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Munger in FT


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http://www.ft.com/cms/s/0/5192dade-6d6a-11de-8b19-00144feabdc0.html?nclick_check=1

 

....“Warren is peculiar, and I’m peculiar,” says Mr Munger, who is also Berkshire’s vice-chairman. “We’ve got our own peculiar operating model. Nobody else operates the same way or stays in the game in a major corporation as long as we have, so we’ve got a different model. And we like it that way.”

 

“We think all intelligent investing is value investing,” he says. “What the hell could it be if it wasn’t value?”

 

“You can’t believe the way that conventional wisdom invests money,” he explains. “They tend to rush into whatever fad has worked lately. In my opinion, a lot of them are going to get creamed.”

 

“When Warren talks about tap dancing to work, he’s not kidding,” he says. “His spirits lift as he goes through the office door. And I’m the same way.”

 

“The public is furious with Wall Street,” he says. “Everyone who is in a position to observe this says they’ve never seen this much fury to one particular industry.”

Is it justified?

“Absolutely.”

 

“He’s got a real fan club, but for good reason,” Mr Buffett has said. “I’m a member, too.”

 

Mr Munger insists, his partner has continued to improve. “He never would have bought into BYD [the Chinese electric car battery maker],” Mr Munger said. “He’s changed. He learns.”....

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