Berkshire Hathaway VP Charlie Munger on investing

CNBC’s Becky Quick sits down with legendary Berkshire Hathaway Vice Chairman Charlie Munger for a one-on-one conversation after the Daily Journal Annual Meeting in Los Angeles. In a wide-ranging conversation and his usual no-holds-barred manner, the 95-year-old chairman of the Daily Journal gave his thoughts on whether he thinks the golden era of investing is over, the current state of party politics, his take on the buyback debate, trade tensions with China, and the life advice he abides by.
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[@brianpaul21]

She is, hands down, the most complete interviewer of people like Charlie and Warren. She gets it. She knows when to speak, when to listen and when to laugh with them. She is beyond brilliant at what she does and I’ll eagerly click on and watch anything she is a part of.

[@thomas8421]

Except for when she talks about Tesla something in her changes maybe she is friends with some big shorts

[@seanjentsch9170]

Her opening comment about thanking Charlie to sit down with them today was pretty rude since he's already in a wheelchair lol Charlie even gave her the you dumb bitch expression

[@SammyCee23]

She is sexy as fuck too

[@StephenDoty84]

I wanted to bash her after the malicious way she questioned Trump years ago, but she's redeemed herself since...

[@theflaca]

Her looks don't have anything to do with your comment do they?

[@Bmayo27]

Such a wise man. The world need more Mungers and less Kardashians.

[@ggrthemostgodless8713]

My god, you are so wise ----stating the super obvious. But anything people-wise is better than the Kardashians, so that isn't saying a lot. It is just a truism that after you make enough money to stave off hunger or debt, very little changes with more money... so few people REALLY, DEEPLY KNOW this fact, that Munger becomes such a light into that world, most have no idea, NOT REALLY, why the super rich give away their money. Which is why I personally detest the middle class, they are too obnoxious and close to the bottom to understand the poor, and too far from the top to know how to be decent human beings, they are extremely insecure on both ends ---psychosis ensues, is inevitable.

[@strattus99]

maybe if you need fewer kardashians in your life...maybe youre the problem...

[@thatsamuellu]

Then what are you expecting all the walking people to spend their time?

[@lukelatin]

I agree. But the world wants more Kardashians than Mungers.

[@TheBigdan210]

World needs more Becky Quick’s too!

[@worldshaper1723]

God damnit we are lucky to be able to hear this advice for free.

[@EgorSebastianBach]

In my opinion ,Munguer destroys all the famous Gurus together.

[@RebuttalRecords]

Love this interviewer. She knows the right questions to ask and she listens.

[@Muzammil.S]

Secret to a long and happy life? 28:30 "You don’t have a lot of envy You don't have a lot of resentment You don't overspend your income You stay cheerful in spite of your troubles You deal with reliable people You do what you're supposed to do" --Charlie Munger

[@Muzammil.S]

@Will Chou Corrected, Thanks.

[@Muzammil.S]

@Will Chou CNBC article says "cheerful". www.cnbc.com/2019/02/21/95-year-old-billionaire-charlie-munger-says-the-secret-to-a-long-and-happy-life-is-so-simple.html

[@reachbinnie]

Gold

[@SammyCee23]

Simplest ideas are always the greatest ideas.

[@socrates_the_great6209]

True Wisdom.

[@KarelBeelaertsvanBlokland]

It's rare to see an intelligent journalist interview a smart investor in the USA in such a way ..... Chapeau!

[@StephenDoty84]

It is rare. Where have you seen it?

[@georgiawoolley3204]

"They can't really do more of it"..and here we are, a year later...

[@ArturoGarzaID]

"No man ever steps into the same river twice, for it's not the same river and he's not the same man." - Heraclitus (Greek Philosopher). Charlie and Warren are my heroes.

[@sunilkhamer]

I love this old man. Wish I had found him early . His wisdom could have helped me through tough times

[@jameszeallor2735]

@E W because that's an acestral ride along with yourself.

[@sedditguy1836]

*Life Advice by Charlie Munger* 1. You don't have a lot of Envy, Resentment 2. Don't overspend your income 3. You stay cheerful regardless of outcome 4. You Deal with reliable people 5. You do what you're supposed to do

[@basti1993x]

Makes me very sad to see him in a wheelchair... We can't afford losing someone like Charlie. I highly recommend reading poor Charlie's Almanack.

