AUDIENCE MEMBER 00:00
Hello, I'm Joshua Gillespie. Thank you Larry, Jack, Charlie for all being here. Charlie, like you, I am very excited about investing in undervalued assets.
However, specifically what I'm interested in is low socioeconomic, young folks who are not college bound. So what specific advice, functional advice, would you give to that demographic of folk who are looking to better their lives?
CHARLIE MUNGER 00:29
Well, I don't think you can just give a good advice to the young and just have it automatically sprout like Jack's Beanstalk. A lot of people are just natural non sprout-ers. (Laughter)
And so my technique is to find the people who have the sprouting and then fertilize them greatly. And in other words, Warren puts it in a more pithy way as you might imagine. He says we make silk purses out of silk. (Laughter)
That's our system.
JACK DANGERMOND 01:14
CHARLIE MUNGER 01:15
We don't know how to return – Now, I can turn any purse any silk into a pretty – a better purse – if they'll learn my tricks.
But what I found there is that they either get a quickly almost instantly or I never get through. I don't know what Jack's experience is, but – I have all kinds – they're nice people and they are – but they got – their thoughts are already there. The thoughts they already have displace.
JACK DANGERMOND 01:44
They've been programmed in a different way than you.
CHARLIE MUNGER 01:47
And they can't accept the change. Even if they kind of suspect, you're right, and you're rich, and they're not, they still think they know.