This week I went down the youtube Artificial Intelligence rabbit hole and watched a series of videos of Charlie Munger. I came across a recent interview where he discusses some current events. It’s incredible to see his eloquence, clarity of thought and wit at his 95 yrs of age.
Here are a few points that stood out to me:
- A big fan of rational politics between parties / countries. Mentions that the U.S. has been run best when both parties were partly in control of sections of government
- The great recession response saw the best performance of this, where both parties and technocrats got together and executed a plan to get the economy out of trouble (the kind of serious trouble that brought hitler to power)
- It is in the best interest of China and the U.S. to reach an understanding on trade. Wants two nations with nuclear weapon capacity to trade happily with each other
- The greatest threat to mankind is a nuclear war. We should do everything in our power to avoid it. Including improving the relationship with Russia.
- The U.S. does not have to fight all enemies with unlimited hostility, can fight with acts of kindness. It´s not the worse approach if you are the richest / most powerful nation
- A great nation will in due time be wrong. Where are the empires of Rome? Britain? Etc.
- Knows the time will come when the U.S. will make a dire mistake. Wants to prevent this by steering clear of dangerous situations (i.e. massive government debt / money printing)
- States should not drive away rich people or companies with their policies. Rich people are usually old, keep hospitals busy, don’t make trouble and give a lot to communities
- Formula to a happy life: Live by a set of simple rules
o Don’t have envy
o Don’t have resentment
o Don’t overspend your income
o Deal with reliable people
o Do what you are supposed to do
o Stay cheerful
On the note of long life lessons. An interesting read is Byron Wien´s lessons learned in his first 80 yrs. I used to read Byron´s yearly surprises during my time at Deutsche Bank, his predictions are still awesome.
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