Munger May 4, 2012 Video
05 May 2012
Munger May 4, 2012 Video
Featured Stories
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Q&A With James Grant May 19, 2011
30 April 2012
James Grant spoke about his experiences as a financial journalist and his body of work including a biography of Thomas Reed, speaker of the House of Representatives from 1889 to 1891, and again from 1895 to 1899.
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Economic Recovery: Perils, Politics and possibilities
16 April 2012
"Economic Recovery: Perils, Politics and possibilities"
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America’s Future: A Conversation with Bill Gates & Thomas Friedman
14 April 2012
America's Future: A Conversation with Bill Gates & Thomas Friedman
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Buffett Interview on CNBC (8 Videos-Monday, 27 Feb 2012)
29 February 2012
Buffett Video Interview on CNBC (Monday, 27 Feb 2012)
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Bill Miller & Bruce Greenwald-2012 Columbia Investment Management Conference
27 February 2012
Bruce Greenwald and Bill Miller at the 15th Annual Columbia Investment Management Conference February 10, 2012
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Facebook at $80 billion IS TOO EXPENSIVE
31 January 2012
One-hundred billion dollars is a very dear price to pay for Facebook stock and IPO participants clearly have extraordinary expectations about Facebook’s future prospects.
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Venture Capital is a Terrible “Investment”
26 January 2012
Venture Capital is a Terrible "Investment". Keynote Address AlwaysOn Jun. 22, 2010. 02:10 PM EST Risk and Reward in Venture Capital * Bill Sahlman, Dimitri V. D'Arbeloff - Class of 1955 Professor of Business Administration and Senior Associate Dean for External Relations, Harvard Business School, Harvard Business School
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Warren Buffett, Scott Rigell on Deficit, Tax Policy, Jan. 23 (Bloomberg)
25 January 2012
Warren Buffett, Scott Rigell on Deficit, Tax Policy, Jan. 23 (Bloomberg)
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Jamie Dimon: U.S. Experiencing ‘Mild’ Recovery
11 January 2012
Jamie Dimon: U.S. Experiencing 'Mild' Recovery MON 09 JAN 12 | 04:40 PM ET
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My Partner Alex Tabatabai Explains the Basics of Investing to docstoc (Video)
09 January 2012
My Partner, Alex Tabatabai, explains the basics of investing in an interview with docstoc (Video)
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Kahneman-Thought Leader Forum 2011 (Transcript)
19 December 2011
Kahneman-Legg Mason Capital Management Thought Leader Forum 2011
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James Grant Says There’s a `Drag’ on U.S., Global Dec 14-2011
16 December 2011
James Grant Says There's a `Drag' on U.S., Global Dec 14-2011
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Michael Burry Bloomberg Transcript (2011)
27 November 2011
Michael Burry Bloomberg Transcript (2011)
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Zackhauser Investing in the Unknown and Unknowable
27 November 2011
Zackhauser Investing in the Unknown and Unknowable
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Warren Buffett on Europe & Economy (Nov. 14 2011)
18 November 2011
Warren Buffett on Europe & Economy (Nov. 14 2011)
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Pershing Square-Fortune Brands (Oct-18-2011)
11 November 2011
Pershing Square-Fortune Brands (Oct-18-2011)
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Paul Volcker-Monday, October 24, 2011
03 November 2011
Paul Volcker-Monday, October 24, 2011 on Charlie Rose
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Bill Gates Bill Talks About the Future (October 28, 2011)
29 October 2011
Bill Gates Bill Talks About the Future (October 28, 2011)
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Charles Munger Oct. 24 (Bloomberg)
25 October 2011
Oct. 24 (Bloomberg) -- Charles Munger, vice chairman of Berkshire Hathaway Inc., talks with reporters about European leaders' handling of the region's debt crisis. Munger, speaking at BYD Co.'s North American headquarters in Los Angeles, also discusses Berkshire's investment in the Chinese automaker. (Source: Bloomberg)
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Buffett Letter to Tim Huelskamp (Tax Return)
13 October 2011
Buffett Letter to Tim Huelskamp (Tax Return)
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Buffett on the economy, taxes and Obama
07 October 2011
Buffett on the economy, taxes and Obama (CNN Oct 5, 2011)
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Prize Lecture by Daniel Kahneman (38 minutes)
08 September 2011
Prize Lecture by Daniel Kahneman(38 minutes) Daniel Kahneman held his Prize Lecture December 8, 2002, at Aula Magna, Stockholm University. He was presented by Professor Torsten Persson, Chairman of the Prize Committee.
