风萧萧_Frank
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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
Feb 17, 2017
201725 Comments
“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!
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25 Comments
It is completely uncalled for and an extremely harsh comment from such a reputed man. He should take his words back and tender an unconditional apology. Every country has its own idiosyncrasies and characteristics and unique ways to live life. You have no right to cast aspersion on we Indians.
Yes. Every country has its idiosyncrasies. And he had voiced his opinion.
Now you have to decide, whether our country’s characteristics &_ways can allow him the liberty to just say his views.
I feel the comments are entirely correct. How many years it is taking any concrete good development from conception to reality in India. While everyone is saying GST is good for the Country, how many years it has taken to become a reality. What about our Judicial system and how many years it is taking to get final verdicts. Archaic Laws to the modern times. Get into the reality. We are having only Islands of Excellence but not efficient systems throughout (Infact lowest productivity, highly corrupt systems, arbitrary powers and utter disregard for timely delivery). U ask any Industrialist/businessman. Don’t fret and pl think rational. Don’t be emotional. Pls accept the truth and try to excel.
I totally agree, also from a Indian background ” mum/dad from Delhi” now living in the UK looking at India from the outside, it has a long way to go
I think we have to reflect on what a celebrated genius says rather than get carried away by our nationalistic fervour. I think what he is trying to say is about the negative aspects of our parliamentary democracy and the latest drama in Tamilnadu Assembly proves him right and bang on. Our MPs and MLAs come to us after five years and then 95% of them simply take the voters for granted. They create ruckus inside our parliaments and assemblies rather than discuss the nation’s and state’s problems. What Charlie seems to talk about is our democracy’s this aspect and not about our nation as a whole.
Anyone praising a communist country over India is, to quote Dickens, either mad, or drunk, or both.
Show us that such a quote from Dickens really existed, and provide the context and timing as well. He spoke from a shroud investor viewpoint, and he is right on.
I quoted from “The Pickwick Papers”. In the book, this is not in the context of economy obviously, but it is perfect for someone praising a communist country over a democracy.
First of all..we should stop getting bloated when someone praises us/india and feel frustrated when someone talks negatively…just ignore them..we know what india is worth and Mr Munger should be last person to seek certification of our faith..
None of our past PM or President has done like Clinton(Monika) nor has our present PM or President has past track record of unique behaviour with females like Trump .So less Munger talk about India is better.Munger should not forget that he is Citizen of Most indebted country in world ,if credit agaency had any guts they would have given US,a Junk grade like King Fisher air lines ,not a false AAA .
I think Munger might have lot of investment in China related compnies or compnie doing lot of business with China ,I am not sure but I think Munger( I Lal) has no investments in India.So just to save his sinking investments ,he might be trying to confuse Global Investers ,so that they can bail him out from his Chinese related investments .He might be just repenting for not investing in India early .Munger( I Lal )should not forget that majorty of Indian mutual fund managers and many investers are doing better CAGR than him in India.
Most of the good managed MF give you far better inflation and GDP growth (nominal GDP growth) adjusted return than what MF managers give in US. And that too, consistently for the last 20 years.
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.
Munger said “India has taken the worst aspects of democracy from west”…….. Is it not correct? Everybody knows it…….
Democracies every where are same,In India we waste lot of money on Manrega down the drain and in west they call it Social Security ,job less pensions.And what happen in Dictatorship can be seen in North Korea.
Read again before being swayed by just the headline. He doesn’t call Indians “idiots”, he refers specifically to those who are throwing hurdles in the way of development. He is right in that respect. China has certain advantages not just over India but also over the US; it is not a democracy, so it can not picked up the bad things of American culture.
Munger’s comments do not pertain to Indian entrepreneurs, Indian enterprise, India’s intellectual capabilities, Indian stock market potential, India’s investment returns or Indian stock valuation.
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 ?
These Modi Bhakts never looses an opportunity to bash congi and put present junta on pedastal even it means denigrating India
The headline and introduction are inappropriate. Charlie’s description is very incisive and accurate. There are major imperfections in the way we use democracy and governance. A lot needs to be done.
Charlie Munger’s comments about India are little uncalled for. He is an legend who is liked by many indians, he should not have a given a blanket statement about india. If he is talking about indian politician, he should have been specific. He should have looked at his own backyard before giving comments about any other countries.
You can’t focus only on a small part of his comment and come to conclusions based on that.
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!!
Their must be a serious thinking behind that comment, instead of being emotional with patriotism we should study his statement about China, There is truth in it, it seems.
I think Charlie is living in Fools Paradise. Not surprizing. Even Warren Buffet has very low opinion about India, so Charlie has to tow his line. Both Buffet and Munger have missed out big time by not investing in India, whereas many other FIIs have made lot of money in Indian stock markets in last 10-15 years. More surprizing than his remarks is the fact that many Indian research analysts/ brokers are blindly aping them!
Not only that, many of top position in Federal Govt as well America’s top companies including Berkshire Hathway ( of Warren Buffet and Charlie Munger) are filled by top Indian talent and brains. Warren Buffet has praised India talent many a times and if I not wrong, some Indian was in the line to take the top position at Berkshire Hathway. Is this not enough proof about the Indian talent.
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.
Seen this just now! And i agree 100%. It is filthy stinky mess populated with people with low intelligence. And I am an Indian! Despite the incessant chest thumping about what is great is India, take a bit to ponder – what is the last time you went out and did not come back feeling angry and frustrated at the inane stupidity all around you? This country is a glorified sh*t hole and needs massive update in every sphere do become livable.
And you know what – you do not have to go by Charlie’s words! Just pull out ranking and charts of where India ranks in human development indexes! And despite the protests by these “intellectuals” the data will not lie! Excluding a few terrorist states India ranks lowest in most human development indexes! See for yourself. I tried posting some links but links were stripped out. Google it yourself and see the true picture yourself. Ignore the “intellectuals”. India is a stinky mess!