text:
Costanzo flirts with shutout bid as Austin Peay Govs down Eagles
Posted By APSU Sports Information On April 20, 2018 @ 11:42 PM In Associations,Austin Peay State University,Baseball,Colleges,Featured Story,NCAA,Ohio Valley Conference,Sports | No Comments
Morehead, KY – Starter Michael Costanzo [1] took a shutout into the eighth inning and Austin Peay State University's baseball team supplied a pair of home runs in a 10-4 Ohio Valley Conference victory against Morehead State, Friday night at Allen Field.
Costanzo (7-1) opened the game with seven shutout frames. His biggest trouble came in the first inning when he allowed a leadoff single and then saw a ball hit the top of the wall in right for a second single. However, he worked around the runners on the corners by issuing his first strikeout.
Austin Peay Baseball pitcher Michael Costanzo pitches seven inning shutout against Morehead State, Friday. (APSU Sports Information)
After tossing a scoreless second, Constanzo would allow a single in the third, which would be wiped out on an inning-ending fielder's choice. That single would be the last base hit he would allow until the seventh inning as he retired 13 consecutive batters.
Meanwhile, Austin Peay's (22-16, 12-7 OVC) offense went to work and provided Constanzo with plenty of run support. Second baseman Garrett Giovannelli [3] opened the game with a double and scored on third baseman Malcolm Tipler [4]'s double to supply an early 1-0 lead.
The Govs lead would grow by leaps in the fourth and fifth frames. Left fielder Nick Walker [5] hit his season's fifth home run, a two-run blast to right field, in a three-run fourth inning. First baseman Parker Phillips [6] continued his recent power hitting ways in the fifth with a towering three-run home run to left, extending the lead to 7-1.
That was enough for Costanzo, who would allow his first extra-base hit to start the eighth – a double by catcher Hunter Fain. The Eagles would break up the shutout bid two batters later when third baseman Bryce Henson hit a single up the middle to score Fain.
Morehead State (24-15, 11-5 OVC) would narrow the deficit against the Governors bullpen in the ninth, but could not overcome a nine-run deficit in the inning. Austin Peay closer Brett Newberg [7] was called on late and retired three of the four batters he faced to close the door.
Costanzo won his second straight start, allowing one run on seven hits in the eight-inning outing. However, he did not allow a walk to any of the 31 batters he faced while striking out five. The second time this season he has not issued a walk in a start.
Giovannelli went 3-for-4 with a walk, RBI and run scored to pace the Govs 10-hit attack. Phillips and Walker each ended the night with the home run as their lone hit on the day.
Morehead State starter TJ Satterly (1-1) suffered the loss after allowing seven runs (six earned) on six hits and three walks in five innings. Hensor led the Eagles offense with a 4-for-5, two RBI outing.
Govs Notably
Costanzo Goes Long
Facing a Morehead State team that had scored 64 runs during its four-game win streak entering the weekend, Costanzo put together a clinic on shutting down a dangerous offense. His eight-inning outing was the longest by a Govs pitcher since Alex Robles [8]' complete game against Jacksonville State last season. He carried the shutout through 7.1 innings, which was his longest outing of the season before Friday's outing.
Costanzo Continues Climb to 200
Costanzo's five-strikeout effort against Morehead State moved him into ninth on the Govs career strikeouts list. He finished the night with 195 career strikeouts, moving past Tom Morgan (193, 1953-58) for the ninth spot on the career Ks list.
Phillips Yard Work
Phillips' fifth-inning home run, measured at over 420 feet, was his sixth home run in the Govs last four games. He also has 15 RBI in those same four games.
Up Next for APSU Baseball
Austin Peay and Morehead State continue the three-game OVC set with a noon (CT), Saturday contest at Allen Field. The Governors will send left-hander Jacques Pucheu [9] (4-1, 4.36 ERA) to the mound against Eagles lefty Dalton Stambaugh (4-3, 5.98 ERA).
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URL to article: http://clarksvillesportsnetwork.com/2018/04/20/costanzo-flirts-with-shutout-bid-as-austin-peay-govs-down-eagles/
[1] Michael Costanzo: http://letsgopeay.com/roster.aspx?rp_id=4593
[2] Image: http://www.clarksvilleonline.com/wp-content/uploads/2018/04/APSU-Baseball-62.jpg
[3] Garrett Giovannelli: http://letsgopeay.com/roster.aspx?rp_id=4620
[4] Malcolm Tipler: http://letsgopeay.com/roster.aspx?rp_id=4743
[5] Nick Walker: http://letsgopeay.com/roster.aspx?rp_id=4631
[6] Parker Phillips: http://letsgopeay.com/roster.aspx?rp_id=4601
[7] Brett Newberg: http://letsgopeay.com/roster.aspx?rp_id=4600
[8] Alex Robles: http://letsgopeay.com/roster.aspx?rp_id=4605
[9] Jacques Pucheu: http://letsgopeay.com/roster.aspx?rp_id=4626
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There was a heavy police and ambulance presence out on the streets and it was clear that any disturbances were dealt with quickly before they had the chance to turn into serious fights. The fact that we were not called on to supply first aid was an indicator of the fact that these were being dealt with by the paramedics who were on duty. Our conversations with them indicated that they had been quite busy and they had concluded that the cost of putting on the Town Centre Triage service had been worthwhile because of the savings it had made for people being treated in the Casualty Department at the Royal Hospital. Evidence of good teamwork was provided when one of the paramedics requested a pair of flip-flops for a young woman with a foot injury.
We came across the usual assortment of drunken people on the streets and provided what assistance we could. In one case we came across a young woman who had collapsed on the pavement and was being assisted by two young men. We quickly established that the woman had no injuries and although drunk would be able to get home safely in a taxi. Discussions revealed that the men were complete strangers to the woman and had simply stopped to offer assistance. This scenario has been repeated on many occasions during the first four months of our operation and we are always careful to try to ensure that we do not expose people to the risk of people taking advantage of them whilst they are drunk. It is highly likely that the two men had been motivated by a genuine desire to assist, but as always we were careful and invited them to leave when the woman indicated that she did not need their assistance. We were able to assist her to a nearby taxi office where the management were extremely helpful and she was able to jump the queue for a taxi home. We do spend considerable time cultivating good relationships with the taxi proprietors and we have a good understanding with them.
We dealt with a young man who was sitting on the pavement, worse for wear. He already had a bottle of water and friends were supporting him while awaiting a taxi. Sadly the situation turned volatile when the friends had a disagreement in the adjacent takeaway and police had to keep them apart. The young man, though, recovered sufficiently to stand up and get involved in the argument!
Having been requested by the police to assist with a drunken female we discovered on our arrival that she had made a complaint that she had been assaulted earlier in the evening and arrangements were being made for her to be interviewed. She was showing signs of shock and looked very cold so we assistance by providing her with a space blanket.
We also bumped into one of our regulars who over the months has reported a life messed up by broken relationships, homelessness etc but on this occasion we were pleased to see that she was getting her life together and looking forward to a brighter 2012 than had been the case in the year about to end.
Walking through the Crooked Spire churchyard one of our teams came across a young women sitting on a wall alone. Initially it was difficult to get a conversation going with her and her body language (huddled, head down) suggested she was reluctant to be disturbed. However it was felt that she would not be safe to be left alone and after sitting near her and some tentative questioning from a female SP the girl divulged that she had some mental health issues and had simply walked out of the house and come into town alone. Attempts were made to persuade her to contact friends or family and after a while she found her mobile, dialled home and handed the phone to the SP to initiate contact. It turned out that her family had reported her missing and the police were in attendance at home. The police officer asked the SP to stay with the girl while they contacted the police in town, who arrived quickly and she went willingly to sit in their car and talk with them.
This situation was another example of how SPs can work hand-in-hand with other agencies and support families. It also served as a reminder that there can be more to a scenario than meets the eye - the SP's initial assumption was that the girl had been partying and become separated from friends, as is often the case, but instead there were deeper issues that took a little time to begin to understand.
We only see snippets of these life stories but God knows all the issues intimately and it is good to know we can keep talking to Him about these people after the event.
We were surprised by the lack of exuberant celebration on the streets at midnight which used to be the case prior to extensive late night premises and by the fact that New Years Eve was actually quieter than was the case on Halloween.
We have enjoyed being part of the Late Night Economy Community since September. We always have a sense of teamwork and our presence on the streets is view very positively. We look forward to new developments in 2012. Happy New Year!


