Why Charlie Munger Hates The Financial Sector

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Charlie Munger is an outspoken critic of investment banks, private equity firms and the wider financial sector, and in this video, he offers some of his sharpest criticism of these groups.
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These are great ideas, if only there were a couple of incredibly powerful, monumentally wealthy investors with a major media platform who could push the country in the direction Charlie describes... If only...

Mossy
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Hedge fund industry is grateful to Kyrsten Sinema.

Brent
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Just take a look at it for what it is. If we don't change direction next 20-30 years, we will be like the Roman empire. Again, the bright people understand exactly where I'm coming from.. JD

jimdavis
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Does that include taxing stock buybacks?

notseekingconverts
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Interesting how people who once having achieved irreversible levels of wealth then espouse socialist ideals. Once through the door, close it behind you and encourage the masses toward qualified plan/buy and hold traps. Velocity/liquidity of funds is far more important than seeking higher compounding rates. Solve for the variables of finance cost, inflation and taxes and the resulting savings will dwarf any cyclical returns in stock buy and hold strategies. Then, when opportunities arise those capitalized savings create enormous returns in out of favor assets. Turn quarters into dollars at the right moments in down sectors/asset classes in the market.

dontfighttheriptide