A Quote by Charlie Munger
When we were young, there weren't very many smart people in the investment world. You should have seen the people in the bank trust departments. Now, there are armies of smart people at private investment funds, etc . If there were a crisis now, there would be a lot more people with a lot of money ready to take advantage.
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We are seeing more managed money and, to an extent, institutional money entering the space. Anecdotally speaking, I know of many people who are working at hedge funds or other investment managers who are trading cryptocurrency personally, the question is, when do people start doing it with their firms and funds?
Who would you trust right now? Which bank would you trust? Which investment would you trust? Do you really want to put your money; do you want to suffer more of these losses that we just had? You know, these volatility that we see is just unexplainable by any rational standards. Nobody has any clue about how to explain this, and nobody wants to experience that. So, we hold more money back, we don't necessarily want to invest in the market and by default, people are saving more.
There is no question that an important service is provided to investors by investment companies, investment advisors, trust departments, etc. This service revolves around the attainment of adequate diversification, the preservation of a long-term outlook, the ease of handling investment decisions and mechanics, and most importantly, the avoidance of the patently inferior investment techniques which seem to entice some individuals.
My mom started understanding how many people take advantage of a child, so she hired smart people to protect me in that way. I'm happy that when I was younger, people protected me and put me in a position where I can now control my music.
A lot of the Russian economy is built around people who are one way or another milking the state and taking money from the state and recycling it into their private bank accounts. And there are a lot of people who are taking advantage of that, so it's not just one person. It's a kind of web of people doing that, and that's how the system stays in power and how people stay in control.
Just as many smart people fail in the investment business as stupid ones. Intellectually active people are particularly attracted to elegant concepts, which can have the effect of distracting them from the simpler, more fundamental truths.
I think that technology is much more mysterious to the people using it than, say, the automobile was. This isn't an original observation, but a lot of the smart devices people rely on now really do feel like magic to a lot of us.
I think I grew up with a profound sense of watching people who were good people, who were smart people, who were hardworking people - God, nobody on this Earth worked harder than my mom and dad - and they had very little.
After World War II, there were a lot of pension funds in Europe that were fully funded, but they were pressured to hold a lot of government debt. There was a lot of inflation, and the value of all those assets fell. Those pension funds couldn't honor their promises to the people.
I grew up in Queens in N.Y., and in parts of my neighbourhood, there were a lot of Italian Americans and a lot of people who were either affiliated with nefarious people or had seen so many movies that they were embodying that.
I've seen people be effective, even among local teams, by offering something that improves wellbeing in a small way - people who get passionate about smart investment strategies and managing finances for retirement, for example.
Not enough attention is paid to the negative side of fashion. Great effort is exerted to make people look smart, but somebody should face the fact that a lot of people never will be smart, and that they should be given some assistance in maintaining their fascinating dowdiness.
The 'in' campaign will attempt to scare people into believing that if the U.K. were to leave, investment and jobs would move abroad. They are as wrong about that now as they were when they warned that this would happen if we did not sign up to the Euro.
Obscenities... I think a lot of dumb people do it because they can't think of what they want to say and they're frustrated. A lot of smart people do it to pretend they aren't very smart - want to be just one of the boys.
One should marry only when one is wise enough. Marriage is not for young people. For young people is to fool around. Marriage is for those who have experienced life in many ways, who have seen all the colors, the whole spectrum of it, and are now ready to settle.
I've seen more people fail because of liquor and leverage -- leverage being borrowed money. You really don't need leverage in this world much. If you're smart, you're going to make a lot of money without borrowing.
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