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Southeastern Asset Management Roundtable
05 September 2011
Panel discussion with analysts, Lowry Howell, Jim Thompson, and Ken Siazon, moderated by Lee Harper. Q&A with analysts joined by Mason Hawkins.
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Advice From (Irving Kahn) a 105-Year-Old Banker
24 August 2011
Advice From a 105-Year-Old Banker As markets gyrate wildly, Irving Kahn, who at 105 is perhaps the world's oldest investment banker, says not to worry—the economic downturn is just a blip.
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Warren Buffett in Sun Valley, Idaho Thursday, 7 Jul 2011
08 July 2011
Warren Buffett in Sun Valley, Idaho Thursday, 7 Jul 2011
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A handout from “A Morning with Charlie [Munger]” (July1-2011)
03 July 2011
A handout from "A Morning with Charlie [Munger]" (July1-2011)
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Oral Arguments ABN AMRO Bank, N.V. v MBIA Inc.
02 June 2011
The Court of Appeals, New York State's highest court, is composed of a Chief Judge and six Associate Judges, each appointed to a 14-year term. New York's highest appellate court was established to articulate statewide principles of law in the context of deciding particular lawsuits. The Court thus generally focuses on broad issues of law as distinguished from individual factual disputes. There is no jurisdictional limitation based upon the amount of money at stake in a case or the status or rank of the parties.
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A conversation between Paul Volcker and George Soros
27 May 2011
A conversation between Paul Volcker and George Soros
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WALL STREET AND THE FINANCIAL CRISIS
27 May 2011
WALL STREET AND THE FINANCIAL CRISIS: Anatomy of a Financial Collapse MAJORITY AND MINORITY STAFF REPORT PERMANENT SUBCOMMITTEE ON INVESTIGATIONS UNITED STATES SENATE
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David Brooks addresses the Brandeis Class of 2011
26 May 2011
David Brooks addresses the Brandeis Class of 2011
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Salman Khan: Let’s use video to reinvent education
24 April 2011
Salman Khan: Let's use video to reinvent education
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Nicholas Christakis: The hidden influence of social networks
17 April 2011
Nicholas Christakis tracks how a wide variety of traits
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(James Grant) Why he’s worried about a big jump in inflation
03 April 2011
Why he's worried about a big jump in inflation.
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Sokol Speaks on Surprise Exit (Full Interview)
31 March 2011
Sokol Speaks on Surprise Exit (Full Interview)
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Paul Volcker Financial Crisis Inquiry Commission Interview
21 February 2011
Paul Volcker Financial Crisis Inquiry Commission Interview
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Warren Buffett Financial Crisis Inquiry Commission Interview
20 February 2011
Warren Buffett Financial Crisis Inquiry Commission Interview
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A Treatise on Probability by John Maynard Keynes
22 November 2010
A Treatise on Probability by John Maynard Keynes
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Paul Volcker Talks to Vassar
16 November 2010
On September 28, 2010, Paul A. Volcker joined Vassar economics professor Robert Rebelein for a public conversation about current economic issues.
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Bill Gates Answers Questions
13 November 2010
Bill Gates answers questions about the philanthropic efforts of the Bill and Melinda Gates Foundation and about what American business leaders can do to help solve the world's biggest problems.
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Seth Klarman Video-Discussion led by Professor Bill Sahlman
12 November 2010
A breakout session led by Professor Bill Sahlman Tuesday, October 14, 2008 This panel of experienced investors discusses the U.S. financial crisis and its causes, as well as potential investment opportunities. Paul Finnegan, MBA 1982 Co-CEO, Madison Dearborn Partners, Inc. Yoshi Hori, MBA 1991 CEO, Globis Management School Seth Klarman, MBA 1982 President, The Baupost Group Mark Nunnelly, MBA 1984 Managing Director, Bain Capital Inc.
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HBS Interview with Seth Klarman
12 November 2010
An interview with HBS alumnus Seth Klarman regarding his experience at HBS and his views on leadership and success and the priority of giving back to one's community.
