Video Link: https://youtu.be/w3zOsauEYXI
In this episode, Charlie Munger was asked does he think that once we get vaccinated, the jobs are going to return? Or are we likely to see a slow return of employment in the same way after 2001, 2002?
In this episode, you’ll learn:
Don't predict about the macroeconomic changes.
How did Charlie Munger and Warren Buffett make their fortune?
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So we’ve talked a bit about retail and the reorganization that the American labor force is also going to. Do you think that that is going to be a more transitory phenomenon, that once we get vaccinated, the jobs are going to return? Or are we likely to see a slow return of employment in the same way that we did after 2001, 2002?
CHARLIE MUNGER 00:21
Remember, that I did not make my fortune such as it is by predicting macro economic changes better than other people.
What Buffett and I did was we bought things that were promising and then sometimes we had a tailwind from the economy and sometimes we had a headwind. And either way, we just kept swimming. That’s our system.
Now, after all, that’s the system from Caltech has too. Caltech Just gets up in the morning and keep swimming, and pretty soon they're eminent. Caltech’s not trying to play the game of getting big advantage out of the booms and busts. We’re just like Caltech.
Well, we do hope that we are committed to our path of discovery and not the victims of the current fashion and that we have our own decisions about what we think is really important to search. So in that sense, you’re absolutely right.
CHARLIE MUNGER 01:18
Oh no, you’re trying to get the right answers, but you’re not really trying to predict what the economy is going to be like 18 months from now.