Warren Buffett’s Investing Partner For 46 Years Has A Final Few Words Of Wisdom And (Disgust Towards Banks)

Posted By on July 3, 2011

Charlie Munger, billionaire Warren Buffett’s vice chairman of Berkshire Hathaway, imparts his  wisdom at the final Wesco annual shareholders meeting in Pasadena, California.  Berkshire now owns Wesco.

In business and in personal affairs, be patient but aggressive when you know what you want, Munger advised. He also stressed the importance of continuous learning. His current field of study: Astrophysics.

(Astrophysics (Greek: Astro – meaning “star”, and Greek: physis – φύσις – meaning “nature”) is the branch of astronomy that deals with the physics of the universe, including the physical properties of celestial objects, as well as their interactions and behavior.)

Munger used his opening remarks at the Wesco Annual Meeting to take another jab at the “megalomania” of bankers who he says brought on the real estate bubble of the last decade. A lot of banking, he said, had become “gambling in drag.”He also said some of Wall Street’s computerized traders were the equivalent of “letting rats into the granaries.”

Not surprisingly, some asked his advice on individual stocks. He said Coca-Cola Co., a longtime Berkshire stock holding, was “not nearly as good a business as 20 years ago,” but that as major companies go, it still was “one of my favorites.”

Munger also praised Costco Wholesale Corp., on whose board he sits. The retailer “is about as admirable a capitalist enterprise as ever existed,” Munger said.

More at: www.latimes.com

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