Charlie Munger Quotes About Internet

Quotes about: Internet

• For society, the Internet is wonderful, but for capitalists, it will be a net negative. It will increase efficiency, but lots of things increase efficiency without increasing profits. It is way more likely to make American businesses less profitable than more profitable. This is perfectly obvious, but very little understood.

  Charlie Munger

  Negative, Littles, Way

  Charlie Munger's comments on the impact of technology and the Internet at the 2000 Berkshire Hathaway Annual Meeting, www.fool.com. May 1, 2000.

• It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that the basic business would grow steadily, so there's more downside risk. The perfectly fabulous economics of this business could become grievously impaired.

  Charlie Munger

  Years, Risk, Alternatives

  "Charlie Munger Speaks - Part 2". Charlie Munger's comments on businesses at the 2000 Wesco Financial Annual Meeting, www.fool.com. May 15, 2000.

• The Internet bubble circa 2000 is the most extreme in modern capitalism. In the 1930s, we had the worst depression in 600 years. Today is almost as extreme in the opposite way.

  Charlie Munger

  Years, Opposites, Today

• I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit more money to support his spending, so at the peak of the internet bubble he was selling puts on internet stocks. He lost all of his money and his house and now works in a restaurant. It's not a smart thing for the country to legalize gambling [in the stock market] and make it very accessible.

  Charlie Munger

  Country, Smart, Gambling

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