[@JeffreyGillespie]

I mean, the man is 95. It's inevitable that he's going to go into decline at that age. We're lucky to still have him.

[@nickfleming3719]

First of all Auto blipper, that's ridiculous, there's nothing immoral about wanting someone to live longer. Second, Sebastian, before this century is over, the disease called senescence will be cured. And your sentiment is exactly the reason I've dedicated my life toward that cause.

[@Alphahydro]

Sebastian, I logged in to say the exact thing. I was bothered seeing Charlie in a chair.

[@ThisisJohnWilliams]

amazing book

[@dogestranding5047]

Wow, I never realized in this interview that he was in a wheelchair. I look him up everyday to check on whether he's still alive or not. I hope he makes it past 100.

[@JY-ej8ig]

29:00 "How old were you when you figured this out"? "About 7..." LOL, Legend as always ;D

[@EchoLoot]

he knows it! :D

[@StephenDoty84]

They say he had the same habit of straight talk with an edge when he went to Harvard Law School. He used to irk the prof's.

[@nigerccie1]

1

[@venky193]

like a boss!!! I'm surprised they did not throw in shades and a Cigar to mark that moment!!! rofl

[@stephenlaverty6266]

An incredible man, for his age, and his time. We should all be so grateful that we get to spend a sliver of his time, so much to learn and admire......always a pleasure, great interview

[@tommasofaoro3278]

"Thanks for taking the time to sit down with us" The perfect thing to say to a man in a wheelchair

[@ivancarlson953]

well, he could have taken the time to sit down with others

[@timdoyle6480]

Charlie Munger is a national treasure. Kudos to CNBC for streaming live the DJCO meeting and to Becky Quick for interviewing him afterwards.

[@jesseleighgordon33]

This woman is exceptionally charming, she is smart, she is beautiful, she is perfect

[@StephenDoty84]

You forgot to mention those arms & legs. You won't get sued.

[@champfisk5613]

No one is perfect

[@daweller]

Charlie tapped that

[@carmelitalanza9540]

28:30 - how to have happy life in 20 seconds! Brilliant

[@rainerbuechse6923]

Charlie Munger is, in my opinion, amongst the top 10 minds EVER. Looking forward to having the honor to listening to him in May in Omaha.

[@surethreat291]

Rainer Buechse how was it

[@zalmalak2478]

She is very good.She understands her subject very well.And she gives him all the time as if its his last interview.She knows all that she is after is milking knowledge.These wise words are the goal.When and how they come dont matter!

[@colinteoh3230]

Charlie can be as honest as he wants now, at his age, he has nothing to hide, which makes a good interview, sharp and direct.

[@mwaikul]

Becky interviewing Warren or Charlie is such a treat to watch (super insightfull)

[@jpbredenkamp5091]

She really did an amazing job with this interview! Doubtful anyone else could’ve topped this! Really wonderful

[@StephenDoty84]

Jeff Gundlach could have done a great interview, I bet.

[@johnhoy7572]

I agree. Pitch perfect

[@mr.personality7762]

"Thanks for sitting down with us" Charlie looks at her, in a wheel chair....

[@StephenDoty84]

I'm surprised she didn't then ask, "Where do you stand on free trade?" Or, Would you stand up for a balanced budget amendment? Have you ever stood up for tariffs? ;)

[@mr.personality7762]

@@StephenDoty84 oh, aintchu clever Stephen 😉

[@Big-guy1981]

He really needs to take a stand.

[@hollyhatch1055]

WTF? I just laughed my soul fool ass off

[@hollyhatch1055]

@@Big-guy1981 WTF? These cooments are too much LMAO!!!!!!

[@YouBetterThink]

Incredible how a man of 95(!!!) starts answering before the interview finished her question

[@macyparker2]

Becky Quick is a great interviewer

[@matter7864]

Charlie Munger and buffet are so different its hilarious that they choose to be friends with each other

[@emeral311]

Sometimes knowing someone different and being friends with them makes better friends.

