Charlie Munger Roasting People for 5 Minutes Straight | Summary and Q&A

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October 31, 2021
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The Swedish Investor
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Charlie Munger Roasting People for 5 Minutes Straight

TL;DR

Warren Buffett and Charlie Munger share their insights on business, investing, and life.

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Questions & Answers

Q: Why does Warren Buffett recommend pretending to do things the conventional way in business school?

Buffett believes that even if their own methods are more effective, students should learn the conventional way to navigate business environments until they can implement their own strategies outside of school.

Q: What does Warren Buffett think of the term EBITDA?

According to Buffett, he finds the term "EBITDA" to be misleading and suggests replacing it with "bullshit earnings" as a more accurate representation of its meaning.

Q: What is Warren Buffett's advice on deserving success?

Buffett believes that to achieve success, individuals must first deserve it. He emphasizes the importance of embodying fiscal virtue and earning rewards based on deserving merit.

Q: Why does Warren Buffett criticize companies buying back stocks?

Buffett highlights that while some companies may engage in buybacks to keep their stock prices up, this approach is morally and logically flawed. He emphasizes the importance of genuine business growth instead.

Summary & Key Takeaways

  • Warren Buffett advises business students to learn the conventional way while in school but encourages them to eventually do things their way.

  • Buffett is skeptical of the use of EBITDA and suggests it should be replaced with "bullshit earnings."

  • Buffett emphasizes the importance of deserving success and the folly of expecting rewards without virtue.

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