The Belgian Dance Event 'Skynet Groove City' is ready for its sixth edition. On the 26th of November, fans of the best Drum and bass, Electro, House and Techno will gather at the 'Brussels Kart Expo' for this popular event. An excellent occasion for clubbers to warm themselves up on a cold November night to the beats of Ian Pooley, Kevin Saunderson, Jeff Mills, Ed Rush and many more. Read on to find out the full line-up.


Jaguar took for a spin three of its I-PACE in Amsterdam, Netherlands where 3,500 could be sold this year if only the company will be able to produce and deliver.
The three demo cars are in three colors: Photon Red, Caesium Blue and Yulong White. If you are one Jaguar's customers from Amsterdam, you can see here how your cars will look on the streets.


When we conducted our survey for Starlit Citadel, there were a few comments that we found rather interesting, which we thought would make interesting discussions. I'd like to post them here for your comments, especially if you see a comment or point that you'd definitely like to see us look into.
We currently host gaming tables at VCon, Cos & Effect (the new Cosplay convention that's replaced Anime Evolution) and GottaCon. We are probably going to host a table at BottosCon as well and regularly donate games to both Can't Stop the Serenity and the Diabetes for Gaming events. We have also provided games to 1 Elementary School and 1 Camp at reduced prices to help promote gaming.
That being said, I'm not sure what else we could do to help promote gaming. We don't have a physical storefront to host regular gaming nights, nor do we have the human resources to regularly host one even if we did rent a place. I am looking into developing a forums for the site to allow customers to interact and find one another, but outside of that, I'm tapped for suggestions.
This is a tough one. There's 2 problems here – firstly, the last time we tried this, we found the cost of importing these games to be prohibitively high and the actual demand low. Secondly, because I don't speak German; it's really hard to set-up and read the regular e-mail newsletters here. However, I'm willing to give this another go if there is a high enough demand for this option. Is there?
A request was made to do side-by-side product comparisons (like what you'd see on most computer store sites). We actually have the functionality on the site, currently turned off. Turning it on would (a) clutter the website further and (b) slow-down page load time. Is there interest for this functionality to be turned on?
Adding new promotional items for reward points and varied discounts. I'll be field-testing some with regard to shipping to see if the code holds up.
Well, sadly we can't make customers review games, we can only incentivize them to do so. It certainly seems we have been getting more reviews lately as we grow our customer base, so here's hoping it continues to do so.
We also have an extremely large database of games currently, so updating any single information source (e.g. recommended number of players) takes a lot of time. About 2-3 weeks of constant work.
Any work that requires coding is limited by the expense of working with our developers to create the custom code, so changes like that often occur in batches.
We set up the Google Appointment calendar so customers can schedule their own pick-ups.
We will undertake a trial run of some extended pick-up hours later this year during the Christmas season. Depending on the response, this might be extended to an on-going basis.
Cost. The location we have is the best trade-off we could find between a convenient location (near the Cambie line & Skytrain) while keeping our costs low. Sadly, we do have to give up a few things (like a proper entrance) for this trade-off.
Our current software is just too slow for order placement at the warehouse itself. In addition, issues like cash handling and stock management come into play if we allowed this to happen on a regular basis; never-mind the fact that often we have orders that have to be packed before Canada Post / FedEx arrives.
In a few weeks, I'll begin testing out the possibility of using Reward Points to discount shipping (or to reduce the Free Shipping Threshold).
We'll be adding a regular sales special to the site as soon as we figure out how to automate some of the work of running the sales.
Capital investment. Balancing how much of our profits go back into reinvesting and increasing our stock and how much to pay our on-going bills is a constant battle. We currently have one of the largest selections of games in Canada, and are constantly increasing this selection. We could lower our investment, and thus lower our prices but our selection would suffer.
We had a lot of fun reading all the comments, and while the survey could have been designed better (sorry about that !), we did glean a lot of valuable information. We will probably be sharing extracts of that later on as well.
In addition, look out for a second post about individual comments that didn't make the cut here, but that we found interesting. We'd love to get your feedback on both the comments in this post and there as well.


Irish artists - Alan Somers - Howth Lighthouse" title="Art, Howth Lighthouse"
Irish artists - Alan Somers - Howth Harbour - Moonlight 3" title="Art, Howth Harbour - Moonlight 3"
Irish artists - Alan Somers - Abandoned Cottage" title="Art, Abandoned Cottage"
Irish artists - Alan Somers - Park Reflections" title="Art, Park Reflections"
Irish artists - Alan Somers - Howth Harbour" title="Art, Howth Harbour"
Irish artists - Alan Somers - Sunrise In The Gardens" title="Art, Sunrise In The Gardens"
Irish artists - Alan Somers - Galway Cathedral" title="Art, Galway Cathedral"
Irish artists - Alan Somers - Connemara" title="Art, Connemara"
Irish artists - Alan Somers - Botanical Gardens" title="Art, Botanical Gardens"
Irish artists - Alan Somers - Approaching College Green" title="Art, Approaching College Green"
Irish artists - Alan Somers - Hogan's Bar Dublin" title="Art, Hogan's Bar Dublin"
Irish artists - Alan Somers - Dublin In Shades of Red" title="Art, Dublin In Shades of Red"
Irish artists - Alan Somers - Grafton Street Dublin" title="Art, Grafton Street Dublin"
Irish artists - Alan Somers - Dawson Street Dublin" title="Art, Dawson Street Dublin"
Irish artists - Alan Somers - Golden Sunset Dame street" title="Art, Golden Sunset Dame street"
Irish artists - Alan Somers - Pleasant Walk Home" title="Art, Pleasant Walk Home"
Irish artists - Alan Somers - Heading Out 1" title="Art, Heading Out 1"
Irish artists - Alan Somers - O'Connell Bridge Dublin" title="Art, O'Connell Bridge Dublin"
Irish artists - Alan Somers - Heading Out 2" title="Art, Heading Out 2"
Irish artists - Alan Somers - Night Time Traffic Dublin" title="Art, Night Time Traffic Dublin"
Irish artists - Alan Somers - The International Bar Dublin" title="Art, The International Bar Dublin"
Irish artists - Alan Somers - College Green Dublin" title="Art, College Green Dublin"
Irish artists - Alan Somers - Dublin Commute 1" title="Art, Dublin Commute 1"
Irish artists - Alan Somers - Early Morning Start" title="Art, Early Morning Start"
Irish artists - Alan Somers - Dublin Commute 2" title="Art, Dublin Commute 2"
Irish artists - Alan Somers - Temple Bar Dublin" title="Art, Temple Bar Dublin"
Irish artists - Alan Somers - Dame Street Dublin" title="Art, Dame Street Dublin"
Irish artists - Alan Somers - Under the Bridge" title="Art, Under the Bridge"
Irish artists - Alan Somers - Poolbeg" title="Art, Poolbeg"
Irish artists - Alan Somers - O'Connell St. Dublin city" title="Art, O'Connell St. Dublin city"
Irish artists - Alan Somers - Dublin city" title="Art, Dublin city"
Irish artists - Alan Somers - Conor McGregor" title="Art, Conor McGregor"
Irish artists - Alan Somers - Twilight Hour O'Connell St." title="Art, Twilight Hour O'Connell St."