[@gamingshortschannel1109]

It is difficult to comment on videos such as this, because wisdom gained over many years is difficult to explain to people that have not had the experience such as this man.

[@shaifullahfirhakim]

😂😂

[@richierich7361]

@@shaifullahfirhakim what’s funny?

[@KrekreDoBusao]

A living legend. It's a pleasure to listen to this wise man. And also quite funny to see how he keeps his sense of humor for all these years.

[@Zz.lyn5]

I attended the Berkshire Shareholders Meeting in 2018, he was barely even able to walk. Limping hard. You could see how his suit is scrunched up at his shoulders because he’s so frail. Now he’s in a wheelchair. It’s sad. He’s still a genius

[@TheRealChrisBeard]

It’s not sad. He’s 95 and he wouldn’t want you to feel bad for him

[@aaronramsden1657]

Consider this: being sad is only because we resist what is, instead of going with the natural flow of nature

[@Bmayo27]

28:22 is some of THE BEST commentary / insight I have ever heard in my entire life!

[@whm5511]

I am from Singapore and I love you, Charlie! The hoary head bowed down with age is glowing with grace and wisdom. Becky Quick did a good job in mining the best out of you. God bless you and make his face to shine on you.

[@cronx1337]

Every interview this lady does is an absolute delight.

[@fhowland]

"They can't really do more of it"..and here we are, a year later...

[@zedzed5276]

It's so much worse now nearly 2 years later.

[@tez830]

You’re never out of it until you’re dead 😂😂😂😂😂

[@BVWineS]

T🎯💯

[@JeradSorgenfrei]

So many people give great answers but Charlie gives one the tools to come up with the answers on your own. That's why he and Warren are such great teachers. Also, it takes a great listener to interview him well... Becky is a GREAT listener. Thanks to both!!

[@PatrickJWenzel]

Incredibly sobering interview. Thank you Becky for presenting so many compelling questions.

[@aaronramsden1657]

What I love about Charlie, jack Bogle and Warren is their genuine moral compass.

[@shaifullahfirhakim]

I Have Strongly What U Say But I Know All What U Want To Say.. Ofcouse I Believe ALLAH S.W.T With All ☺️☺️ Just Trust..

[@powerlinkers]

thank you CNBC. good interview.

[@audtom52]

Becky Quick should be paid to hold a seminar on interviewing and moderating to all the "so called" moderaters and interviewers (forget "Journalists") that the public suffers through today....she is tops in her field. As far as Charlie Munger....forget EF Hutton.....Whenever Charlie (or Warren) speak...we should ALL listen.

[@mitchb4084]

The mind and the genuis of a man 95 and sharp as young man. This is the brain you want researched not Einstein. The key to solving senility starts with him and his wholesome Nebraska bud

[@kingdomcitizenship5613]

I'm amazed at the things he is openly discussing. He's basically saying the wealthy know the system is broken, they've extended their power as far as they could and doesn't know how this plays out, and our country's self implosion is inevitable.

[@webfreakz]

Thank you for the interview!

[@tedameier]

Two of the best in their respective fields. A pleasure to watch.

[@pauldupont1537]

A true legend always a pleasure to hear his wisdom.

[@SammyCee23]

Bill Gates said Charlie is the smartest man he ever met.

[@StephenDoty84]

People forget Charlie was a wiz at Harvard Law too.

[@jonathancarpenter8007]

He has also said the person that he has learned the most from is Warren Buffett. Wonderful people to be influenced by!

[@StephenDoty84]

@@jonathancarpenter8007 Yeah, and anything is better than Ron Jeremy.

[@koraykaplanmbacc2683]

Becky is the best. Excellent questions, effective listening, knowledgeable, and a great interviewer.

[@ambarprajapati2105]

They’re amazing folks - both Charlie and Warren. Just listening to them is a great delight.

[@harbinguy1]

28:15 good question and answers. I 've listened to it several times now.

