- Charlie Munger criticized crypto, warned against AI hype, and trumpeted Zoom over Zoomtopia last week.
- Warren Buffett’s business partner outlined some of the best methods for achieving wealth and success.
- Insider spoke with six people who attended Munger’s closing remarks at the private event.
Charlie Munger trashed cryptocurrencies, warned that the AI buzz seemed overblown, and praised Zoom for keeping him connected during his closing keynote at Zoomtopia on October 4.
business partner of Warren Buffett and Berkshire HathawayThe ‘sa vice president also shared some of his best tips for success in business and life at the private event, including hard work, discipline, saving and investing.
The 99-year-old investor’s conversation with Zoom CEO Eric Yuan was a special gift for in-person attendees at the video conferencing company’s annual gathering, and was not shared online, a Zoom spokesperson told Insider.
We spoke to six people in the room and Zoom confirmed that their memories of Munger’s key points were accurate. Here are their comments, lightly edited for length and clarity:
1. Tobi Tungl, marketing director at CTI:
“The main takeaways were his the opinion on AI is a bit exaggerated on the market, and his opinion that crypto was never nothing. I clearly remember him saying “too hyped” or similar. He told a few stories about how AI has been around for over 50 years, but we’re just bringing it to the surface lately. »
2. Craig Durr, research director at Futurum Group:
“Munger shared his seasoned perspective on crypto and AI – about which he was skeptical. Yet, with nearly a century of wisdom and a financial history to match, his opinions command respect. Eric Yuan chose to recognize rather than challenge. Finally, when a legend speaks, the room listens.”
3. Mark Friedler, CEO of Gigex:
“Munger had a great wry sense of humor. He was very negative about crypto and called it a scam. He said communications helped drive business and the success of a Business was all about focus and consistency. Like Warren Buffett, he didn’t see big success until later in life, and only massive success after his sixties.
4. Eric Kunnen, senior director of IT innovation and research at Grand Valley State University:
“Charlie loves Zoom and uses it frequently for business and to stay in touch with family, as it is difficult for him to travel. His business advice was to create a better product or offer a better solution, that it’s all about competition and that successful people are those who have the sense to understand life better than everyone else. He said it’s up to you to work harder and better than anyone else.
Charlie also said that investments are better than money in the bank and that it is important to go to the office to work in person.
5. Melody Brue, vice president and principal technical analyst at Moor Insights & Strategy:
“I think my biggest takeaway – and probably one of the main reasons for having it – was that Charlie remains connected to people via Zoom at 99 while he doesn’t go out as much as he used to. has physical limitations at this age and Zoom kept him engaged.
Charlie talked about working to get ahead. He said to “spend less than you earn” and invest the money you save.
Eric had a plate of donuts with him on stage, and Charlie pointed out that donuts aren’t good for you, but you can eat them every once in a while. You have to be disciplined though and know that you can’t have a lot of things for it not to be bad for you. It was cute and showed Charlie’s mental discipline.
Charlie also talked a lot about poker and confidence. I don’t think he was necessarily saying that people can’t be trusted, but there was a certain caution about people’s motivations in business and that you have to be good at reading them – and being yourself -even a good “poker player” when necessary.
He was very funny and the conversation between him and Eric felt like old friends catching up – it wasn’t your typical “celebrity” talk that is pretty much all the same. They gave away a copy of Charlie’s book at the release. The books were gone in seconds!”
6. David Maldow, founder and CEO of Let’s Do Video:
“Charlie had some good jokes about his age. I think he used the old “it’s great to be anywhere” line at the beginning. He’s 99, but his thoughts were all coherent and he is charming and funny.
“There were a few moments where Eric asked about risk-taking and seemed to expect Charlie to encourage risk-taking, but Charlie seemed to avoid risk. He made it seem like he didn’t was not rich through wild, risky investments, but not through wild, risky investments. being stupid. Basic, smart investments and hard work.
Eric even brought up the topic of poker as part of the risk discussion. Eric wanted to know how Charlie would play poker with a cheater at the table. Charlie’s response was that he wouldn’t play poker with that person and that he only plays poker with people he can beat. The implication was that this was also how he won business.
The big heartwarming moment was when he explained how his whole family has been having big Zoom meetings, and this is very important to him because traveling is now too difficult for him because of the wheelchair. He said being able to see them all, despite his failing eyesight, meant so much to him. »