Originally posted by entropy: I'm trying to figure out just HOW someone at the top of Berkshire Hathaway has any cred discussing the status quo.
Just read another piece saying if Trump gets elected its tantamount to investment suicide.
Whatever.
So, anyone with talent, worked at it persistently over many decades, lived responsibly and became successful has no cred?
Please!
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
February 11, 2016, 11:09 AM
41
While hanging around the wood pile...this was overheard:
BREAKING: Guy who wants to raise taxes has breakfast with guy who doesn't pay them.
As the race for the White House moves to the south, socialist candidate Bernie Sanders is desperately hoping to shore up more support from minority voters.
Who is he turning to for guidance? Race-baiting huckster Al Sharpton of course. From NPR:
The morning after his New Hampshire primary victory, Bernie Sanders made a highly publicized visit to Harlem to dine with Al Sharpton.
The two dined at Sylvia's, the same New York City restaurant where Sharpton huddled with Barack Obama during his 2008 presidential campaign.
No. But I am getting tired of the establishment lecturing me about the hazards of abandoning the establihment.
-------------------------------------- "There are things we know. There are things we dont know. Then there are the things we dont know that we dont know."
February 11, 2016, 11:13 AM
Loganspawn
quote:
Originally posted by JALLEN:
quote:
Originally posted by entropy: I'm trying to figure out just HOW someone at the top of Berkshire Hathaway has any cred discussing the status quo.
Just read another piece saying if Trump gets elected its tantamount to investment suicide.
Whatever.
So, anyone with talent, worked at it persistently over many decades, lived responsibly and became successful has no cred?
Please!
Hate to break it to you but yes these old insiders are exactly some of the guys people are tired of hearing shit from.
They have helped get us right where we are. Don't like hearing that well sorry. Big money in bed with big government hasn't helped me much.
------------------------------ Knowing is half the battle!
"When governments fear the people, there is liberty. When the people fear the government, there is tyranny. The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government."
Thomas Jefferson
February 11, 2016, 11:21 AM
Elk Hunter
quote:
Originally posted by mrmn50:
quote:
Originally posted by midwest guy:
quote:
Originally posted by JALLEN: Cruz would be foolish to give up a Senate seat to be in the Cabinet.
I agree with above on Cruz leaving the senate. On a side note Charles Munger stated that Trump is morally unqualified to be POTUS, he also stated Sanders is nuts! MG
Morally unqualified. ??? Who was our last moral President?? Reagan??
So who the hell is Charles Munger? And more to the point, what qualifies him to make a statement about anybody, especially the leading candidate for US President?
Edited to add: Saw that article that he is from Berkshire Hathaway. IOW, he kneels at the altar of warren buffett.
That explains it.
Elk
There has never been an occasion where a people gave up their weapons in the interest of peace that didn't end in their massacre. (Louis L'Amour)
"To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical. " -Thomas Jefferson
"America is great because she is good. If America ceases to be good, America will cease to be great." Alexis de Tocqueville
FBHO!!!
The Idaho Elk Hunter
February 11, 2016, 11:22 AM
JALLEN
quote:
Originally posted by entropy: No. But I am getting tired of the establishment lecturing me about the hazards of abandoning the establihment.
How about the hazards of abandoning the morality of Western Christian Democracy?
I don't agree with Munger on every issue, but he is the epitome of rational, intelligent, principled living and the rewards of successful adherence to those ideals.
He regards gambling as a vice, something that an intelligent, principled person should avoid. He might regard taking various stimulants the same way, and a host of other "vices" as well. He is a pro choice supporter which I don't care for, but otherwise advocates responsible, rational behavior in all things, taking care of yourself and your family, thrift, prudence, strive to be in "the seamless web of deserved trust," avoid irresponsible, destructive activities.
If he lectures, you ought to at least pay attention. He might be on to something important, and useful. I wish now I had always done so.
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
February 11, 2016, 12:42 PM
entropy
Perhaps so...on numerous points.
However, history is filled with folks who have hidden in the shadow of "morality". Some of what he says may indeed be full of merit, but some of the company he keeps makes me look at anything he says with a jaundiced eye.
Like many in this Country, Im sick of being fed a shit sandwich. Even if its from a gourmet chef. I'm a big boy and can make my own decisions and am comfortable with living with the consequences of same. Im sick of "lectures" from those who sell one thing, yet live by another.
-------------------------------------- "There are things we know. There are things we dont know. Then there are the things we dont know that we dont know."
February 11, 2016, 12:57 PM
sdy
Munger said “My attitude is that anybody who makes money running a casino is not morally qualified.”
My attitude is I don't care what Munger's attitude is.
Perhaps he prefers Clinton who runs the corrupt Clinton Foundation.
I occasionally gamble in casinos. I have never felt a deficiency of moral qualification. (Unfortunately I have never actually made money in casinos)
What this country needs right now for a president is an ass kicker determined to destroy the policies, laws, and corruption that have been jammed down by our throats for the last 7 years.
