Lessons from Charlie Munger

Full piece here:

Short-termism makes it so these boom-bust cycles have to bust at some point - we get collectively distracted by something else, and go look at that instead.

But the beautiful thing about short-termism and speculation is that it allows more capital to enter the system. And there is the potential for that capital to be directed to something more productive, and to change the lives of so many people.

Because we are humans, we are storytellers.We know how to create fiction - we know how to live lives driven by the collective belief of assets.Speculation is not net-bad.

As Emil Cioran says: “Man starts over again everyday, in spite of all he knows, against all he knows.”

The market is cyclical - we humans are cyclical, so the systems we build are too. I don’t know if it will be a spectacular boom-bust, but I do think there is a huge oppprtunity to rethink market systems and capital allocation - and design them in way that optimizes for the (rather tough) goal of happiness. I don’t know what that looks like.

Maybe speculation is the future, but I do think as things crumble and current systems get stretched, we have the huge chance to rebuild them.

00:00​​​​ - Intro
00:43 - The Modern Dilemma
06:27 - Markets as Speculative Tools
08:52 - Weirdness of Wealth
11:35 - Productivity Numbers
12:26 - Gamification of the System
14:08 - The Unsolvable Solution
16:09 - Final Thoughts

DISCLAIMER:This video does not provide investment or economic advice and is not professional advice (legal, accounting, tax). The owner of this content is not an investment advisor. Discussion of any securities, trading, or markets is incidental and solely for entertainment purposes. Nothing herein shall constitute a recommendation, investment advice, or an opinion on suitability. The information in this video is provided as of the date of its initial release. The owner of this video expressly disclaims all representations or warranties of accuracy. The owner of this video claims all intellectual property rights, including copyrights, of and related to, this video.

[PabloEscobarino]

Not only is your voice so soothing to listen to, the topics you tackle are just so fascinating as well, keep it up Kyla! 👍🏼

[youknownothingofmeormywork]

2 ideas for topics.
The Debt. Who do we owe? What’s the interest? What are the long term effects? Is it necessarily bad?

- How is Kyla making these videos? Day in the life. How many hours of research? Taping? Editing?

[Koushi]

main problem.
wages < rent increases.

less families formed.

[alexwang]

Hey Kyla, I really appreciate many points you made throughout the vid but one particular about how we should take a step back once and while and take care of our physical reality and our well-being (Hope I didn't butcher what you said...). I couldn't agree with this more, I think as part of the young generation, friends and peers around me are seeing lots of issues going on with this world and doing the best they can contribute towards potential solutions. Sometimes we get wrapped up in this perpetuating cycle of not being able to catch up/ make sense of the new problems that are emerging. I hope everyone who is in this race of creating a better living gets a breather and takes care of themselves. Physical/mental health is the most important asset IMO!!! ya screw the damn building with no window WTH!!

[danduval]

I appreciate this delivery and the editing...each/all very creative.

[gabrielortizb]

Love this 10 minutes videos, just keep getting better and better

[josephbrlt]

How does this beautiful genius not have over a million subs?
9:40 very deep, love it. 🙂👍🏻

[ezrankala]

Kayla, TYSM for this,
Compact and informative

[ProductiveDude]

Great videos Kyla, this is great. Don’t stop what you’re doing.

[umarnca]

You have such an amazing observation and ability to connect dots. I can watch these all day and, I am. 😂

[alexisinakashi]

Yo.. found you in Realignment podcast. Thank you so much for your work! Hope your voice stays out there. Cheers.

[Alfyp]

Loving the progression of your content :)

[ehpomme]

Great piece! You mentioned the talk with Seth Klarman and Stan Druckenmiller. I assume this was the Boston Investment Conference panel. Do you know if this discussion was recorded anywhere for those who missed it? Sounds like it was interesting.

[leandrocasas]

What are the bookies saying, J-Pow stays or goes?

[randomthoughtsfromacrazedm]

This was a GREAT stream of consciousness. I am very impressed by how someone so young has such a handle on how the world works. Keep up the good work.

[jamessinka]

This was satisfactorily, market driven & philosophical at the same time!

[jpastars]

Excellent content! Love it. Wish you success!

[RolanNorth]

This video should be seen by everyone. Best yet! Great job Kyla

[naanull]

It's not OPEC's issue actually. It's a situation of incentives. Nice video, btw. It's good to know younger generations care about this stuff.

Americans always surprise me with how self focused they're and the fact that they believe their issues are the world's issues...

[ravelone]

first of all, thank you very much for your videos and articles, i really enjoy and learn from your work.
it feels "all in" as an only accessible option in the world where, basically, it doesn't feel like there is any long game at all, until you are controlling a market/policy.
uncertainty generated by pandemic, climate change etc etc, just like you said, may be it is too overwhelming for us as animals..
so, in this extremely unstable landscape taking maximum risk for maximum profit feels like a reasonable thing to do - if we don't do anything we are losing everything. savings/inflation thingy

technically, what can prevent FED from endlessly printing money and throwing it into the current speculative market, making and keeping it even more speculative?