Irish artists - Alan Somers - London" title="Art, London"
Irish artists - Alan Somers - Big Ben" title="Art, Big Ben"
Irish artists - Alan Somers - St Stephens Green Dublin" title="Art, St Stephens Green Dublin"
Irish artists - Alan Somers - Howth Harbour Moonlight 2" title="Art, Howth Harbour Moonlight 2"
Irish artists - Alan Somers - Howth Harbour Moonlight 1" title="Art, Howth Harbour Moonlight 1"
Irish artists - Alan Somers - Howth Dublin" title="Art, Howth Dublin"
Irish artists - Alan Somers - Grafton St. Dublin" title="Art, Grafton St. Dublin"
Irish artists - Alan Somers - Donegal Square Belfast" title="Art, Donegal Square Belfast"
Irish artists - Alan Somers - Dublin City Street Scene" title="Art, Dublin City Street Scene"
Irish artists - Alan Somers - Samuel Beckett" title="Art, Samuel Beckett"
Irish artists - Alan Somers - Evening on O'Connell bridge" title="Art, Evening on O'Connell bridge"
Irish artists - Alan Somers - The Pen Shop Dame Street" title="Art, The Pen Shop Dame Street"
Irish artists - Alan Somers - Dublin City Evening Glow" title="Art, Dublin City Evening Glow"
Irish artists - Alan Somers - Dublin's Spire" title="Art, Dublin's Spire"
Irish artists - Alan Somers - A Study of Dublin" title="Art, A Study of Dublin"
Irish artists - Alan Somers - A Walk by Trinity College" title="Art, A Walk by Trinity College"
Irish artists - Alan Somers - John's Lane Church Dublin" title="Art, John's Lane Church Dublin"
Irish artists - Alan Somers - Grattan Bridge Dublin City" title="Art, Grattan Bridge Dublin City"
Irish artists - Alan Somers - Bord Gais Theatre" title="Art, Bord Gais Theatre"
Irish artists - Alan Somers - Dame Lane" title="Art, Dame Lane"
Irish artists - Alan Somers - Streets of Dublin" title="Art, Streets of Dublin"
Irish artists - Alan Somers - Nelson's Pillar" title="Art, Nelson's Pillar"
Irish artists - Alan Somers - Grafton Street" title="Art, Grafton Street"
Irish artists - Alan Somers - Kerry Mountains" title="Art, Kerry Mountains"
Irish artists - Alan Somers - O'Connell Street" title="Art, O'Connell Street"
Irish artists - Alan Somers - Abbey Street" title="Art, Abbey Street"
Irish artists - Alan Somers - Street Petrers" title="Art, Street Petrers"
Irish artists - Alan Somers - Dame Street" title="Art, Dame Street"
Irish artists - Alan Somers - Dame Street Evening" title="Art, Dame Street Evening"
Irish artists - Alan Somers - Liberty" title="Art, Liberty"
Irish artists - Alan Somers - Nightlife" title="Art, Nightlife"
Irish artists - Alan Somers - Quiet Harbour" title="Art, Quiet Harbour"
Irish artists - Alan Somers - Rush Hour" title="Art, Rush Hour"
Irish artists - Alan Somers - Long Walk Home" title="Art, Long Walk Home"
Irish artists - Alan Somers - Heart of The City" title="Art, Heart of The City"
Irish artists - Alan Somers - Suffolk Street" title="Art, Suffolk Street"
Irish artists - Alan Somers - Dame Street Fountain" title="Art, Dame Street Fountain"
Irish artists - Alan Somers - O'Connell Bridge" title="Art, O'Connell Bridge"
Irish artists - Alan Somers - Westmoreland Street" title="Art, Westmoreland Street"
Irish artists - Alan Somers - Dame St." title="Art, Dame St."
Irish artists - Alan Somers - Last Light On Dame St." title="Art, Last Light On Dame St."
Irish artists - Alan Somers - John's Lane Church" title="Art, John's Lane Church"
Irish artists - Alan Somers - No Title" title="Art, No Title"
Irish artists - Alan Somers - Duke Street, The Bailey Bar" title="Art, Duke Street, The Bailey Bar"
Irish artists - Alan Somers - Nassau street" title="Art, Nassau street"
Irish artists - Alan Somers - Capel Street" title="Art, Capel Street"
Irish artists - Alan Somers - Anne Street" title="Art, Anne Street"
Irish artists - Alan Somers - Untitled" title="Art, Untitled"
Irish artists - Alan Somers - College Green" title="Art, College Green"
Irish artists - Alan Somers - Dame" title="Art, Dame"
Irish artists - Alan Somers - Karls Bridge" title="Art, Karls Bridge"
Irish artists - Alan Somers - At The Races" title="Art, At The Races"
Irish artists - Alan Somers - Galway Catherdral" title="Art, Galway Catherdral"
Irish artists - Alan Somers - Sunny Morning O'Connell Street" title="Art, Sunny Morning O'Connell Street"
Irish artists - Alan Somers - Rainy O'Connell St." title="Art, Rainy O'Connell St."
Irish artists - Alan Somers - No Title I" title="Art, No Title I"
Alan Somers developed his insight over a lifetime. Growing up with a strong advocate of the arts, he developed his skills, though for one reason or another, eventually stopped.
Passion makes way for more practical things, and life takes over. Time away, immersed into the daily grind of everyday life acted as a melting pot, where all the individual elements form something new and unique. Every experience, from the innate suffering of the human soul, to the elation of the best times, comes together into the final product; the canvas soaks it all up, and is as integral as any other brush stroke. Perhaps most notable are Alan Somers' works involving the city – emotive pieces where the impressionist style helps shine a light on sights often unseen.
Living in the city, you walk by in a daze, thinking of your plans, the meeting that awaits you down the block, or the workload back at the office. Sometimes, you miss the subtlety of the city… the life, the atmosphere, the history. Alan Somers captures these oft-forgotten facets beautifully – the time away from the art world, and everything life had to offer in the interim, has resulted in a calmer and more mature mind. It has refined how the canvas takes form; a moment in time, captured forever on canvas with intricate detail in the quintessential coarseness – the longer you look, the more evocative it becomes. Light and shadow take centre stage, playing on your senses to deliver a city different from the everyday experience; peeling back the modern façade to show what once was, and a reminder of what could be.
Although Alan maintains a recognisable style, his compositions avoid staleness, evidenced by the popularity of his landscape work – this artist is far from a one trick pony. Stylistically recognisable, with pieces differing in subject matter, colour choice and how that colour interacts with the piece, as well as the tone – Alan Somers has the uncanny ability to paint from exactly the same source material and elicit completely different emotions. Besides, as he will admit himself, he likes to change it up "in order to keep the work exciting."
I think it's safe to say, this artist will keep exciting for some time.


text:
Leland kent
Learn how you can contribute to our growing list of subjects and series...
Leland Kent grew up in Birmingham, Alabama, where his family still resides. He completed a bachelor's degree at the University of Alabama at Birmingham and later became a self-taught photographer. Leland created a blog, Abandoned Southeast, in 2016 to document and share the urban ruins he has explored. Leland feels it is important to preserve these places for future generations through photography. His photos have been featured and can regularly be seen in a variety of worldwide publications. Leland enjoys historical research, road trips, and sharing his finds through his blog. He currently lives in Florida with his wife. Check out more of Leland's work at www.abandonedsoutheast.com.
Leland Kent (4)
Abandoned Georgia: Traveling the Backroads
In Abandoned Georgia: Traveling the Backroads, photographer Leland Kent showcases fourteen abandoned locations from across the state. Whether it's a small six-room school or a sprawling defunct religious community, they...
Abandoned New Orleans
Often off limits to the public, abandoned photography offers a glimpse into the beautiful urban ruins that are left behind. New Orleans faced a daunting reconstruction after having endured one...
Abandoned Georgia: Exploring the Peach State
Abandoned photography captures the beauty in urban ruins left behind. The goal is to give the viewer an exhilarating look at our past and these forgotten places. From a small...
Abandoned Birmingham
Founded in 1871 after the Civil War, Birmingham rapidly grew as an industrial enterprise due to the abundance of the three raw materials used in making steel—iron ore, coal, and...

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21Dec December 21, 2017
Charlie Munger Talk At Ross University – FULL TRANSCRIPT
Jacob Wolinsky2018-02-23T08:14:11+00:00
Charlie Munger spoke at University of Michigan Ross School of Business on December 20th 2017 and we produced a transcript of the 55 minute or so talk- this may contain mistakes and is for information purposes only – we will update the text with some minor editoral changes soon, regardless please keep that in mindd.The interview covers a vast array of topics from Bitcoin to his early life check out the video and text below. First the announcement:
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Charlie was born in Omaha Nebraska January 1st, 1924. He graduated from Omaha Central High School, and 41 attended the University of Michigan for one year and Caltech for a Year. I believe as well, under the Air Force auspices he served as a second lieutenant as a meteorologist in the Air Force in World War Two. He received a JD degree magna cum laude from Harvard Law School without having an undergrad degree. He practiced law in Los Angeles from 1948 to 65 and during that time he helped found an incredibly successful, a law firm called Munger Tolson Olsen.
