Monday, May 11, 2009

Wesco Shareholder Meeting 2009

Below are some of Charlie Munger's thoughts from this year's Wesco shareholder meeting.

From these The Motley Fool notes:

Charlie Munger's Thoughts on Just About Everything

"Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up in the aisle. And go ahead if you want to. It will be a memorable moment for all of us."

"A man does not deserve huge amounts of pay for creating tiny spreads on huge amounts of money. Any idiot can do it. And, as a matter of fact, many idiots do it."

"I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I've seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not."

"If I were in charge, I'd take away everything from banks that wasn't boring. Completely shut down [credit default swaps] 100%. What's the harm in this? The world worked just fine without them. We don't need an economy that resembles a vast poker tournament."

Check out some of Charlie Munger's other thoughts.


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