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Firm Banked on Distressed Debt Oaktree now blossoming in upturn
10 November 2010
There’s a small airline in Florida planning a $300 million initial public offering. In Luxembourg, a beverage company is eyeing its own IPO, worth perhaps 1 billion euros. A German packaging firm already has issued $341 million in bonds to repay debt owed to its owner. The firm behind each of these maneuverings? L.A.’s own Oaktree Capital Management.
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Berkshire response to SEC letter dated June 11, 2010
26 October 2010
The purpose of this letter is to respond to your letter dated June 11, 2010. This response supplements our response dated May 7, 2010 to comment two in your letter dated April 7, 2010. To assist you in reviewing our response, we preceded our response with a copy (in bold type) of the point as stated in your letter.
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Buffett Video (Montana Economic Summit)
25 October 2010
Keynote Address: Warren Buffett, Chairman and CEO - Berkshire Hathaway
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Warren Buffett on Phil Fisher
18 October 2010
WHAT WE CAN LEARN FROM PHIL FISHER. By Warren Buffett and Thomas Jaffe (19-October-1987)
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Business Insider Interview with James Grant
14 October 2010
Business Insider Interview with James Grant
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Howard Marks: Hemlines and Investment Styles
24 September 2010
While the details change, the pendulum-like fluctuation of investment styles is a constant. Fear versus greed, pursuit of safety versus aggressiveness, stocks versus bonds, and growth versus value are just a few examples of the areas in which we see this take place. In this way, the investment world proves the wisdom of Mark Twain’s observation that, “History doesn’t repeat itself, but it does rhyme.”
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Warren Buffett to CNBC: “We’re Still In a Recession”
24 September 2010
Warren Buffett on CNBC Sept. 2010
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Conversation With Charlie Munger September 2010
17 September 2010
A Conversation with Charlie Munger at the University of Michigan September 12, 2010.
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Klarman-Opportunities for Patient Investors
13 September 2010
At the CFA Institute 2010 Annual Conference in Boston (held 16–19 May), Jason Zweig sat down with legendary investor Seth Klarman to gain insights into Mr. Klarman’s successful approach to investing.
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Einhorn-Grant’s Spring Conference
20 August 2010
Grant’s Spring Investment Conference David Einhorn, “Private Profits and Socialized Risk” 2008
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Martin Mayer-Grant’s Spring Conference
20 August 2010
Martin Mayer was the featured luncheon speaker at the Grant's Spring Conference, which was held at the Plaza Hotel in New York on April 7, 2009. Following is the text of his remarks.
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Seth Klarmans Recommended Reading List
14 August 2010
Seth Klarman's Recommended Reading List From the CFA Institute Annual Conference
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Klarman Tops Griffin as Investors Hunt for ‘Margin of Safety’
14 August 2010
June 11 (Bloomberg) -- Seth Klarman almost doubled his hedge fund’s assets to $22 billion in the past two years as the industry shrank by sticking with the off-the-beaten-path investments he’s pursued since starting out in 1983.
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Paul Volcker: June 14 2010
03 August 2010
Discussing the future of financial regulation, with Paul Volcker.
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Buffett’s Mr Fix It
02 August 2010
By Brian Dumaine, assistant managing editorAugust 2, 2010: 7:02 AM ET FORTUNE -- The day after Lehman collapsed in September 2008, David Sokol noticed that the stock of Constellation Energy, a Baltimore utility, was plummeting. He called his boss, Warren Buffett, and said, "I see an opportunity here." Buffett, who had noticed the same thing, replied after a brief discussion: "Let's go after it."
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(As Predicted) Li Lu Is One Of Three Candidates To Succeed Buffett
30 July 2010
Twenty-one years ago, Li Lu was a student leader of the Tiananmen Square protests. Now a hedge-fund manager, he is in line to become a successor to Warren Buffett at Berkshire Hathaway Inc.
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The Most Underrated Part of Warren Buffett’s Success
26 July 2010
What are the most underrated and overrated parts of Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) CEO Warren Buffett's success? I recently asked Roger Lowenstein, a contributing writer for The New York Times and the best-selling author of five books, including Buffett: The Making of an American Capitalist and When Genius Failed. His new book is the The End of Wall Street.
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Ruane Cunniff Goldfarb 2009 Transcript
26 June 2010
THIS MAY NOT SCROLL PROPERLY, BUT DOWNLOAD WORKS. Ruane Cunniff Goldfarb 2009 Transcript
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Southeastern Asset Management Report to SEC
21 June 2010
Southeastern Asset Management Report to SEC
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Fermat & Pascal Letters
19 June 2010
Fermat & Pascal letters. The correspondence is a discussion exploring the best ways to think about probabilities.
