Charlie Munger on Delayed Gratification:

I've also got the money-sense gene. The first 13 years I practiced law, my income from practicing law was $300,000 total.

At the end of that 13 years, what did I have?

1/

A house. Two cars. And $300,000 of liquid assets. Everyone else'd have spent that slender income, not invested it shrewdly, and so forth.

I just think it was, to me, it was as natural as breathing, and of course I knew how compound interest worked!

2/
I knew when I saved $10 I was really saving $100 or $1,000 ,because of the future growth of the $10.

It just took a little wait. And when I quit law practice it was because I wanted to work for myself instead of my clients, because I knew I could do better than they did.

3/
You only get a few opportunities, and you have to grab them aggressively when they come because even in the most favored life, they're really rare.

I always feel that the opportunities are rare. I only get a few and then I have to seize them aggressively.

4/
Now that lesson I just talked about, it is taught in no business school I know of. But…everybody who has any sense ought to know [that] at the start of life, and practically nobody does.

I just described reality the way it really is.

5/
If I took the 30 biggest transactions out of Berkshire in the past 60 years, what would Berkshire be?

Not much.

I mean we wouldn't be poor, but we wouldn't be rich either. Maybe once every two years we had a major opportunity. Not very many.

6/
Check out this great article by @jasonzweigwsj at

Charlie Munger, Unplugged

https://t.co/y3dhC3dKiu 7/
The fascinating fact is that Charlie Munger was financially independent in 1962, at the age of 38

That was before he even started his real estate and investment partnerships

And before he even started investing with Buffett

https://t.co/wugFD90QzN h/t @mymoneyblog

8/
This is the tweet that started this thread:

https://t.co/ggrqHXKOCM

9/
Happy 97th birthday to Charlie Munger

I like the following books about him:

Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger

https://t.co/oDD9Dv14AW

Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

https://t.co/fTr3ti8F3Y

10/
Check this thread on Charlie Munger:

The first 100,000 is the hardest

https://t.co/ZWGF3K49tc

11/

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The story notes that the EOIR Director served as an ICE attorney in Atlanta and practiced before Cassidy for years. And it points to FOIA records unearthed by Bryan Johnson showing they remain friendly.

A trove of complaints against Cassidy was published by AILA in 2019 after FOIA litigation. They generally show misconduct, substantiated in the record, followed by "written counseling" etc.

One way Cassidy could avoid discipline is by turning off the recording device during the hearing. If he made a lewd or offensive comment off the record, all the EOIR would do is listen to the recording. If it's not there, the complaint is "unsubstantiated" https://t.co/wUeBPEEbpV


In that case, Cassidy joked about a detained immigrant saying he missed his wife. The complaint was dismissed because the ACIJ found "no levity or joking" in the comment.
But you see you don't actually understand how lawmaking works there's this set of procedures and dates that BLEAAAARGHHHHHvomitvomit


Neoliberalism is an economic genocidal ideology predicated on maintaining capitalism, and capitalism is the impoverishment, oppression and death of poor people because that's the OBJECTIVE of capitalist ideology. It's a malthusian ideology.

Neoliberals are the original Alt-Right

Capitalism has ZERO todo with "markets vs. no markets," or "central planning vs. decentralization." That's *propaganda*. That's a diversion.

Capitalism is the NAME OF THE ABSENCE of any support for poor people. In capitalism, giving ANY power to poor people is a CRIME.

Capitalism has an *exception* to the strict forbiddance of giving any economic power to the 99%, and that is the concept of "Merit."

If you act as a SLAVE (wage slave), then you can get some crumbs to *temporarily* avoid your death. While you are mechanically useful.

These fucking Neoliberals which are 99% of the Democratic Party in the US are all POSING as nice people. They are not. They are all sociopaths.

This economic fascism is so thoroughly normalized in the US that nobody has a concept of what capitalism is.

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