Since 65 he's been engaged in a very variety of businesses and after 1975 primarily as an officer and director of Berkshire Hathaway. Charlie's the vice chairman of Berkshire Hathaway under Warren Buffett, and he's the chairman of the daily journal Corporation, the public companies of which he's a director or Berkshire Hathaway The Daily Journal and Costco Wholesale company. Mr. Munger became a trustee of the Good Samaritan Hospital in 79 and served as the chairman since November 1987. He was a trustee and chief financial officer of Planned Parenthood Los Angeles from 1967 to 1993 and he's the founder and president of the Alfred C. Munger foundation. He is the author of Poor Charlie's Almanack which I think is a must-read for anybody who wants to be in business so please welcome Charlie and Scott.
Also see Charlie's favorite books here
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Thank you John for those very kind words and wonderful introduction, first of all I just want to welcome all of you one of the luxuries of this job as Dean of Michigan Ross is the opportunity to travel the world and engage with our alumni our students our prospective students our community broadly, the people make the place, and this place is really special because our people are really special and so I want to thank all of you for coming out this evening.
Tonight I've got the privilege and the honor of sharing the stage with Charlie who needs no introduction for all of you he's been a true champion and advocate for the University of Michigan for many years, if you were to study at the law school you would live and study in the Munger residences which is one of the most innovative in the country because what it does is it takes students from different disciplines and puts them together in a living learning environment, and that really amplifies the strength of the University of Michigan where you have 130 programs 103 of which are in the top ten that breath of excellence is not matched in the country except one school here on the west coast. So, it's an honor to have you here this evening and for on behalf of the entire University thank you very much for all that you've done.
So, Charlie, as I was on the flight over this morning I was thinking about and preparing for our conversation this evening, and as I went through my notes, I realized that we share an admiration for a historical figure in Ben Franklin. Absolutely! And Ben wants once quoted that there are two things that you can do in life you can write something that's worth reading or you can do something that's worth writing about, and you've done both of those. Oh, but not like Franklin. And so a couple hours ago I went on Amazon books and I just typed in Charlie Munger in the search field and over a hundred books have been written about Charlie and my favorite title was The Tao of Charlie Munger, which was which was pretty interesting and so what I thought we would do this evening for our conversation is really just explore your life and many of the moments in your life that have shaped how you think and what you've been able to accomplish and I'll ask a number of questions and at some point hopefully we'll have time to open it up and ask some of the questions that you all are interested in as well so far was two for two in Bitcoin so that's that gives you a sense of what's on people's minds. But I'd like to go back to your early childhood in Omaha Nebraska. So you were raised in Omaha and what are some of the moments in your experience in Omaha that you really find memorable that shaped you and who you are today and how and how you think? Can you talk a little bit about growing up in Omaha? Well yes, I was I really liked Omaha it was a size where I knew a lot of the people no matter you know what they did I wasn't lost and I great metropolis and I was very fortunate in my nature of my parents my parents friends and I was fortunate in the public schools I attended were pretty remarkable by the standards of the time. And of course most of my schooling was in the Great Depression, but that means I'm one of the very few people it's still alive who deeply remembers the Great Depression and that's been very helpful to me it was so extreme that people like you have just no idea what the hell was like.
It was really there was just nobody had any money the rich people didn't have any money. People would come and beg for a meal at the door, and we had a hobo jungle not very far from my grandfather's house and I was forbidden to walk through a good amount that walked through it all the time. And I was safer in that hobo jungle the depths of the 30s when people are starving practically. And I am walking around my own neighborhood now in Los Angeles at night the world has changed on that you'd think the crime would be less but it was the crime was pretty low in those days. So anyway I saw I had a very unusual bunch of experience to be, to go through civilization and various phases including the greatest recession, well I say it's one of the greatest recessions and 600 years in the English-speaking world it was really something, and it was very interesting to watch and also to watch it fixed, it was fixed by the accidental Keynesianism of world war II. Very interesting and Hitler had fixed the Great Depression in Germany by the deliberate Keynesianism but he wasn't doing to stimulate the economy he wanted to get even with all the people he hated but he borrowed all this money and created all these armaments in Hitler's Germany by 1939 was the strongest economic power in Europe, but nobody else was close. So and you wouldn't understand that as well as I do they hadn't lived through it he just could see the place gaining traction more and more and more and pretty soon it was fixed, and of course that was in those days there were all kinds of people most of my family for they believed in hard money based on gold of not much welfare and so on and so on so they I was raised among fairly backward people by modern standards. But they were backward in kind of a self-reliant way that I think was helpful I've never regretted that I wasn't raised in a more liberal establishment. I had a liberal aunt my mother's cousin but you I was and she was the first, second lady Dean at the University of Chicago and she did her thesis on emissions in the coal mines and of course she was a screaming leftist I would be extreme leftist who I observed the way the coal miners of yesteryear were treated you couldn't be a human being with any decency on you without feeling that it was deeply improper to have the misery that great and haven't manipulated for the benefit of the minoan race and so forth but she sent me all these left-wing bangs books one every Christmas and I always thought she was a little nuts.
Which shows that if sometimes a very vivid extreme acts you know evidence misleads you I'm a deeper reality, you you've got to be a guard on that against that all your life. In fact, the whole trick in life is to get so that your own brain doesn't mislead you and I have found that just a lifelong fun game and I can't remember a time I wasn't doing it. I was not a prodigy or anything like that but I was I was a prodigy and having adult interests. I was under and what worked and what didn't and why and I could see that very eminent people that I loved and revered we're nuts in some ways and I would to say well I certainly like Doctor Davis but he's a little naughty in one way and I'm not gonna be that way like that. Yeah, so, I was very judgmental and I think that helped me also help me that I kept changing my judgments as I learned more and more facts came in and that created lifelong habits that were very useful another thing that really helped me is protect me on my father's side of the family my paternal grandfather was the only federal judge in Lincoln Nebraska capital city of Nebraska and he'd been there forever and he stayed there forever after that I think when he left he was the longest-serving federal judge in the country. And he was a brilliant man and he'd risen from nothing he was a child of two impoverished schoolteachers and when he was raised in a little town in Nebraska they gave him a nickel, to go buy the meat and he'd go to the butcher shop and he would buy the parts of the animal nobody else would eat and that's what to schoolteachers lived on in those days and the very indignity of it bothered him so much that he just determined to get out of poverty and never go back and he did he got a head like Abe Lincoln educated himself and lawyers offices and so on he had to leave college because he couldn't pay the tuition anymore and but he educated himself and since he was utterly brilliant it wasn't all that hard and he had an attitude that was pretty damned extreme, I would say his had it was, you have a moral duty to make yourself as an ignorant the son stupid as you possibly can and that it was you're pretty much your highest moral duty maybe taking care of your friend we came first but in the ranks of moral obligations quasi related well yeah he was conventionally religious so it may have been a religious duty to him. But he really believed that the rationality was a moral duty and he worked at it and he scorned people who'd on the other hand as a judge he started with the idea why would anybody rob a train or whatever a federal crime on those days and he was pretty hard on people who did it and I noticed as he got older and older and older he was willing to call a man a good man on easier terms then he started out with him and I think that was a correct a correct development in my by the way when he relaxed a little he was still pretty tough but he did relax a little which I thought was appropriate and but it was but influenced by such people and when the thirties came, one son-in-law was a musician of course he couldn't make a living so my grandfather didn't have that much money sent him to pharmacy school carefully pecking a profession that couldn't fail and found him a bankrupt pharmacy to buy and loaned him the money and my uncle was suing prosperous and remained prosperous the rest of his life. My other uncle at a bank in Strasburg Nebraska but there were nine hundred and sixty-eight people in Strasburg and there were two national banks and the capitalization of my uncle's bank was $25,000 and of course he was a lovely man but he was an optimist and a banker should not be an optimist.
