AUDIENCE MEMBER 00:00
I'm a student – I'm part of a student-run social venture fund, and I'm interested to hear your thoughts on impact investing. So a few of your colleagues are part of the giving challenge – giving pledge – excuse me, which is aiming to solve societal problems through charity.
On the other hand, there are those who are investing in these issues of energy, education and health care through investments that expect to financial and a social return. What are your thoughts on these type of investment activities?
CHARLIE MUNGER 00:31
Well, that hasn't been my particular pathway. Generally speaking, I believe Costco does more for civilization than the Rockefeller Foundation. You know, I think it's a better – it's a better place.
So you get a bunch of very intelligent people sitting around trying to do good, I'm easily get kind of suspicious and squirm in my seat. So that may be a prejudice of mine which isn't quite fair, but I've seen so much good in the world by people who really created better systems.
And I've seen so much folly and stupidity on the part of our major philanthropic groups including the World Bank that I really have more confidence in building up the more capitalistic ventures like Costco that maybe just a crotchet of mine and you may be right that your way is better.
On the other hand, if I'm right and you're as promising as I think you are, I think you'll end up like me. (Laughter)
BECKY QUICK 01:49