Charlie Munger once said India learnt all the bad things from democracy. Everything has good and bad sides. Unfortunately India learnt all the bad things.
India Is "Grossly Defective With Bunch Of Idiots": Billionaire Charlie Munger
https://rakesh-jhunjhunwala.in/india-is-grossly-defective-with-bunch-of-idiots-billionaire-charlie-munger/
Feb 17, 2017
201725 CommentsWritten by Arjun
Yet, he seems to have lost all sense of rationality in his latest comments about India.
“India is grossly defective because they took the worst aspects of our culture, allowing a bunch of idiots to scream and stop everything. And they copied it … They’ve taken the worst aspects of democracy,” Munger said making no effort to hide his contempt for the Country.
“The Chinese government really tries to help its companies … What I like about China is they have some companies that are very strong and still selling at low prices. And the Chinese are formidable workers and they make wonderful employees,” Munger said.
“Munger-e-laal” ke haseen sapney” they mocked, punning on Munger’s name and the popular sitcom called ‘Mungerilal Ke Haseen Sapne’.
In the comedy serial, Mungerilal, a small time clerk, indulges in buffoonery while day-dreaming, so as to escape the drudgery of real life troubles.
“Hopefully Charlie puts more thought in the rest of the gyaan he gives us on every topic under the sun,” he observed dryly.
Others echoed the same sentiments:
However, Munger also had supporters:
“Roll with it,” Munger replied bluntly, implying that one cannot stick to old opinions and has to move on with the times.
“I’ve mellowed on Trump and he’s not wrong on everything,” he added.
Solitary shining star: Prem Watsa
Prem Watsa, the self-made Billionaire who is popularly called the “Warren Buffett of Canada” called India the “solitary shining star” in the World.
“Of all the countries in the world, I am most bullish on India. The country has holds huge potential and unlimited possibilities. We are very happy to invest in India” Watsa said.
Watsa also heaped rich praise on Narendra Modi by equating him with Lee Quan Yew, the legendary Prime Minister of Singapore.
“Modi is a very hard working man. He has eliminated corruption at the top and I think he is going to do a wonderful, wonderful job over the years. I am hoping he will be re-elected in a few years and re-elected again and India will be transformed during that time,” Watsa said.
We will be in India forever: Bruce Flatt
“The opportunities to invest in India are excellent, so investment will continue to come,” Bruce Flatt, the CEO of Brookfield Asset Management, a multi-billion dollar FII said.
“We are long term investors and we have been in India for almost 10 years now. We are thrilled about the country and we will continue to invest over the next 3-5 years in various sectors. I am just saying 3-5 years, but we will be in India forever,” Bruce Flatt added.
India is a great country for investors: Jamie Dimon
Jamie Dimon, the CEO of JPMorgan Chase and one of the world’s most influential bankers, was all praises for the Country:
“India is the fastest growing economy in the world. There are some fabulous companies here, great education, and a Prime Minister who is making all the right moves. This is a great country,” Dimon opined.
India is in a sweet spot: Mark Mobius
Mark Mobius, the legendry fund manager with Templeton Mutual Fund, is also all praises for India.
“India is in a very sweet spot. There is so much variety and so much opportunity, particularly in the small and medium-cap stocks,” Mobius said.
Feb 17, 2017
201725 CommentsWritten by Arjun
Billionaire Charlie Munger, who is revered in India for his investing skills, has trashed the Country. He has called it "grossly defective" and opined that it has a “bunch of idiots”. Obviously, Charlie Munger’s opinion has not endeared him to ace investors
“Grossly defective” with “bunch of idiots”
Charlie Munger, Warren Buffett’s illustrious business partner, is not known to be loose cannon. He carefully weighs every word before uttering it.Yet, he seems to have lost all sense of rationality in his latest comments about India.
“India is grossly defective because they took the worst aspects of our culture, allowing a bunch of idiots to scream and stop everything. And they copied it … They’ve taken the worst aspects of democracy,” Munger said making no effort to hide his contempt for the Country.
China is wonderful
The worst part is that Munger was all praises for China while contrasting it with India.“The Chinese government really tries to help its companies … What I like about China is they have some companies that are very strong and still selling at low prices. And the Chinese are formidable workers and they make wonderful employees,” Munger said.
“Munger-e-laal” ke haseen sapney?
The patriots who man the India counter at defence.pk (Pakistan’s defense website) were quick to launch a counter attack on Charlie Munger.“Munger-e-laal” ke haseen sapney” they mocked, punning on Munger’s name and the popular sitcom called ‘Mungerilal Ke Haseen Sapne’.
In the comedy serial, Mungerilal, a small time clerk, indulges in buffoonery while day-dreaming, so as to escape the drudgery of real life troubles.
Ace investors fume at insult
Samir Arora, the whiz-kid fund manager with Helios Capital, is obviously upset at the alleged irresponsible comments made by the revered investor.“Hopefully Charlie puts more thought in the rest of the gyaan he gives us on every topic under the sun,” he observed dryly.
Others echoed the same sentiments:
@Iamsamirarora Doesn't sound like him.This is just sad. Lost a lot of respect if this is indeed true.
