Billionaire Charles Munger entertained shareholders of a small publishing company with his thoughts on giant financial firms, the new U.S. president and the world’s two most populous nations.
India is a country where people are burdened by a system that thwarts progress, the prominent investor said, when asked about the prospects for the nation’s economy. China has been effective in lifting workers out of poverty, Munger said, but not without pointing out what he sees as a flaw among its population.
‘Grossly Defective’
On Wednesday, Munger took questions about India and China, which have more than 1 billion people each and account for about a third of the world’s population. He was asked about efforts in India, the world’s largest democracy, to encourage entrepreneurship with market reforms.
"India is grossly defective because they took the worst aspects of our culture, allowing a bunch of idiots to scream and stop everything. And they copied it,” Munger said. “They’ve taken the worst aspects of democracy.”
"The Chinese government really tries to help its companies," Munger said, contrasting that with India. “What I like about China is they have some companies that are very strong and still selling at low prices. And the Chinese are formidable workers and they make wonderful employees.”
Still, for Munger, there is that issue with gambling.
“They actually believe in luck,” he said. “That is stupid. You want to believe in odds.”
India is a country where people are burdened by a system that thwarts progress, the prominent investor said, when asked about the prospects for the nation’s economy. China has been effective in lifting workers out of poverty, Munger said, but not without pointing out what he sees as a flaw among its population.
‘Grossly Defective’
On Wednesday, Munger took questions about India and China, which have more than 1 billion people each and account for about a third of the world’s population. He was asked about efforts in India, the world’s largest democracy, to encourage entrepreneurship with market reforms.
"India is grossly defective because they took the worst aspects of our culture, allowing a bunch of idiots to scream and stop everything. And they copied it,” Munger said. “They’ve taken the worst aspects of democracy.”
"The Chinese government really tries to help its companies," Munger said, contrasting that with India. “What I like about China is they have some companies that are very strong and still selling at low prices. And the Chinese are formidable workers and they make wonderful employees.”
Still, for Munger, there is that issue with gambling.
“They actually believe in luck,” he said. “That is stupid. You want to believe in odds.”
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Man few people really pissed off of India..Can't see it developing.