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Charlie Rose: Warren Buffett, Bill Gates, and Melinda Gates
18 June 2010
Bill Gates,Melinda Gates and Warren Buffett in an exclusive conversation about 'The Giving Pledge'
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The Surprising Truth About What Motivates Us
11 June 2010
This lively RSA Animate, adapted from Dan Pink's talk at the RSA, illustrates the hidden truths behind what really motivates us at home and in the workplace.
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Responding to Negative Reactions to Buffett’s FCIC Testimony
07 June 2010
There appears to be a negative reaction to Buffett's recent support of Moody's during his testimony to the FCIC. Ultimately, decisions based upon someone else's set of facts (without independent verification) in my opinion, deserve to fail and should fail on the basis of meritocracy.
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Individual Investors and Professional Money Managers Suffer From the Same Basic Defect
07 June 2010
Individuals fail to identify the best money managers for the same underlying reasons that most money managers are unable to identify the best investments, which to a large extent is a problem of perception and a lack of relevant knowledge. The set of tools (education, personal experience through trial & error, etc.,) that individuals acquire over time generally allow them to make sensible everyday decisions. So much so, our brains create shortcuts in the decision making processes, which work well when faced with simple problems. For example, how to decide where to eat when out of town? If you're like me (i) you ask someone, (ii) you select at random-though usually a familiar restaurant chain, or (iii) you look for the largest crowd. You generally can't go wrong eating at a crowded restaurant or somewhere familiar. These are pretty good mental models as they relate to restaurant selection and the result is an easy one to measure because it's immediate and isn't ongoing. Moreover, you can't improve taste, because taste is a matter of opinion.
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Financial Crisis Inquiry Commission | Buffett Testimony
04 June 2010
Witnesses testified on the role of credit rating and the 2008 financial crisis. Warren Buffett and Raymond McDaniel testified about Moody's business practices, the relationship between credit ratings agencies and large banks, and the failure to adequately predict the severity of the housing crisis. Witnesses testified on the role of credit rating and the 2008 financial crisis. Warren Buffett and Raymond McDaniel testified about Moody's business practices, the relationship between credit ratings agencies and large banks, and the failure to adequately predict the severity of the housing crisis.
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Buffett Expects ‘Terrible Problem’ for Municipal Debt
04 June 2010
Warren Buffett, whose Berkshire Hathaway Inc. has been trimming its investment in municipal debt, predicted a “terrible problem” for the bonds in coming years.
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Paul Volcker: The Way Forward
02 June 2010
A videotaped interview with Former Federal Reserve Chairman Paul Volcker on the state of the economy and government responses to the economic crisis.
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Ben Graham Calculus Article Published 1917
01 June 2010
A published Article By Benjamin Graham as a Calculus Student (1917)
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Statement of Tony Nicely
01 June 2010
Statement of Tony Nicely Chairman, President & Chief Executive Officer GEICO Insurance Companies on behalf of the National Association of Independent Insurers before the House Financial Services Capital Markets, Insurance and Government Sponsored Enterprises Subcommittee June 11, 2002.
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GEICO Fairness Opinion Material 1995
31 May 2010
Geico Corp 10/6/95 - Fairness Opinion Presentation August 24, 1995
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Cialdini (Audio)-The Secret Impact of Social Norms
30 May 2010
(Audio) The secret impact of social norms.
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FORBES ON BUFFETT
28 May 2010
FORBES ON BUFFETT 1 HOW OMAHA BEATS WALL STREET Forbes discovered Warren Buffett in 1969, and this early interview introduced the iconic investor to a wide audience for the first time. 4 THE MONEY MEN Look At All Those Beautiful, Scantily Clad Women Out There! 6 “YOU PAY A VERY HIGH PRICE IN THE STOCK MARKET FOR A CHEERY CONSENSUS” What does Buffett think now? In this article written for FORBES he puts it bluntly: Now is the time to buy. ...
