Money: Charlie Munger - Thoughts in 2022
Paraphrasing Charlie: All governments are turning to the printing press to solve their problems. No one knows when these chickens might come home to roost. Inflation is a serious threat to the Republic. 2020 were existent circumstance justifying action but the trend is troubling. Volcker fixed this in the 70's. We are unlikely to be able to do it again. Investment opportunities (at the scale Charlie invests in) are hard to find. He is unwillingly sitting in cash. He does not believe in timing the market. Passive index funds are the most commonly held investment - the votes will not let them fall. Automation will continue to squeeze people out of jobs. Money printing and the collapse that follows leads to some very dangerous people getting involved. The financial industry will not stop creating products. They live on fees. An educated populous is extremely important to success. We are in the age of Keynes. The dollar is going to zero in the next 100 years. The wo...