Berkshire’s Munger Retires From ‘Cult’

Bloomberg notes Berkshire has said it will “consider a payout when managers are no longer able to find investments for its profits.”

“You people aren’t normal,” Munger told the audience, whom he referred to as groupies. “It’s only peculiar people like you that I want to impress.”

“Investment bankers and mortgage issuers were afflicted with insanity, megalomania and evil when they helped inflate the pre-2008 housing bubble,” Bloomberg reports Munger said. He added that U.S. unemployment must be faced with “gumption” because people in China, Japan and other Asian countries have demonstrated talent at production and innovation.

“This brutality of capitalistic competition is really something,” Munger said. “I kind of like seeing the Chinese rise after so many years being down.”