And when they closed the banks in 1933 the bank examiners came in, and they said you can't reopen, and it was the only business he had well judge bunker had always saved his money, and he had a lot of good first mortgages on homes occupied by teetotaling German butchers and people he'd carefully pitch of course he never had a default. I was in the right neighborhood the people were sober during hard working and so what my grandfather did is taking a third of his good mortgages which is all he had and put him into the bank and took all the lousy assets out of the bank so he saved two out of three of his of his children and I thought it was a pretty good thing to do and very sure the way he does and he actually got most of his money back ten or fifteen years later out of the assets of the bank when World War II that was a good lesson. On the other side my grandfather on the other side, his main business had gone broke in 1922 with all the other wholesale dry goods houses and what he did his son broke and he cut his house in half and moved that family in and the other family the guy was an honors graduate of the Harvard School of Architecture and he was very prosperous in the 20s in Omaha and had a wonderful life and the 30s came the total building permits and I Mahal with some 90 $25,000 a month and that was for furnace repairs or something there was just no work, none, zero. He moved to California and he lived for several years and he got finally he got the County of Los Angeles to hire this great Harvard architect and his he got 108 Oh 8 a month after deductions and they had him do drafting work but they classified him as a laundry room him to save money and he could actually rent a house for $25 and feed himself under an old car he could live on $109 a month amazing how poor everybody was and what happened to that grandfathers along came the FHA and they had a competitive civil service examination he was a very brilliant man of course he was first in the exam and that made him a chief architect for the FHA in Los Angeles where he spent the rest of his life but I watched all this family coping with all as difficulty and I'll say this it sounds awful but they weren't all that unhappy. You can cope pretty well because you get used to it that's a nice thing about the human condition. I mean you get to be my age you got a lot of horrible things to get used to.
It's just one new indignity all the time. A friend of mine says a good day when you're old is when you wake up in the morning and nothing new hurts.
That's my experience in Omaha. But that background of these all these people were educated and civilized and generous and decent and a lot of them had good senses of humor and it was a pretty damn good place to grow up in and my memory is of being surrounded by a lot of very fine people and I think the whole thing was privileged I look at my background is absolutely privileged I'm proud of being an Omaha boy. I sometimes use the old saying, they got the boy out of Omaha but they never got them all out of the boy and so all those old-fashioned values family comes first. Be in a position so you can help others when troubles come. Prudent sense of a moral duty to be reasonable more important than anything else more important than being rich more important than being important an absolute moral duty because none of my intelligent relatives suffered terribly because they didn't advance higher right.
Yeah, one of the things I'm fascinated by is I mean this was in the 20s and 30s in the level of detail that you recall about their experiences and how that shaping your experience is, I'm trying to give people a flavor of something that nobody else can remember. I mean you're a student of the people that you're that you're experiencing. So you grow up in Omaha Nebraska you find yourself in Ann Arbor Michigan, how does that happen?
Very simple I wanted to go to Stanford.
And my father said to me, Charlie I was the only son, two sisters he says I've got two daughters they educated right after you I don't have unlimited money, he says I will send you to Stanford if it really means a great deal to you. But I'd rather you pick a university in the Midwest much better than mine which was the University of Nebraska, and that was obviously gonna be Michigan what was I gonna say, well screw you sent me to stammers.
Well, I didn't say that I went to Michigan. So, you come to me I have never regretted that at all. At Stanford, people came to Stanford in the 30s with their string of polo ponies, and it was a very upscale fraternity-sorority culture. I used to call it the co-educational Princeton of the West and people loved it and so forth but literally, you call it a Stanford with a string of polo ponies, just say I'm bringing back to you, young people, the time you can't remember. Was it you ever know in college that came with a string of polo ponies?
Not very many people. Know they go they'd be in the ROTC, but they had their own string of polo ponies. You could win better if you have your own string.
So you come to Michigan, and you study math for a year. Yes, but I don't get credit for that, when I was young, I could get an A in any mathematics course without doing any work at all. And so I always took math because it meant that I could literally I never didn't any problems that's I just did the math and so I should not get credit as some budding mathematician. I was choosing what for me was the easiest way to think about what I want to do instead of what somebody else wants me to do. Come to find out it ended up being a subject that has I think paid some dividends?
Hugely! Yeah, but this will interest you, in this world where people have all these algorithms and computer science and fancy math and so forth. Neither Warner eyes ever have ever used any fancy math and business, and neither did Ben Graham who talked Lauren. Everything I've ever done in business could be done with the simplest algebra and geometry in addition moba visions of what I never used calculus for any practical work in my whole damn life. I was a perfect whiz at it when they taught it to me and by the way since I never touched calculus not one after I was 19 years old I've lost it. It's the symbols would mystify me and but I think you'll find that if you really know the basic stuff its enormously useful and only a very few people are gonna need any calculus.
So you study math at Michigan then the war comes calling? Yeah. You moved to California, and you study meteorology. Well, that was because I was too dumb to do what I should have done with my background I should have gone to the naval ROTC because I hated infantry or DC which had done for years open high school rising to be the second lieutenant, which is a very low rank.
And of course that was about five feet-two - I got my growth late, so I was not your ideal of a manly soldier in high school.
So, when you went to Harvard Law why-why-why law? Well my grandfather and father had been lawyers, and I knew I didn't want to do everything else, it's very simple. I didn't want to be a doctor. I didn't want all the blood and misery and so forth and the repetitive work. I knew I didn't want to go to the bottom of a big organization and crawl my way up I'm a natural contrary and that was not going to work for me and I found that people could tell me when I thought they were idiots and that is not a way to rise in a big organization and so I couldn't do that and so now I'm left with law I admired my father and grandfather and a good life for them so I naturally drifted into it I think people are still going to law school for that reason it's the least bad of options considering their interests and ability. I guess now people go to business school some of them many of the people in this room I think are gonna go to business school the least bad of their options. And all I can say that that's the way it worked for me and it'll probably work for you it worked out okay, you were okay.
So, I had to leave the profession well it was a dumb perversion for me. So, that's actually what I want to ask, so you moved to California you actually start a law firm and then practice law for some period of time. I had no alternative, and then you had an army of children almost immediately.
I painted myself into quite a corner. Yeah, so zero choice is pretty powerful? Yes, yes of course. So you practice law, and then you leave law, in the firm that you helped found and move over to investments? Well, but that sounds miraculous.
In fact, it was rather interesting. I probably got paid about $350,000 in my first 13 years of law this total, and I had an army of children and no capital to start with, and when I chose this alternative career I had over $300,000 in liquid instruments, so I had, and that was 10 years of living expenses, so I was not a courageous bench or some admirable man I was a cautious little squirrel.
Saving up more nuts than I really needed it and not going very deep into my pile of nuts and so that was it wasn't that courageous and I kept one foot in the law firm while I tried my capitalist career, but as soon as the capitalist career succeeded I intended to lift that second foot because I recognized that the potential of law practice as I saw it then I didn't anticipate the boom that came to the big firms. I just saw this being more difficult I wanted more independence though it was going to have her as a lawyer. I hated sending other people invoices and needing money from richer people I thought it was undignified I wanted my own money, not because I loved either social prestige I wanted the independence. Well, and when you so you founded wheeler mongering company, so that was the investment firm. Yes and for a noble and I went and I v real estate projects I did both side by side for a few years, and very few years I had three or four million dollars. And for a number of years you outperform the market 2x, 3x, and so why did you then leave Willer Munger and company and then move to now what you're doing? Well, I had three or four million dollars which was a lot of money to them and I also knew how to handle that three or four million dollars very well by that time and so, I knew I didn't need to get fees and override some other investors and I found that when you got into things like this 70, 64, 74, 75 crunch which was the worst since the 30s. I didn't suffer I knew everything was going to work out but the quoted prices of these things really went down to ridiculous levels and some of my investors I knew were suffering you know I needed the money, and of course I have enough of fiduciary gene that pained me greatly and so I said it's just it's like them my grandfather once they asked you how he felt wouldn't my aunt divorced my uncle he said I feel just the way I did when they left my carbuncle, and that's the way I had a carbuncle my producer gene was giving me pain, and I last the carbuncle I just lived on my own money no fees no overrides no celery just seemed more manly to do when I knew it would work.
And so, at what point did you meet Warren? 1959. And so where did Berkshire Hathaway come from regarding this partnership that you all have now had for two decades? Well, Warren had been taught by Ben Graham to buy things for less than they were worth no matter how lousy the business was, you can't imagine a more lousy business than New England textile mills, because, textile is a congealed electricity and the electricity rates in New England were about 60 percent higher than TVA rates. So it was absolute, inevitable certain liquidation, now Warren should have known better than to buy into a totally doomed enterprise it was so damn cheap we get bad at a big discount from liquidating value. So he bought a big giant fire all the business but the business was gonna die so the only way to go forward from there was to wring enough money out of this declining take those tax little business to have more money than the paid to get in and use it to buy something else that's a very indirect way to proceed and I would not recommend it to any of you just because we did some dumb thing that worked you don't have to repeat our path and of course we eventually learned not to buy these cigar butts when they were cheap and did these painful liquidations and stood by better businesses that's the main secret of Bircher the reason that Berkshire has been successful was the big conglomerate, more successful than any other big conglomerate so far as I know any other big conglomerate in the world. The reason it's been successful as we try and buy things that aren't gonna require much managerial talent at headquarters everybody else thinks they've got a lot of managerial talent at headquarters and that's a lot of hubris, if the business is lousy enough it gets a wonderful manager the business allows the reputation of the manager has a good reputation it's the business of the river it's the reputation of the business that's going to remain intact. You can't fix these really lousy businesses, you can wring the money out whatever comes in liquidation and do something else with it, but most lousy businesses can't be fixed.
