At the 2018 Berkshire Hathaway shareholder meeting, Charlie Munger excoriated the get-rich-quick attitude of the younger generation that wrote him letter after letter seeking his approval to invest in Bitcoin. Munger responded, in characteristic fashion, by pointing out that everyone wants to start a bar, own the hottest stock, or seek a quick buck in the cryptocurrency market.
Of course, what I have enjoyed about following Charlie Munger throughout my life is that, not only will he explain to you the things that do not work so you won’t continue in folly, but he will often also provide a supplemental illustration of what does work instead.
Munger added that, when he would hang out at a particular Omaha country club in the 1960s, he encountered a man who started a company dedicated to removing dead horses and other large animals from the property’s of Omaha’s affluent. Across the entire extended … Read the rest of this article!