[@Citizen-of-theworld]

28:30 - how to have happy life in 20 seconds! Brilliant

[@bgwhalley]

When Charlie talked US and the end of the Roman Empire in the same sentence... my heart stopped! But I agree and think we are getting close to the end. Too many Americans are consumed by idiotic television shows and inspired by uneducated celebrities, athletes and rappers. This video of Charlie Munger's priceless knowledge has only 15K views while a Kardashian video published from the same day has several million which confirms my belief why we are near the end. As we become dumber as a nation... another society more hungry to succeed becomes smarter and someday will likely overthrow us.

[@olliemoore11]

alot of of those clips like kardasians that get hundreds of millions of views get them because of bots and algos giving the impression that real humans are clicking and viewing them

[@coryg121]

Watch hidden secrets of money- episodes 9&10 with mike Maloney. Shows the similarities of Ancient Rome and modern US. The end is near.. in fact watch all episodes. Some of the best videos I’ve ever watched on KZbin

[@thechronic4twenty]

he didnt say the end was near, he said that all great powers eventually will die. It could be 5 years, 50 years, 100 years. Also, it will eventually die only until it doesn't

[@kellybrown2030]

I refuse to learn Chinese

[@larrycoyote7219]

He didn't say we're close to the end. You're saying that.

[@benjamin95251]

This guy. I really enjoyed the interview.

[@Nofs]

Gotta love Charlie's wisdom/insight !

[@andrewbreiter-wu]

That was such a great interview. I hope we have a decade of more interviews like these from both Charlie and Warren.

[@rohitrohan2009]

Charlie is already 96. another decade would mean he would be 106 years old. Which, of course i hope he lives longer, will prolly not happen.

[@jaidancraig]

Wow he is 95. That's impressive that he is that old and still very capable

[@josh124c]

Interviewer: What's your favorite color? Charlie Munger: no

[@hollyhatch1055]

Its not green.. its not!!!

[@SHINZ138]

Coca Cola

[@KarlFiner]

Becky Quick is a great journalist, she asks meaningful questions and I think she brings out the best of people like Charlie and Warren

[@rocky7232]

Amazing amount of knowledge in this great man.

[@bobfeller604]

"How old were you when you figured this out?"...."About seven." Perfect.

[@GeorgetheArchitect]

Love Becky Quick but wish she would direct more of her questions to history and human behavior - areas Charlie is peerless. Just like Warren’s excellence is in understanding businesses and moats, Charlie is unique in mental models of the world.

[@Rmanvideo]

wow you think?

[@GeorgetheArchitect]

armen gharibian WTF?

[@Rmanvideo]

@@GeorgetheArchitect idk i never divided their expertise like that?

[@GeorgetheArchitect]

armen gharibian Charlie is a student of history like almost no one else. He has the broadest thinking of human behavior which is almost always the x-factor in investing. Combine that with his legal acumen and knowledge of behavioral economics, he is unique. I am sorry but Becky is a lightweight here

[@GeorgetheArchitect]

Joshua VanVleet CNBC would be grateful if she did that instead of the lame reporting they do everyday with ARS, “loser” Joe and Cramer. It would actually be something unique

[@Hawking1969]

Amazing! I wish she asked a bit about his earlier days. He's one of the few who likely remembers the Great Depression and WWII.

[@viktorwarhola1525]

Love my Grandfather's generation!

[@rockopocko6944]

Incredible interview! wow

[@jrothstein1472]

Can't thank Charlie enough for everything I've learned from him. He's the wise King of investing and human nature.

[@mk-ww7ii]

And you got 7500 dollars in the bank ;)

[@hotpotmaster997]

"once a lawyer always a lawyer correct?" "not really!" LOL

[@hamadalraeesi3214]

😂😂

[@todd-7819]

awkward

[@valaquenta220]

She's a good interviewer, that's a change

[@ThatBritishVlogger]

Great interview: both parties.

[@baytown7951]

Have to admit that this is the first time hearing Becky do her thing and have to be super impressed with her talent and patience. Watched her in 3 videos now and she's quickly one of my all time favorites. Great job.

[@jamesbyrne9312]

Where have you been haha

[@guru96973]

Legend

[@petermitchell4523]

Wise man and good interviewer!

[@fabiopompeo9095]

He is awesome 👏🏻!! Can’t thank enough!

