Comments on: Charlie Munger: “Basically, it’s over.”

By: PEJ

PEJ — Tue, 23 Feb 2010 23:40:05 +0000

you’re probably right about munger and buffet just sticking to business. As for soros and rogers, they kind of hate each other, from what I have understood, after several years of following both. I must admit that it’s difficult for me to listen to soros, given his left wing and pro government intervention policies :-))

By: Mike

Mike — Tue, 23 Feb 2010 23:33:47 +0000

Jim Rogers used to work with George Soros, and they were fabulously successful together. You would be hard pressed to find two people with more dissimilar views on government.

Munger and Buffett paired at a fairly young age and found that they worked very well together long before politics had any relevance for them. Neither seems like a hot-head, so I imagine they have basically just stuck to business in their relationship.

By: PEJ

PEJ — Tue, 23 Feb 2010 23:19:42 +0000

It is true that Munger is avoiding the spotlight, but that said, it’s hard for me to believe that after spending 50 years hand in hand with Buffet, he can have radically different ideas and opinions.

That said, Buffett probably is bullish on the S&P, but probably because he believes government intervention will support the markets (irrelevant of/ignoring what does to main street).
My point is: bullish on S&P is different from bullish on USA.

By: Mike

Mike — Tue, 23 Feb 2010 23:14:50 +0000

No, I’ve read Munger’s book and followed his occasional public comments for years. He is not at all like Buffett. He’s much smarter and has better ethics, IMO, and he stays away from politics (and the spotlight in general).

His essay is highly critical of government actions being taken, even though he does not see things from an Austrian perspective (which naturally puts the blame on the moral hazard of the central bank and reckless fractional reserve lending it supports). He does blame the banks, and he does not sound at all bullish on America, like Buffett always seems to be (I think he truly is, BTW — why else would he have written those billions in 2015 SPX put options?).

By: PEJ

PEJ — Tue, 23 Feb 2010 23:07:49 +0000

Charlie Munger, like Warren Buffet, are just driven by greed. What is good for their wallet is good for the economy. Don’t forget that buffet supported all the bailouts and is supporting both Bernanke and Obama… sad but true.