During the Daily Journal annual meeting, Charlie mentioned that Warren (and he) were puzzling over BRK's success AND that Warren will be devoting a lot of his discussion in the 2014 Annual Report (published in 2015) to the issue. Charlie also said, "BRK's results were prodigious, but they were not produced by prodigies..."
Well, in this case, Charlie is dead wrong. Both he and Warren are prodigies... They just happen not to be child prodigies that's all. Furthermore, they employed and invested in prodigies.
He went on a bit about how probably only BRK and Thomas Reuters managed to survive technological obsolescence in their main line of work, yet went on to greatness. (I would argue that IBM managed that feat as well.)
On other matters, Charlie is not one to pull punches. He would consign the former executives at Countrywide and their ilk to the "lowest reaches of hell"; he likened their behavior to running a child prostitution ring in Indonesia, just "because someone else is making [lots of] money doing it, doesn't mean you have to."
Jason Zweig had an article in yesterday's WSJ (9/11, I hate even typing that date out) and tomorrow's (Saturday) paper, plus a blog post here:
http://blogs.wsj.com/moneybeat/2014/09/12/a-fireside-chat-with-charlie-munger/
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