Berkshire Hathaway's Charlie Munger dies aged 99
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20 years of living inside the grinder that is the financialization of everything, and it’s clear that none of these financialists create value.
They simply reallocate value to make wealth flywheels for the people who already have enough and continuing to be the mechanism which consolidates economic power.
Good riddance
In anycase, I am interested to know why you think so, and would appreciate pointers to any reading.
That might be because the government gave the rich much more money than the poor.
The main issue was causing inflation, which increased the values of assets, which rich people have the most (real estate, stock, cryptocurrency, luxury cars, etc...).
I think the governments wrong doing was shutting down work for low income earners (restaurants, gyms, etc...). And then trying to help with stimulus checks, but sending it income based rather then if you still had a good paying job. I got a stimulus check but absolutely did not need it. I used mine to book a flight to Texas in 2020 with my family and enjoy a nice week of water parks (we all had covid prior).
The whole thing was an exercise in ensuring the social ordering remained in place. Otherwise, the government easily could have given people more cash, rather than go via their bosses.
https://www.investopedia.com/where-ppp-money-went-5216725
> Almost all PPP loans are expected to be forgiven with 94% of eligible small businesses in the U.S. receiving one or more loans under the program. Roughly 25% of PPP loan funds went directly to workers who would have lost their jobs. The rest (75%) went to business owners, shareholders, creditors, and suppliers of companies receiving loans.
> Most of the negative outcome is blamed on the untargeted nature of the program due to the lack of administrative capacity in the U.S. to administer a program of this type.
>Ultimately some percentage of PPP loan funds that went to businesses reinforced the company's bottom line in the form of windfall profit.
[1]: https://www.independent.com/2018/12/12/ucsb-gifted-las-varas...
"Always take the high road, it’s far less crowded.”
And other quotable nuggets make him seem wise
But I guess they probably think I'm disobeying some Munger's Law like "Don't feel like you deserve better from your boss for your work. Just do better work for your boss. Trust me, it will pay off."