AUDIENCE MEMBER 00:08
In last year’s Daily Journal meeting, you talked about one of the five aces of a money manager was a long runway.
CHARLIE MUNGER 00:16
AUDIENCE MEMBER 00:17
I’m young and have at least hopefully a 40 year runway ahead of me.
CHARLIE MUNGER 00:22
How are your legs? (Laughter).
AUDIENCE MEMBER 00:27
I passed my physical with flying colors, so thanks a lot. I’d like to compound my money at the highest rate and then give most of it away at the end. Which money managers would you recommend besides you and Warren? Thank you.
CHARLIE MUNGER 00:45
Well I just said I’ve only hired one myself in a lifetime, I don’t think that makes me an expert. Although I must say that one did work out rather well. No I can’t help you. Everybody would like to have some money manager that would make him rich. Of course we all would want that. I would like to be able to turn lead into gold. But it’s hard. It’s very hard. And if you’re finding it difficult that just shows you understand it.