[@socrates_the_great6209]

Thanks for the great interview! Please always use her for interviews with Charlie.

[@alexlucas2420]

Beautiful interview

[@martenlee501]

I am amazed on Becky as a person. It's so rare to see a woman with her statuesque. Her intelligence and beauty is so rare. Her husband is a lucky guy!

[@realbobbyaxel]

Marten no doubt About that. I will forever be envious of her husband until I find a woman even better than her in all those qualities.

[@paudelamarianaoancea3761]

true true

[@cheeveka3]

Charlie is such an intelligent person so simple and straight forward no excuses.

[@marshallhosel1247]

Love Charlie

[@kantalarski]

Super wise man. Pleasure to listen to.

[@RONMAYS71]

Good interview and insights , Thank You Mr Munger

[@funkyblanket15]

Such wisdom

[@lanreenilo7405]

Very informative!

[@dhui777]

Good interviewer with many excellent questions.

[@HCHANISM]

Great Interview

[@Th3L0st0ne]

becky quick is so smart and knowledgeable. i wish more news anchors and interviewers were like her. charlie is obviously fascinating to listen to

[@0x9bh47]

Fantastic interview

[@renatofrancorosas1397]

"There are worse things in the world when you are rich and powerful than giving a little for the peace of the world."

[@shaifullahfirhakim]

That All *^*^..

[@InvestingBookSummaries]

Superb interview

[@fiyamage]

9:24 he's right, no empires last forever. Charlie is so pragmatic that he's able to be at complete ease with the eventuality of this paradigm.

[@josephwroglieri]

Great Interview!

[@martinsamken]

Superman!This man is my idol and mentor!

[@ccdemuthjr]

Great interviewer. Great interviewee. Something rare and remarkable about Becky Quick: she asks questions in order to elicit insights from the interview subject, not to sound impressive.

[@frankielauro3926]

what a great interview.

[@glennthomas6827]

gotta love becky... check 8.00-8.06 when she's biting her lip to keep from laughing when Charlie says " i'm not ecstatic about any of them" then straight faces the next question... love it

[@jharris947]

He's not just a clever man...he's also a wise man. A very wise man.

[@243wayne1]

Great job as per usual Becky!

[@csswithmalikbedarbakht]

8:33 Cheerful about what you cant fix 22:21 whirlpool 26:00 A man never steps into the same river twice

[@hkrumble]

Becky Quick is such an amazing interviewer. She knows how to probe, how to be patient, and how to phrase her follow up questions to get the most out of our wonderful, but laconic, Charlie Munger.

[@socrates_the_great6209]

Charlie is an Oracle. When are they gonna give him that title? We all know he is a genius already.

[@gauharsingh7015]

He'll be dearly missed when he's gone

[@moisesmtzsantos]

He is a great great man!. He is so noble!. His hearth is great!

[@lcf274]

28:32 Great advice

[@mysticb6199]

Love To You Sir

[@johnparadise3134]

9:20 “I don’t worry much because I regard it as a cinch that a great nation in due time will be ruined.”

[@1Esteband]

cinch like easy? I was trying to understand it but still the sentence doesn't make much sense to me.

[@johnparadise3134]

1Esteband, yes “cinch” as in easy. He regards it as a foregone conclusion, a certainty, that a great nation will eventually be ruined. Reined as in destroyed. Lose its dominance. Fall! Just like the Roman Empire!

[@1Esteband]

​@@johnparadise3134 Thank you. In case you want to see more of the US Roman Empire comparison. kzbin.info/www/bejne/d3q8gahqgqt_opY

[@nickfleming3719]

Enough with the Roman Empire bs smh The key phrase "in due time" which could mean ANY amount of time, which is obvious. When the sun burns out, all earth nations are done for. To give you some perspective: Age of U.S.: 243 years Lifespans of other empires: Empire of Japan: 1,743 years Byzantine Empire: 874 years Holy Roman Empire: 844 years Zhou Empire: 790 years Ethiopian Empire: 666 years

[@Haannibal777]

Nick Fleming I was just going to comment that the US time in the sun is far too short to be going away any time soon and you beat me to it.

[@greymatter2493]

14:03 very wise soul