But at the time Warren was that's what he was doing and so, yes, how did you convince him? I helped him, he bought a windmill company in a little town in Nebraska and Warren didn't know anything about running a windmill company why because it was cheap he said what do you do why can't you fix my windmill company who can you get to help me I said I've got just the man for you and so one of my old colleagues from transformer business who was an accountant I said he will fix your windmill company and Warren was desperate he didn't he just hired him on the spot and Harry walked in the first day this little town this big collection of windmills and so forth and a whistle blew and the whole plant stopped for 15 minutes what the hell is this well it's a respect for the time it has a funeral we blow this whistle and stop for 15 minutes, there he said that'll be the last time, and he just approached everything that way, and of course nothing he did is he cut away all of the fat that he didn't need and then he found there were certain parts where we're the sole supply, and he raised all the price of those parts you can see what a business genius we are.
So, how did you convince Warren to stop buying the bad apples and start buying the good apples? You think Warren, he gave me credit he was gonna learn it any way he just made so much money in this other stuff and he'd been taught it by Ben grander it was hard for him to quit when he was just cleaning money. But he saw the point and well you couldn't scale that business and I was kind of scroungy and unpleasant when you're firing people it's when they all want to do that so we just run no money out and bought better businesses and we've been doing it ever since coming to business not as business school graduates but as people who had owned portfolios or securities we thought like capitalists because we were always in the shoulder mindset a lot of people running the businesses think like careerists and believe me you got to think like a grace to some extent if you're in a career, but it also helps to look at the business strategy problems as though you're an owner and so my advice to you is you don't never get to be a career so much you don't see it from the owners point of view that's what General Motors did they had a bunch of careers, and an owner would have seen immediately that situation was hopeless and they just romped through it with a lot of denials and Sue Petty and pompous and of course they went bankrupt the mightiest company in the world went bankrupt and none of those hotshot executives thought like an owner they would have seen that it was hopeless.
So Charlie, one of the things I've always been fascinated it was hopeless the way they were handling it well. With Berkshire in the way that you all manage both headquarters and the businesses that you own you are putting talent in place who think like shareholders, not careerist so, how do you when you're buying a business, how do you or bringing talent into an existing business, how do you evaluate talent to see are they going to think more like a shareholder? A private equity frequently buy a business where the founder is going to leave then they go out on our talent to run it, that is a tough way to make a buck, and I don't like it we generally buy with the talent in place not maybe some guy in the number two place and we put him in the number one place, but we very seldom like an ardent I can't think of any place where we bought something and put somebody in after Harry bottle, and no we don't do that, and it's amazing how long we have some of those people stay Byrne always says we can't, we can't teach the new dogs the old tricks.
What's the implication of not being able to teach the old dogs new tricks or new tricks to old dogs? When if we look at what's happening in business today, what we see is exactly, we can't teach the old tricks to the young dogs, that's what we found and when we keep the old dog in place.
But that's not that's not the norm right? I mean if we look around like, no, it's a norm in life it may not be our practices may not be the norm but normally it's very hard to get you got a wise old dog get a young dog they could match him that's hard, by definition he's survived a big culling process I mean he's unique and he's got a record to prove it and by the way everybody thinks you can judge people by an interview and of course you know who you like you know you don't like but everybody over estimates how much you can tell in prediction by meeting somebody we all like to think that we have that capacity but it's a vastly stupid type of overconfidence the paper record has about three times the predictive value of your impression interview and of course we're buying great paper records. It's so simple.
But it's fascinating to me if we look around business generally the movement of people across firms and there's always new dogs, and you've taken a contrarian position to that and managed Berkshire differently. Oh, it doesn't like work, of course, we're still hiring young dogs and the end of these businesses, but it's amazing how much of the record of Berkshire has come from the old dogs who are in the business when we buy them. You can't believe how good those people have been there's one huge exception in the new dog department. I almost despise the business of executive search because I find that they really want to sell you the best that's available even if there's no damn good and I don't like that but the best single expense that Mercer ever had as we paid an executive recruiting firm to find us a chain to come in a little tiny insurance operation, you have any experience of insurance at all he was an honors graduate of the main technical in India it was a very smart man, but he came in and created our whole region it's the only big business we created from scratch and how he did the whole damn thing of course he talked with Warren every night and so it was like father and son married this is a very Confucian company and but that was unbelievable so we heard an executive recruiter here brings us in India dad no experience at all insurance he talks about it old man every night and it's now by far the biggest reinsurance business in the world that's been a gold mine there's at least 60 billion dollars in Berkshire of net worth that Ajit has created that we would not have created without him. Wow! And the value is way more than 60 billion I mean there's I mean there's that much an extra just liquid net worth, but the value of the business is way more than 60 billion. Wow!
So, Charlie, I'm gonna I'm going to turn to a few questions from the audience as we as we start to wrap up probably half my questions here are about Bitcoin and cryptocurrency. I could answer those very quickly.
I think it's perfectly Assam I and even pause to think about them. You know it's one thing to think that gold has some marvelous store value because man has no way of inventing a more gold or getting it very easily, so it has the advantage of rarity. Believe me, man is capable of somehow creating more Bitcoin. They tell you they're not going to do it but they mean they're not gonna do it. That's they want to that's what they mean when they say they're not going to do it they hear their rules and they can't do it don't believe them when there's enough incentive bad things will happen. It's bad people crazy bubble bad idea luring people into the concept of easy wealth without much insider work, that's the last thing on earth you should think about if it worked it would be bad for you could try to do it again.
It's totally insane, and by the way I've just laid out a wonderful life lesson for you, give a whole lot of things a wide berth, they don't exist, you know crooks, crazies, egomaniacs, people full of resentment, people full of self-pity, people who feel like victims, there's a whole lot of things that aren't gonna work for you. Figure out what they are and avoid them like the plague and one of them is Bitcoin.
And the worst thing would happen if you won because then you do it again it's total insanity, and it's so easy to simplify life from just all these things there beneath you; I don't even know people are crowding Bitcoin, I don't wanna know my address?
So Charlie, I kind of people, Charlie what I hear you saying is you're not going to be investing in Bitcoin, is that fair? I think you're severe. So let me move to a similarly maybe controversial topic, if you read the news recently, but there's a lot of tax policy conversation going on both here in California and nationally as well. What's your thought on where this ends up in terms of the policy? I think we will get a tax bill, I think they will squeak it through, and they'll make whatever adjustments they have to get the last few votes. I don't think it's a bit crazy to give this extra two thousand a year to all those people who make $70,000 a year and have a lot of children that strikes me as it's good politics and probably good policy. I also do not think it is crazy to reduce the corporate income tax on the C corporation and if you look at the world a lot of the places that it worked best including Singapore and so forth have that policy and may even have good macroeconomic consequences a lot of the people who are screaming about it and are so sure it won't work. They may not be right it may actually work pretty well, it causes the capital values of the companies to come up and there's a wealth effect from the increased market value of all the companies, everybody recognizes there's an effect but people some people say it's small and some people say it's going to be large and I'll tell you what they all have in common none of them know. It is not totally inconceivable little war pretty well and with so much of the world doing well with similar tax policy and of course, the Democrats go berserk on this subject and but, I think they're wrong it may actually help them. So, I don't, I'm not sure it'll work, it may not, but it's not totally crazy.