February 11, 2016, 01:09 PM
46and2
quote:
I'm sick of "lectures" from those who sell one thing, yet live by another.
a-fucking-men.
exactly this.
If I have to endure another example of different rules for thee and me, I'm liable to (figuratively) strangle a motherfucker who is audacious enough to act that way in my presence, and to hear it from our own government, and pundits, is doubly infuriating.
February 11, 2016, 01:41 PM
JALLEN
quote:
Originally posted by entropy: Perhaps so...on numerous points.
However, history is filled with folks who have hidden in the shadow of "morality". Some of what he says may indeed be full of merit, but some of the company he keeps makes me look at anything he says with a jaundiced eye.
Like many in this Country, Im sick of being fed a shit sandwich. Even if its from a gourmet chef. I'm a big boy and can make my own decisions and am comfortable with living with the consequences of same. Im sick of "lectures" from those who sell one thing, yet live by another.
I don't have any reason to believe Munger is among those, or serves "shit sandwiches" whatever that is. As far as I can tell, he has eaten his own cooking. Munger expounds on personal responsibility, avoiding irrational behaviors.
I am sure that he regards gambling as irrational, and views those who keep the table accordingly.
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
February 11, 2016, 02:17 PM
entropy
How did Munger make his money?
What's Wall Street? No gamble in that? See what I mean JALLEN? He's "lecturing" me on the "evils" of gambling and those who run casinos yet has made his fortune basically doing the same in the business world. From Wikipedia:
"Munger was previously the chairman of Wesco Financial Corporation, now a wholly owned subsidiary of Berkshire Hathaway. It began as a savings and loan association, but eventually grew to control Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers Surety Company, and other ventures. Wesco Financial also held a concentrated equity portfolio of over US$1.5 billion in companies such as Coca-Cola, Wells Fargo, Procter & Gamble, Kraft Foods, US Bancorp, and Goldman Sachs. Munger believes that holding a concentrated number of stocks, that he knows extremely well, will in the long term produce superior returns."
He made millions. You know what? GOOD FOR HIM. Now just shut the fuck up Mr. Munger.
-------------------------------------- "There are things we know. There are things we dont know. Then there are the things we dont know that we dont know."
February 11, 2016, 03:38 PM
colomtn
quote:
Originally posted by 41: While hanging around the wood pile...this was overheard:
BREAKING: Guy who wants to raise taxes has breakfast with guy who doesn't pay them.
As the race for the White House moves to the south, socialist candidate Bernie Sanders is desperately hoping to shore up more support from minority voters.
Who is he turning to for guidance? Race-baiting huckster Al Sharpton of course. From NPR:
The morning after his New Hampshire primary victory, Bernie Sanders made a highly publicized visit to Harlem to dine with Al Sharpton.
The two dined at Sylvia's, the same New York City restaurant where Sharpton huddled with Barack Obama during his 2008 presidential campaign.
My grandfather voted republican until the day he died, now he votes democrat.
February 11, 2016, 04:25 PM
JALLEN
quote:
Originally posted by entropy: How did Munger make his money?
What's Wall Street? No gamble in that? See what I mean JALLEN? He's "lecturing" me on the "evils" of gambling and those who run casinos yet has made his fortune basically doing the same in the business world. From Wikipedia:
"Munger was previously the chairman of Wesco Financial Corporation, now a wholly owned subsidiary of Berkshire Hathaway. It began as a savings and loan association, but eventually grew to control Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers Surety Company, and other ventures. Wesco Financial also held a concentrated equity portfolio of over US$1.5 billion in companies such as Coca-Cola, Wells Fargo, Procter & Gamble, Kraft Foods, US Bancorp, and Goldman Sachs. Munger believes that holding a concentrated number of stocks, that he knows extremely well, will in the long term produce superior returns."
He made millions. You know what? GOOD FOR HIM. Now just shut the fuck up Mr. Munger.
Don't be an ignorant buffoon. There is a world of difference between gambling and investing in business.
quote:
Betting (wagering) that must result either in a gain or a loss. Gambling is neither risk taking in the sense of speculation (assumption of substantial short-term risk) nor investing (acquiring property or assets for securing long-term capital gains). It also differs from insurance which may reduce or eliminate the risk of loss but offers no legitimate chance of gain.
In our culture, business operations always involve risk of loss. Those risks exist inseparable from the activity. With gambling, the parties create a risk that did not exist before the parties took it on.
Some risks can be shifted, price risks, for example. A farmer plants his crop uncertain what the price will be at harvest time. Too much wheat and the price goes down and the farmer can't recover his costs. The cereal manufacturer knows, hopes, it will need and use many million of bushels of wheat in its production, and faces the risk that supply problems will increase the price so that it cannot make a profit making and selling cereal. Hedging was devised to provide a means of transferring the price risk from the farmer or user to a third party willing to accept it in hopes of making a profit. Gambling is taking on risk that didn't exist until you took it on.
Here is a quote that seems appropriate here.
quote:
On envy: "There is nothing more counterproductive than envy. Someone in the world will always be better than you. Of all the sins, envy is easily the worst, because you can't even have any fun with it. It's a total net loss."