— NeverwinterCitizen (@NeverwinterGuy) February 17, 2017
However, Munger also had supporters:
Somersault regarding Donald Trump
A journalist asked Charlie Munger why, when he had earlier condemned Donald Trump as being “not morally qualified” for the post of POTUS, he had changed his stand.“Roll with it,” Munger replied bluntly, implying that one cannot stick to old opinions and has to move on with the times.
“I’ve mellowed on Trump and he’s not wrong on everything,” he added.
What about the other investing genius who have heaped praise on India?
Charlie Munger’s unfortunate opinion about India is in sharp contrast with the views expressed by other eminent investment geniuses.Solitary shining star: Prem Watsa
Prem Watsa, the self-made Billionaire who is popularly called the “Warren Buffett of Canada” called India the “solitary shining star” in the World.
“Of all the countries in the world, I am most bullish on India. The country has holds huge potential and unlimited possibilities. We are very happy to invest in India” Watsa said.
Watsa also heaped rich praise on Narendra Modi by equating him with Lee Quan Yew, the legendary Prime Minister of Singapore.
“Modi is a very hard working man. He has eliminated corruption at the top and I think he is going to do a wonderful, wonderful job over the years. I am hoping he will be re-elected in a few years and re-elected again and India will be transformed during that time,” Watsa said.
We will be in India forever: Bruce Flatt
“The opportunities to invest in India are excellent, so investment will continue to come,” Bruce Flatt, the CEO of Brookfield Asset Management, a multi-billion dollar FII said.
“We are long term investors and we have been in India for almost 10 years now. We are thrilled about the country and we will continue to invest over the next 3-5 years in various sectors. I am just saying 3-5 years, but we will be in India forever,” Bruce Flatt added.
India is a great country for investors: Jamie Dimon
Jamie Dimon, the CEO of JPMorgan Chase and one of the world’s most influential bankers, was all praises for the Country:
“India is the fastest growing economy in the world. There are some fabulous companies here, great education, and a Prime Minister who is making all the right moves. This is a great country,” Dimon opined.
India is in a sweet spot: Mark Mobius
Mark Mobius, the legendry fund manager with Templeton Mutual Fund, is also all praises for India.
“India is in a very sweet spot. There is so much variety and so much opportunity, particularly in the small and medium-cap stocks,” Mobius said.
What about the seven Indian unicorns (more than that of developed countries)?
Few are aware that India has the unique distinction of giving birth to seven “unicorns” i.e. start-ups with a market capitalisation in excess of $1 Billion. These companies are Zomato, Quickr, Shopclues, One97 Comm, Snapdeal, Ola Cabs and Flipkart. It is notable that this number is more than South Korea, the Netherlands and Canada combined.What about the World record launch of 104 satellites by ISRO?
The new record set by Indian Space Research Organisation (ISRO) by the launch of a PSLV-C37 rocket carrier with 104 satellites on board a single rocket from Sriharikota aroused amazement and respect amongst the global intelligentsia.Momentary lapse of reason by Charlie Munger?
Prima facie, it appears that Charlie Munger’s harsh comments about India may be the result of a misunderstanding or a momentary lapse of rational thinking. It is unthinkable that a person of such wit and wisdom would use such harsh words for a Country which is the favourite of all other investors. We will have to give Charlie Munger the benefit of doubt and wait for another somersault from him!Share this:
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25 Comments
Now you have to decide, whether our country’s characteristics &_ways can allow him the liberty to just say his views.
Look at our past PMs – during their tenure India had a very bad reputation politically internationally. Today see, no country in the world has guts to speak against India – even our oldest foe Pakistan has also become “seedha” – because of the strong stand taken by our current PM , of course along with right strategy to project India’s image worldwide.
Believe in yourself and have confidence in your self. There is no body who can throw aspersions on we on a comparative basis, we are far better than most of the countries of the world.
He is talking about something we all know – namely the all pervasive pernicious influence of Indian politics / politicians on administration and policy. Prior to the current dispensation, our country had been used / abused by vested interests, dynastic agendas, corrupt and nepotist influences which climaxed in scams of breathtaking proportions. Sadly, there is no change in our politicians even though policy frameworks and institutional safeguards have been remarkably strengthened in recent years.
Should we really be feeling insulted just because the kid has shouted “The emperor ! He’s not wearing any clothes !” or should we consider his comments dispassionately ?
Here’s what Munger said…
“India is a country where people are burdened by a system that thwarts progress”, the prominent investor said, when asked about the prospects for the nation’s economy. China has been effective in lifting workers out of poverty. India is grossly defective because they took the worst aspects of our culture, allowing a bunch of idiots to scream and stop everything. And they copied it,” Munger said. “They’ve taken the worst aspects of democracy.” He said the Indians he knows are “fabulous people” but that the country struggles with corruption.
I don’t understand what is wrong with his statement!!
All countries, societies and people have their different style of living with their typical culture and idiosyncrasies. Calling them “idiots” just does not work and does not reflect on the top position which Charlie Munger occupies at the global level.