Well it reminds me of a piece of advice that they you've offered and given to me which is you know, people often have a point of view and the danger in and having that point of view is you start to assume with certainty that you're right. Absolutely!Totally Crazy. And I think what your point of view is you need to have a point; I've just minute, here's a very important subject I'm thinking about all my life, yes for my opinion, I don't really know how well is gonna work. I don't think anybody else does either I think it'll work to some extent, but how much, I don't know. Now is it unfair well the corporations are by and large owned by a bunch of charitable endowments and by a bunch of pension plans and the whole world is going into a world where they're trying to have the business interests of the company support their huge pension obligations can bigger all the time, China is trying to do exactly what the Republicans are, China wants to have the main businesses in China owned more by the pension plans and the stocks to do well. I don't think China's crazy to have that I don't think you're Republicans are crazy either it could work pretty well, and it's not just some evil thing that people are cooking up it's a disagreement between people and both sides who have violent hatreds and contempt for the other side they're wrong. It's a disagreement on policy that ought to be civilized when I see Congress on my television set and the degree of hatred they have, utter contempt I mean really serious way more than as usual; it's evil to hate that much. It's a mistake to hate that much that much hatred will turn it's always been true as anger comes in reason leaves, it's a truism, so, do you want to adopt a political point of view or you're angry all the time, if you do welcome to the house of misery and pretty low worldly achievement to boot so if that's what you want I you just if I found out how to do it behave like those people you see on television. Well the other thing, and that is both parties by the way.
The other thing that's true going back to any earlier comments is the difference between a careerist mindset and a service or shareholder mindset we're in politics we have the emergence of a careerist mindset that is shaping how people behave because they're trying to survive. Only that they have a groupthink just as the Moonies go crazy because they hang around together, sort of our politicians. Yeah, do you want to go crazy is that what your ambition in life you start with some advantage, just make yourself a violently believing politician on either side, you'll turn your brain into cabbage, you know I got one brain why would you want to turn in a cabbage.
So, Charlie, I've got a question here what's the new amazing technology that you're most excited about? Well, I couldn't get not to get very excited about, I think that technology changes the world that reminds me the other thing. If I ask you what was the biggest the worst single mistake in the work of Adam Smith, you know I know I'd get oh I don't see everybody big eyes lighting up, the biggest mistake in the work of Adam Smith he was totally right about markets and so on and the advantages of trade division of labor and so forth what he missed was how much the steady advance of technology would advance, wealth and standards of living. He in the 1700s, was living not too much differently than the way they lived in the Roman Empire and he just missed it but, and there in fact had been huge improvements in technology but he just missed that he wasn't very technically minded and it was really stupid, and now I ask you a harder question what was the worst mistake David Ricardo made? I'll bet the Dean can't answer this question I'm not going to ask you to try.
I'll tell you the answer, David Ricardo missed he got the first-order consequences of trade perfectly right and it was not an obvious insight and it was a great achievement which is yeah but he didn't think about the second-order consequences, he wasn't mathematical enough to see and he wasn't mathematical to think what would happen in one country had way higher living standards in another like Adam Smith he missed in the main issue in a place like the United States is if you have an advanced nation and some other nation which is numerous but the people of any are better on average than yours in terms of their innate quality which I think is roughly true of China and they're in poverty living in caves and they're caught in a Malthusian trap and you got an advanced economy and you suddenly go into free trade, what is going to happen is Ricardo program both sides are going to live better right, but the people here that are assimilating all great economies of the world and say they're going to go away faster so you go up two percent a year and they go up twelve and pretty soon the other dominant nation in the world and you aren't well are you really better off well the answer is no and we're car don't ever figure out any of that stuff I'm so I'm telling you that so that you can fix your inadequate knowledge of Ricardo and but one of the interesting problems of that is you can't understand Ricardo properly and thinking about the United States visa fee free trade with China, without thinking about the tragedy of the Commons because if we had the only nation in the world except for China we could say won't trade with them we'll just leave them in their damned agricultural poverty and we'll just you know and we could probably have done that well the whole rest of the world will trade or they're gonna rise anyway, so, we have any power to hold back the rise of China by not trading with him so we had to do what we did and once you do that now there going to be a greater power than we are and the two of us are gonna be big enough so we can accomplish pretty gently anything we both want to do, so we have to be friendly with China. So, you can imagine how I like Donald Trump complaining about these Chinese it's really still but, it's a compulsory friendship. You believe out of your mind to do anything else. Why wouldn't you want to have an intimate, friendly relationship but the biggest other power in the whole damn world? Particularly when they got what's atom bombs, it's just naughty we have no alternative but to do this and when that happens you're gonna get a certain amount of misery at the people who are competing with the Chinese as a race of poverty with trade and so forth that was inevitable. It's not the follow once you've evil Republicans who don't love the poor that is just total balderdash it just happened, and we didn't have all these choices.
So Charlie, in wrapping up we've got I don't know roughly 250 300 people in the room tonight and many of them looking at their futures, their careers with many decades ahead of them. I wish I had many decades I'd trade some large numbers if I could just buy some more I think spectrums.
What, as you look back on your life experience what's the most important piece of advice that you would offer everyone in the room tonight as they look forward and into their futures? Well or a few obvious ones they're all ancient Ben Franklin has married just like the most important decision you have your business career it'll do more for you good or bad than anything else Ben Franklin had the best advice ever given on marriage you said keep your eyes wide open before marriage and half shut thereafter.
It's amazing how if you just get up every morning and keep plugging and have some discipline and keep learning and it's incredible how it works out okay, and I don't think it's wise to have the ambition to be present in the United States or a billionaire or something like that because the odds are too much against you. Much better to aim low I did not intend to get rich I wanted to get independent, I just overshot.
And by the way, while you're clapping some of the overshooting was accidental there's something there's a big you can be very deserving and very intelligent very disciplined but there's also a factor of luck that comes into this thing, and the people will get the good the outcomes that seem extraordinary through the people who have discipline and intelligence and good virtue plus a hell of a lot of luck. Why wouldn't the world work like that, so you shouldn't give credit for the unusual? A lot of the people my friend of mine said about a colleague of his in his fraternity he says old George was a duck sitting on a pond and they raised the level of a pond, there are a lot of people would just walk into the right place and rise and then and there are a lot of very eminent people who have many advantages, and they've got one little flaw or one bit of bad luck and they 're mired in misery all their lives but, that makes it interesting to have all this variation.
Well, Charlie on behalf of everyone here thank you. Your wisdom I often say as an educational institution we not only can provide people with knowledge but the most important thing we can do is give them wisdom and judgment and your comments I know for me and I expect for everyone in this room tonight have added to our wisdom and our judgment and also inspiring at the same time thank you very much.
Jacob Wolinsky
Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. Prior to ValueWalk, Jacob was VP of Business Development at SumZero. Prior to SumZero, Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Jacob lives with his wife and three kids in Passaic NJ. - Email: jacob(at)valuewalk.com FD: I do not purchase any equities to avoid conflict of interest and any insider information. I have a few existing holdings from years ago, but mostly mutual funds and some ETFs. I also own 2.5 grams of Gold
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Ross University is in the Caribbean island of Dominica. I was wondering what Charlie Munger would be doing there. I think you mean University of Michigan Ross School of Business.
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Thanks for noticing and notifying fixing it shortly
18Feb February 18, 2014
Michael Burry: Long GTSI Case Study (3/28/2001)
By	VW Staff
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10May May 10, 2019
Italy's Debt Crisis Puts The European Union At A Crossroads
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The European Union at present is undoubtedly at a crossroads. The economies that were once reckoned strong pillars of the EU are now weakening. Economists gave several warnings on... read more
14Jan January 14, 2019
Weekly Chart Flow: 1.13.2019
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Global markets were bid in week two rising 2.4%, led by the Americas (IWM +4.73%, ILF +3%) and Asia Ex Japan (2.9%). Q3 hedge fund letters, conference, scoops etc Sectorally, technology... read more
16Jul July 16, 2014
Archives: Ken Griffin Speech – Economic Club of Chicago (ECC)
Ken Griffin addressed a full house at the Economic Club of Chicago's 85th Dinner Meeting. In front of a sold out audience, Mr. Griffin spoke about getting his start... read more
15Nov November 15, 2016
Jeffrey Gundlach: In Depth-Market Outlook [CHARTS]
Jeffrey Gundlach's DoubleLine Asset Allocation webcast slides. Wage Gap Discontent Source: As of 12-31-2015 Jeffrey Gundlach: Wealth Distribution Gap Source: As of 12-31-2015 RHS = Right-hand side Average Monthly Premium for Obamacare Insurance Plans Source: as... read more
14Oct October 14, 2015
Central Banks Cavalry Can No Longer Save The World: Trichet
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Harbinger Capital's Phil Falcone faced more bad news on Tuesday when the Federal Communications Commission decided to pull the cord on his LightSquared Inc.'s proposal to create a new... read more
New SEC Individual Enforcement Policy Signaling Big Regulatory Shift?
