Charlie Munger on American Express | Daily Journal 2017 【C:C.M Ep.250】

 

[Transcript]

QUESTION: Is American Express value proposition more in terms of payment or is it more in terms of service and rewards?

 

CHARLIE MUNGER: Well, I’m going to give you an answer that will be very helpful to you because you’re somewhat confused about what the exact future of Wells Fargo will be – American Express, sorry.

 

And I want to tell you, I’m confused too. I think that if you understand exactly what’s going to happen to payment systems 10 years out, you’re probably under some state of delusion, it’s very hard to know.

 

So if you’re confused, all I can say is “welcome to the club.” They’re doing the best they can, they’ve got some huge advantages that they’re – it’s a reasonable bet, but nobody knows.

 

I don’t know if IBM is going to sell that much of Watson. I always say I’m agnostic on the subject. You’re talking about payment system 10 years out, I’m agnostic on that too.

 

I think if you keep trying to do the right thing and you play the game hard, your chances are better. But I don’t think those thing are knowable. Think about how fast they changed.

 

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

 

[YAPSS Takeaway]

If you keep trying to do the right thing and you play the game hard, your chances are better.