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
February 11, 2016, 04:41 PM
entropy
Dont be a jackass.
Perhaps the fact you cant understand my point is the reason you think Im an "ignorant baffoon".
I'd like to go back into his past and look at every single business deal and transacrion he was ever associated with. Every loan. Every investment. If an innocent little guy along the way didnt get screwed, then I will own up and take my medicine.
Im sick of people telling me how I should live. I tend to agree with some of what he says, but he should just shut his piehole. Im tired of people telling me certain things are evil and destroying society while they turn around and do somethng just as bad.
Dont make me break out the lawyer jokes OK?
-------------------------------------- "There are things we know. There are things we dont know. Then there are the things we dont know that we dont know."
February 11, 2016, 06:35 PM
DSgrouse
Come on you two, please. I don't want to see this thread closed.
February 11, 2016, 06:51 PM
rduckwor
quote:
Just read another piece saying if Trump gets elected its tantamount to investment suicide.
Interesting. I talked to one of my investment advisers today and he told me essentially the same thing. Tariff ideas coming out of Trump are crazy he said.
RMD
TL Davis: “The Second Amendment is special, not because it protects guns, but because its violation signals a government with the intention to oppress its people…” Remember: After the first one, the rest are free.
February 11, 2016, 06:59 PM
JALLEN
quote:
Originally posted by entropy: Dont be a jackass.
Perhaps the fact you cant understand my point is the reason you think Im an "ignorant baffoon".
I'd like to go back into his past and look at every single business deal and transacrion he was ever associated with. Every loan. Every investment. If an innocent little guy along the way didnt get screwed, then I will own up and take my medicine.
Im sick of people telling me how I should live. I tend to agree with some of what he says, but he should just shut his piehole. Im tired of people telling me certain things are evil and destroying society while they turn around and do somethng just as bad.
Dont make me break out the lawyer jokes OK?
I'm sorry. My comment was intended to be exhortational, not insulting.
You can break out the lawyer jokes if you like. Neither Munger nor I are offended.
I don't see how you differentiate being sharing some useful lessons learned in a lifetime of a mostly successful experiences, and "telling me how I should live." Moreover, nobody can make you do them unless you just want to. So, where's the offense?
I've read a great deal about Munger, and by Munger. I have not found any complaints that he cheated anyone. He and Buffett underwent a very thorough examination by the SEC in connection with the complexities surrounding the acquisition of Wesco, and were exonerated of any wrong doing. They drew attention because they tried to avoid disadvantaging other shareholders, so it seemed suspicious. He and Buffett stepped in when Salomon Brothers blotted their copybook, restored reputations, cleaned out some "bad wood" and saved the firm.
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
February 11, 2016, 08:16 PM
henry claude lemoine
February 11, 2016, 08:41 PM
JALLEN
quote:
Originally posted by henry claude lemoine: [FLASH_VIDEO]<iframe frameborder="0" height="315" src="https://www.youtube.com/embed/xIAJl-wZElg" width="560"></iframe>[/FLASH_VIDEO]
If that is directed at me, forget it. I have more hands on experience in Munger type activities than just about everybody on this forum.
Luckily, I have enough willpower to control the driving ambition that rages within me.
When you had the votes, we did things your way. Now, we have the votes and you will be doing things our way. This lesson in political reality from Lyndon B. Johnson
"Some things are apparent. Where government moves in, community retreats, civil society disintegrates and our ability to control our own destiny atrophies. The result is: families under siege; war in the streets; unapologetic expropriation of property; the precipitous decline of the rule of law; the rapid rise of corruption; the loss of civility and the triumph of deceit. The result is a debased, debauched culture which finds moral depravity entertaining and virtue contemptible." - Justice Janice Rogers Brown
February 11, 2016, 08:43 PM
Elk Hunter
quote:
Originally posted by colomtn:
quote:
Originally posted by 41: While hanging around the wood pile...this was overheard:
BREAKING: Guy who wants to raise taxes has breakfast with guy who doesn't pay them.
As the race for the White House moves to the south, socialist candidate Bernie Sanders is desperately hoping to shore up more support from minority voters.
Who is he turning to for guidance? Race-baiting huckster Al Sharpton of course. From NPR:
The morning after his New Hampshire primary victory, Bernie Sanders made a highly publicized visit to Harlem to dine with Al Sharpton.
The two dined at Sylvia's, the same New York City restaurant where Sharpton huddled with Barack Obama during his 2008 presidential campaign.
I heard they are both stuck at that restaurant because neither one of them knows how to pick-up a check.
Probably forgot that their ideal commie system has not materialized yet.
Elk
There has never been an occasion where a people gave up their weapons in the interest of peace that didn't end in their massacre. (Louis L'Amour)
"To compel a man to furnish contributions of money for the propagation of opinions which he disbelieves and abhors, is sinful and tyrannical. " -Thomas Jefferson
"America is great because she is good. If America ceases to be good, America will cease to be great." Alexis de Tocqueville
