Charlie Munger on Adam Smith's biggest mistake.

When asked what is the new tech Charlie is the most exicited about, he touches upon the subjects of Adam smith's and David ricardo's miskates and the US-China trade realtions too.
Disclaimer: Not my original clip, clipping taken from the original interview.

[alabamaal]

John Kenneth Galbraith made this exact observation about Adam Smith and David Ricardo back in the 1960s.

[xyz]

Adam Smith's biggest mistake was to "assume" economic actors always act rationally. Would love to have his take on Richard Fuld / Lehman Brothers; marketing / commercials related to consumer vehicle purchases; and rationality, real estate salespeople, and home purchasing.

[esorse]

If X = (p, 3 | q, 5) and Y = (p, 2 | q, 1) show the time to make one either p, or q, by countries X and Y, then to make one p, X gives up making 3/5q < 2/1q cost for Y to make a p, so X with 'comparative advantage' should make p, even though Y makes p quicker with 'absolute advantage, ' but without the technical possibility of unemployment, (p, 0 | q, 0) since ..., -2, -1,  0 and 0, 1, 2, ... are different numeric spaces, there is no complement.

[conjames]

Whilst Charlie's biggest mistake was doubling down on Alibaba before it moves to HK exchange

[littleindian]

I feel like those two points almost don't matter. Tech or no tech advancements, trade is still trade isn't it? And if a country like China grows at a high rate, it still benefits US. Also some countries go backwards and then grow again (like russia with communism). Am I wrong or are both of those points inconsequential

[Mungerism]

전 세계가 미국과 중국 뿐이었다면, 무역을 단절함으로써 그들을 몰아낼 수 있었다. 하지만, 그렇지 않다. 우리가 교역하지 않아도, 그들은 그들의 우위를 통해 계속 교역할 것이다. 그렇게 어찌됐든 그들은 부상할 것이다.우리는 미국의 부상을 막을 힘이 없는 것이다. 그들은 결국 우리를 넘어설 것이다. 그런 그들과 굳이 으르렁 거리며 갈등할 필요는 없다.

[omgyeaXD]

Calling a guy who missed tech stupid. When he also calls bitcoin stupid.

[arnabbhattacharya]

Yes. ..be careful about the friendship with China

[wread]

Charlie mungers biggest mistake was buying baba stock