corporations were formed by royal decree. 300 years ago, many countries were powered by slave labour, or its closest moral equivalent. 200 years ago, debtors didn't go bankrupt, they went to prison. 100 years ago - well, business is largely the same as it was a century ago. And that's exactly the problem. Business hasn't changed, but today's array of tectonic global shocks demands a different, radically better kind of business. Yesterday's corporations visibly cannot meet today's economic challenges.
How to test?" is a question that cannot be answered in general. "When to test?" however, does have a general answer: as early and as often as possible.
Downwinders, meaning those people, individuals, communities that were downwind of the nuclear test site. During those years when we were testing atomic bombs above ground, when we watched them for entertainment from the roofs of our high schools, little did we know what was raining down on us, little did we know what would appear years later.
No matter when you had been to this spot before, a thousand years ago or a hundred thousand years ago, or if you came back to it a million years from now, you would see some different things each time, but the scene would be generally the same.
The test, surely, of a creed is not the ability of those who accept it to announce their faith; its test is its ability to change their behavior in the ordinary round of daily life. Judged by that test, I know no religion that has a moral claim upon the allegiance of men.
But nobody is listening to those points. They are just listening to the gossip which is saying that I knew I was positive for all these years because I had a faked test a few years ago.
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