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In a recent interview called "Internal Conversations with titans," the host said Dr. Sabrina interviewed Munger on several issues including life, wealth, investment, and his vision of the future. For health reasons, Munger did not appear at Berkshire Hathaway's shareholder meeting in early May this year, but in this interview, Munger was as humorous and wise as ever, and did not hesitate to share his thoughts on the current situation and the future to the outside world.
At present, the market is up and down, what is Munger's attitude towards investment? As one of the world's most recognizable investors, how will Munger arrange his family's wealth?
Today, we share this latest interview with Munger, Munger is 96 years old, but he still dares to embrace the challenge, reading this interview, you should examine your own life and try to live this life happily.
Should we be greedy or fearful in 2020?
Sabrina: Charlie, you and Warren always tell us that when others are greedy, we are to be afraid, and when others are afraid, we are greedy. In 2020, are you afraid or greedy?
Munger: At a time when fools can get rich, I don't think about it. There are so many stupid and wrong behaviors now that those who are not cautious will one day face the greatest danger.
Sabrina: Are you currently afraid or greedy about investing?
MUNGER: I'm terrified. It may sound like an exaggeration, but when I see some irresponsible investments by governments around the world in both public and private investment, I think this short-term bailout of the economy may actually put us in trouble in the future.
Sabrina: You used to be in the Air Force, you retired from the military and went to Harvard Law School, and you became one of the best investors of the day. Your investment performance is very good, and you have been three times the market return for fourteen consecutive years. How did you make these decisions?
Munger: My decision-making system is very simple, and I call it "systematic counterintelligence." Remove the stupid part of traditional thinking and get "counter-common sense" you get. Most people still follow traditional thinking, and I try to avoid stupidity. I didn't succeed every time, but my winning percentage was higher than most. There are very few opportunities that everyone can encounter in their lifetime, and life is like this. Chances of running into good ones are rare, and the best way to do that is, don't hesitate to share a big piece of cake when it's your turn. I'm very good at doing this kind of thing.
Sabrina: What are the good opportunities?
Munger: It looks certain.
How to manage family wealth
Sabrina: How would you invest in your children and grandchildren?
Munger: Every business school tells us to diversify our investments, but I think it's stupid to diversify. I'm only interested in investing in companies with obvious advantages, so I'm not going to stick to the rules. If there are three such quality investments, it will be enough for any family.
If a person does not understand investing, he can make fully diversified investments. However, if you really understand the company you invest in, three investments are enough. For the Munger family, berkshire, COSTCO and Lee's Asia Fund account for 90% of all funds.
How to see the future of the United States
Sabrina: The United States is the world's largest economy, but education and health care are comparable to those of third world countries. Is america's position as the world's number one coming to an end? Are we going to decline like all other modern civilizations? As we all know, the torch of modern civilization spread from Athens to London and to other countries. As the United States is an economically strong pole, but the education and health care system is very weak, what position will we be in the world? Do we still have hope? Is the United States still our best place to live?
Munger: It's normal for a great company to end up handing over the baton to other companies, and all great companies in the past have had this happen. At an appropriate time, such a thing will happen. Just as we always say that people will die, in the same way, great companies will eventually decline, and there will always be companies that will become great. That's how the world is.
Compared with people in other parts of the world and other eras, the country we live in and the era in which we live are the easiest to survive, and everyone else is more difficult to survive than us, and the living environment is worse. The present good life is unimaginable to our ancestors, and watching our children die is something that our ancestors have experienced. Imagine this kind of pain, and all kinds of similar images of pain.
Last night, I was reading Winston Churchill's biography, which described the death of his mother. Do you know why his mother died? She fell down the stairs, injured her leg, was infected during treatment, had to amputate her leg, and died of excessive blood loss during the operation due to a doctor's error in operation and a ruptured artery. In the old days, such things were very common, and people died for similar reasons, causing unbearable suffering to their loved ones.
Today, we have created a lot of social wealth, living in the best countries, the best places, and we already have a lot. Although in some darkest moments, we still find it very difficult. But I don't think you need to worry about other countries getting stronger, and that's going to happen. But that's going to happen after I die, so I don't feel bothered by it.
Munger's advice
Sabrina: Do you have any suggestions you can share with us?
Munger: I have a timeless secret – go with the flow, accept challenges, and try to be rational.
If you examine the missed opportunities carefully, you will find that our own stupidity causes far more trouble than others deliberately sabotage. So we have to keep fighting stupidity. It's a very constructive thing and it's fun.
There are so many stupid things in this world, and we should constantly reflect, defeat stupidity, and get rational results, which is a very interesting process. So, I think what we need to do is just go with the flow and accept the challenge while staying rational.
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