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Appraisal of General Motors Common Stock Molodovsky (Analysts Journal 1959)
28 May 2010
Appraisal of General Motors Common Stock by Nicholas Molodovsky The Analysts Journal 1959 THE THEORETICAL INTRINSIC VALUE OF GM for 1959 is estimated in this report at 52. With the stock currently selling around 50, its price is almost in line with value. However, GM is not the only stock in the market. The advantage of the method used in this study is that it allows setting up comparative tables for an unlimited number of equities, in terms of today's values as well as of values projected into future years. An investor can select the most undervalued stocks for the time range of his planning. And these appraisals are entirely independent from the past or present prices of the stocks in question.
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Benjamin Graham Journal Scans
26 May 2010
Benjamin Graham Journal Scans Big File (17mb) 126 pages of wonderful material. Enjoy!
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Warren Buffett 1982 Letter on Derivatives
26 May 2010
This letter is to comment upon the likely source for trading activity that will develop in any futures market involving stock indices. My background for this commentary is some thirty years of practice in various aspects of the investment business, including several years as a securities salesman. The last twenty-five years have been spent as a financial analyst, and I currently have the sole responsibility for an equity portfolio that totals over $600 million. I am enclosing copies of several articles that relate to my experience in the investment field.
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Warren Buffett CEO: Kevin Clayton with Robert Miles
24 May 2010
Warren Buffett CEO: Kevin Clayton with Robert Miles
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Buffett & Paulson (Omaha Chamber of Commerce)
24 May 2010
Buffett & Paulson (Omaha Chamber of Commerce)
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My letter to Bruce Berkowitz (Fairholme Capital Management, L.L.C.)
23 May 2010
Bruce Berkowitz Fairholme Capital Management, L.L.C. 1001 Brickell Bay Drive, Suite 3112 Miami, FL 33131 Telephone: 305-358-3000 Date 04/27/09 Dear Bruce, Naturally, I applaud your temperament over the last two years. The below discussion will not at all be new and you will certainly recognize the issues of my concerns and I hope you choose to act on them in short duration. From my perspective, $10 billion is the point at which size really begins to constrain performance, the consequence of a rapidly decreasing universe of investments. With respect to Fairholme, you must be thinking whether it makes sense to keep the fund open or otherwise to close it to new investors.
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Howard Marks Memo to Clients: Warning Flags
23 May 2010
Memo to: Oaktree Clients From: Re: Howard Marks Warning Flags For about a year, I’ve been sharing my realization that there are two main risks in the investment world: the risk of losing money and the risk of missing opportunity. You can completely avoid one or the other, or you can compromise between the two, but you can’t eliminate both. One of the prominent features of investor psychology is that few people are able to (a) always balance the two risks or (b) emphasize the right one at the right time. Rather, at the extremes they usually obsess about the wrong one . . . and in so doing make the other the one deserving attention.
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An hour with former Prime Minister of Singapore Lee Kuan Yew (2004)
21 May 2010
An hour with former Prime Minister of Singapore Lee Kuan Yew (2004)
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My Letter to the Virginia Board of Accountancy (October 2006)
21 May 2010
To the Committee of the Virginia Board of Accountancy: My below statements address issues concerning the current statutes and regulations about the education requirements to sit for the Uniform CPA examination. There are significant problems and long term consequences that will result in the continuance of the current statute in this regard.
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SETH KLARMAN NOTES 5-17-2010 By iluvbabyb
20 May 2010
By iluvbabyb Jason Zweig interviewed Seth Klarman and these are my [iluvbabyb] incomplete notes scribbled in haste and not direct quotes. In value investing, you should think about investing Graham & Dodd style. Volatility works in your favor in terms of providing mispriced assets. Volatility shouldn't be viewed as a problem. You should be seeking to buy bargains, and the best bargains often are found in the "hairiest" situations, such as in distressed securities or securities in litigation.
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REPRINT OF FORTUNE ARTICLE: THE INSIDE STORY OF WARREN BUFFETT The Wizard of Omaha may well be America’s best investor, but another talent is practically a secret: He’s an ace at running businesses. Here’s how he does it.
19 May 2010
(FORTUNE Magazine) – WARREN BUFFETT, chairman of Berkshire Hathaway, calls the conglomerate his ''canvas,'' and shortly, when its annual report comes out, the world will learn precisely what kind of picture this legendary investor painted in the tumultuous year of 1987. A preview: As a work of art, the year was not a minor Buffett. Berkshire -- whose shareholders, I wish to say quickly and happily, have long included me -- chalked up a $464 million gain in net worth, an advance of no less than 19.5%. That is somewhat below the 23.1% annual average that Buffett has recorded since taking over the company 23 years ago. But in a year in which many professional investors had their heads handed to them, this latest example of Buffett brushwork has to rank as one more masterpiece. The annual report, which readers always comb for Buffett's once-a-year revelations about what he has been...
