Charlie Munger: Is This A Good Time To Invest In Stocks? | Redlands Forum 2020【C:C.M Ep.181】

 

[Transcript]

JACK DANGERMOND: But what about the – in a shorter time horizon, is this a good time to invest in the stock market? (Laughs)

Is a funny question is it? (Laughter)

 

LARRY BURGESS: Yeah.

 

CHARLIE MUNGER: Well, I am continuously invested in American equities. And – but I've had my Berkshire stock declined by 50%, three times. And I don't – it doesn't bother me that much. That is the natural consequence of adult life, probably lived. So if you have my attitude, it doesn't really matter.

I always liked Kipling (Rudyard Kipling) expressing – expression in that poem called "If." And he said, success and failure, treat those two impostors just the same. He just roll with it. Sometimes it's going for you and some against, it's all part of the same game.

And so, I think having – if you get rid of the crazy hatreds and the crazy – I don't mean you don't avoid bad people. I mean you will seldom talk to anybody who's better avoiding bad people than I am. (Laughs) I – and but I think it's okay but I don't hate him.

 

LARRY BURGESS: You know, this causes me gonna let –

 

CHARLIE MUNGER: But they won't be as good – I don't think that it's going to be as easy for the next generation as it was for me.

 

JACK DANGERMOND: Understand.

 

CHARLIE MUNGER: Jack if you started all over again, you might not do as well either. (Laughter) I'm not anxious to go back and try. You want to go back to go and try again? No, we – none of us do.

(Source: https://youtu.be/Rh1WCzfCP24)

 

[YAPSS Takeaway]

If— by Rudyard Kipling:

If you can keep your head when all about you

Are losing theirs and blaming it on you,

If you can trust yourself when all men doubt you,

But make allowance for their doubting too;

If you can wait and not be tired by waiting,

Or being lied about, don’t deal in lies,

Or being hated, don’t give way to hating,

And yet don’t look too good, nor talk too wise:

 

If you can dream—and not make dreams your master;

If you can think—and not make thoughts your aim;

If you can meet with Triumph and Disaster

And treat those two impostors just the same;

If you can bear to hear the truth you’ve spoken

Twisted by knaves to make a trap for fools,

Or watch the things you gave your life to, broken,

And stoop and build ’em up with worn-out tools:

 

If you can make one heap of all your winnings

And risk it on one turn of pitch-and-toss,

And lose, and start again at your beginnings

And never breathe a word about your loss;

If you can force your heart and nerve and sinew

To serve your turn long after they are gone,

And so hold on when there is nothing in you

Except the Will which says to them: ‘Hold on!’

 

If you can talk with crowds and keep your virtue,

Or walk with Kings—nor lose the common touch,

If neither foes nor loving friends can hurt you,

If all men count with you, but none too much;

If you can fill the unforgiving minute

With sixty seconds’ worth of distance run,

Yours is the Earth and everything that’s in it,

And—which is more—you’ll be a Man, my son!