Charlie Munger: Moron Al Gore Got Rich Accidentally, What's Your Excuse?

Running a few billion dollars effectively is even easier than being vice president.
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Campus Symposium GmbH [GFDL, CC BY-SA 3.0 or CC BY-SA 3.0 de], via Wikimedia Commons

Campus Symposium GmbH [GFDL, CC BY-SA 3.0 or CC BY-SA 3.0 de], via Wikimedia Commons

Charlie Munger, Warren Buffett’s 93-year-old right-hand man, has opinions, and he is not afraid to express them—on the record. To whiny students bitching about banks back in ’08, he told them to “thank God” for the bailouts and “suck it in and cope.” Investment bankers are “perfectly disgusting” and “like heroin addicts.” The financial crisis was caused by “some combination of megalomania, insanity and evil,” mostly on the part of Dick Fuld. “Civilized people don’t buy gold.” High-frequency trading does “civilization no good at all” and shareholder activism isn’t “good for America.” Ernst & Young is “like the doctor who wanted to cure the nosebleed by fishing around in the groin.” Valeant Pharmaceuticals is “immoral.” You know, that kind of thing. So you can imagine what he might say when the reporters aren’t around, when he’s surrounded by his friendly co-investors in newspaper outfit Daily Journal Corp. Actually, don’t imagine it, because here’s what he had to say about the former vice president of the United States and the last person to get screwed out of the White House by the Electoral College.

So he found some partner to go into investment counseling with and says we're not going to have any (carbon dioxide). But this partner is a value investor and a good one. So what they did is, is Gore hired staff to find people who didn't put CO2 in the air. Of course that put him into services. Microsoft and all these service companies were just ideally located. And this value investor picked the best service companies. So all of a sudden the clients are making hundreds of millions of dollars and they are paying part of it to Al Gore. Al Gore has hundreds of millions dollars in your profession. And he's an idiot. It's an interesting story. And a true one.

Charlie Munger says Al Gore is ‘not very smart,’ but became filthy rich using this simple investing formula [CNBC]

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