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Warren Buffett Talks About Business to the University of North Carolina
14 May 2010
Warren Buffett Talks About Business to the University of North Carolina
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Warren Buffett Talks About Business to the University of Florida
14 May 2010
Warren Buffett Talks About Business to the University of Florida
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Warren Buffett & Bill Gates at The University of Washington
14 May 2010
Warren Buffett & Bill Gates at The University of Washington give general career advice and explain how to be happy in business, work, and life.
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Munger & Gibson Harvard-Westlake School Video
11 May 2010
How did we get there? Reflections on the Market Meltdown, with Charles T. Munger and James H. Gibson
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What Buffett really said about the SEC Goldman Sachs Investigation
08 May 2010
Buffett: Abacus was made the subject of an SEC investigation. There's been misreporting, non-intentional obviously, but there has been a misreporting of the nature of the transaction, in the majority of the reports that I've read. This will take a little time, but I think it's an important subject. I would like to go through that transaction first and then we'll get to have further questions. There were four losers, I will focus on two of them. Goldman Sachs itself was a loser, but they didn't intend on being a loser. They intended to sell a portion of the transaction, but were unable to sell. The main loser in terms of actual cash value was a very large bank in Europe by the name of ABN AMRO. They subsequently became part of the Royal Bank of Scotland.
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Buffett’s Successor as Investment Officer
07 May 2010
It appears to me very clear that the first in line for Warren Buffett's position as Investment Officer is Li Lu. Several years back I had the privilege to hear Li Lu speak, and he is no question, the real deal. Li Lu was born in 1966 and was raised in China. He was one of the principle student leaders during the Tiananmen Demonstration in 1989, and was fortunate to escape to the United States later that year. Li Lu attended Columbia University from 1990 to 1996 and received three degrees simultaneously: a B.A. in Economics from Columbia College, a J.D. from Columbia Law School, and a M.B.A. from Columbia Business School. Shortly thereafter Li Lu began a career as a money manager. Naturally, Li Lu is an avid student of both Warren Buffett and (especially) Charlie Munger. With respect to Investment Manager succession, Munger provided a few very clear and important pieces of information recently, though not intending to explicitly do so.
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Berkshire Hathaway Valuation
07 May 2010
Investment reports generally include basic financial data and financial ratios, both of which are almost always taken from consolidated financial statements. Much of the time, reasonable conclusions (though of varying quality) can be determined by use of consolidated data, however, this is not always the case. There are plenty of instances where consolidated information is, at times, misleading or otherwise altogether useless. Consolidated information which does not accurately represent a business’s underlying economics is bad information and conclusions drawn therefrom will be equally bad.
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Lessons from “Poor Richard”
07 May 2010
We are ignoring the lessons of "Poor Richard" rather, more importantly, Benjamin Franklin. It might be wise for the individuals of the United States to reconsider why we have been successful in the past and what will drive us to failure. Poor Richard: The Indies have not made Spain rich, because her outgoes are greater than her incomes. Buy what thou hast no need of, and ere long thou shalt sell thy necessaries. . . Many a one, for the sake of finery on the back, have gone with a hungry belly and half-starved their families. Silks and satins, scarlet and velvets, put out the kitchen fire, as Poor Richard says.
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“The Washington Post” owner Katharine Graham with a rebroadcast of a conversation (2001).
05 May 2010
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Buffett CNBC Interview (Parts 1-8)
05 May 2010
Part 1-Getting Past ‘Pearl Harbor': Ask Warren Transcript Part 2-Who Will Run Berkshire After Buffett? Ask Warren Transcript Part 3-If Buffett Were President: Ask Warren Transcript Part 4-Praising Social Security and Grading Obama: Ask Warren Transcript Part 5-Buffett's 'Dumb Deals': Ask Warren Transcript Part 6-Coke vs. Pepsi: Ask Warren Transcript Part 7-The U.S. Dollar, China & Acme Brick: Ask Warren Transcript Part 8-Is Charlie Munger Too Pessimistic? Ask Warren Transcript
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