Friday, June 23, 2017

Charlie Munger Says Al Gore is ‘Not Very Smart,’ But Became Filthy Rich Anyway

CNBC reports:
Warren Buffett's top lieutenant, Charlie Munger, told a small group of investors that the simple strategy of buying only service company stocks made former Vice President Al Gore very wealthy.

"Al Gore has come into you fellas business. ... He has made 3 or 4 hundred million dollars in your business. And he's not very smart," Munger said at the Daily Journal annual meeting on Feb. 15. "He had one obsessive idea that global warming was a terrible thing. … So his idea when he went into investment counseling is he was not going to put any CO2 in the air."
Though the comments were made more than four months ago, they went largely unnoticed and have not been widely reported on elsewhere.
He also shared more details on how Gore became successful in the money management business:
"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."
Here is the video of Munger's comments:


(ht Murray Sabrin)

1 comment:

  1. Investing in service companies isn't a choice against CO2. Service companies use energy for their offices and moving people from place to place. Just like how Al Gore uses so much energy himself. It's show of being against manufacturing that increases the standard of living of the masses. The true heart of the global warming crusade against CO2.