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Is a major shift in US regulatory deterrence and punishment for financial crime underway behind the scenes? SEC sets its sights on individuals With little fanfare, a new Securities and Exchange... read more
09Jan January 9, 2017
Yuan And Pound Fight For Title Of World's Most Volatile Currency
By	Rupert Hargreaves
Even though 2017 is only a little more than a week old, the Chinese yuan and British pound are already hard at it fighting for the title of the world's... read more
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Trioka discord over Greece is not new and the issue of creating a sustainable debt repayment package has not changed as a major concern. As unemployment in Greece is at... read more
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The Life and Career of Charlie Munger
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text:
void rose_js_sys_extcmd(const v8::FunctionCallbackInfo<v8::Value>& args) {
    if (args.Length() < 1) return;
    HandleScope scope(args.GetIsolate());
    rose_rt* r = static_cast<rose_rt*>(Local<External>::Cast(args.Data())->Value());
    if (r->extcmd_cb != NULL) {
        r->extcmd_cb(args);
    }
}

redpajama_set_name: RedPajamaGithub


Lulu Fritz: I didn't date much. I was shy. And ugly.
Stacy: [V.O] Why do supermodels say how ugly they were when they were young? Is it because they want us to know they suffered? Do they think that it makes them more deserving? That we'll forgive them their bounty? Note to supermodels: None of us believe you.
Lulu Fritz: No one invited me to the prom.
Barb: [Dismissive] Makes you stronger.


Watch the 2016 Super Bowl at The White Horse Bar & Grill in Beaumont.
With 22 big screen HDTVs and lots of ice cold beer, White Horse Bar & Grill is a great Beaumont sports bar.
Whether you're rooting for the Panthers or the Broncos, catch every play of this year's Super Bowl at White Horse Bar & Grill.
They will have great specials throughout the game.
Enjoy the Super Bowl Beaumont – at White Horse Bar & Grill.
You are currently reading "Watch the Super Bowl in Beaumont at White Horse Bar & Grill"


text:
Paul Heller (May 11, 1948 – January 18, 2010)
January 24, 2010 in Extension, Research, Teaching
Paul was born in Wooster, OH, on May 11, 1948 to Robert and Mabel (Haas) Heller. He attended the Wooster Public Schools, graduating from Wooster Public High School in 1964. He received his Ph.D. in entomology from Ohio State in 1976, M.S. in entomology from Ohio State in 1972, and B.A. in biology from Malone College in 1970. Paul was a professor of entomology, having joined The Pennsylvania State University as a faculty member in 1976. He co-authored the publication Turfgrass Insect and Mite Manual. His research focused on conventional and biorational management of annual bluegrass weevil, black cutworm, bluegrass billbug, hairy chinch bug, nuisance ant, and scarab white grubs. His extension appointment included turfgrass and Christmas tree integrative pest management. Paul was very active in his career at Penn State University as a professor of entomology, where he was employed for 33 years. He was especially gifted and intuitive when it came to mentoring students, and he made a tremendous difference in many of their lives and career paths. His work with golf course superintendents and other stakeholders was something he really enjoyed, becoming personal friends with many of them over the years.
He was constantly striving to improve his classes for the benefit of the students and spent a lot of personal time in that endeavor. In addition to instructing the two and four year courses he was actively involved in the creation and teaching of his World Campus on-line classes, and was always especially interested to note that his students attended his courses from countries around the world, once even from a Navy ship in the Gulf. He loved working as a volunteer DJ at the local Christian radio station, WTLR, which he did for many years, and was known affectionately by hundreds of listeners as "Uncle Paul." Even though he traveled extensively for his work, after his marriage to June Harder on May 19, 1990, his interest in traveling took a different turn as he and June did some extensive traveling together, the highlight of which was spending two weeks in New Zealand. He especially enjoyed taking one- and two-day trips to various places in Pennsylvania and the surrounding states, frequently acting as chauffeur for June, taking her to wherever she expressed an interest to visit. The greatest gifts with which he was blessed were the support and uncanny intuition he was always ready to share. This showed up in so many ways to so many people and he was frequently to be found listening attentively to the confidences of people he had just met. He was unfailingly supportive of June in any and all of her endeavors and was her biggest and most reliable cheerleader. Above all, he was generous with all his resources and was always thinking of others first.
He was preceded in death by his parents and grandparents. Paul is survived by his wife, June Heller of Spring Mills, PA; a brother, David (Deb) Heller and their two children, Andrew and Eric of Wooster, OH; a cousin, Bill (Carol) Heller of Shreve,OH; many other relatives and friends.
Tags: Passings, Pennsylvania
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text:
Partially Complete
Transform Governance
Austerity Drive
Media Reforms
Strengthen the Federation
Judicial Reforms
Police Reforms
FATA Reforms
Reconciliation in Balochistan
South Punjab Province
Tax Reforms
Small and Medium Enterprises (SME) Sector
Overseas Pakistanis
Uplift Agriculture and Conserve Water
Revolutionize Social Serivces
Health Reforms
Housing Scheme
Differently-abled persons
Potable Wateradmin2019-04-27T16:44:13+00:00
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According to a report by The Water Gap (2018), 21,640,293 people in Pakistan do not have access to clean water close to home and Pakistan is ranked 9th in the list of countries with lowest access to clean water.
According to Dr Pervaiz Amir, Director of Pakistan Water Partnership, only 39 per cent of Pakistanis have access to safe drinking water in a country and that the rural areas face severe water issues. Baluchistan for instance is facing severe drought. In Quetta there is a shortage of 20 million gallons of water daily, according to Quetta Water and Sanitation Authority. Further, Karachi faces severe water crisis where 20 million residents regularly face water shortages. According to UNICEF Water, Sanitation, and Hygiene (WASH), water-related diseases are costing the economy around Rs 300 million a day. The government should urgently invest in small and big dams and store the rain water during rainy reason.
The lack of safe water and sanitation is costing Pakistan greatly at Rs1.25 trillion — about Rs6,305 per capita. Rs1,390 per capita is being spent on water and sanitation which is about one per cent of GDP.
1.We will provide clean drinking to all Karachi residents and implement plan to solve Karachi water problems
2. We will aggressively improve waste management and resolve sanitation issues in Karachi through a component sharing model with public, private and community funding.
3. We will launch a special drive in the poorest districts to improve access to sanitation and clean drinking water.
Muhammad Tahir Anwar, Director General, Federal Water Management Cell, talks about the focus of government to provide potable water.
We will launch a special drive in the poorest districts to improve access to sanitation and clean drinking water.
The government is planning to set up an autonomous water authority for the provision of clean drinking water in Punjab. The water authority is to install water filtration plants in all 36 districts of Punjab (Adnan, The Express Tribune, 8 November 2018).
Safe Water Initiative "PAANI" taken by the PTI government will enable access to clean drinking water for over 750,000 people across Pakistan. This initiative is brought in collaboration with CCI, sixth biggest bottler of The Coca-Cola Company, with social organizations such as WWF to set up water filtration plants to provide drinkable water. These plants have an individual capacity of producing over 2,000 liters of clean drinkable water per hour, each serving a community of over 20,000 people per day. The plants have technologies such as osmosis and ultrafiltration, both of which help in the production of potable water.
Naseerabad Deputy Commissioner Qurban Ali Magsi ordered the Public Health Engineering Department to make immediate arrangements for the provision of clean water to the people of the area. He was on inspection of ponds storing drinking water, filter plants' points and main pipelines. He expressed concern about the unhygienic condition of the ponds.
The irrigation department has agreed to provide 100 cusecs to the Water and Sanitation Agency (Wasa) from the Bambawala-Ravi-Bedian (BRB) Canal's Batapur point. Wasa has planned to install a big water treatment plant near the canal. The plant would purify the water and provide it to the citizens of Lahore through underground pipes.
The Punjab provincial government has prepared a policy draft to reduce disease and mortality caused by water-borne diseases, through the provision of and potable water for the citizens. The policy focuses equitable access to water and aims at addressing all kinds of disparities in accessing safe drinking water.
Water and Sanitation Agency (Wasa), Punjab Irrigation Department has agreed to remodel BRB Canal. Under this project, Wasa will initially construct three waste water treatment plants and one surface water treatment plant in Lahore. They will be constructed at Mehmood Booti, Shadbagh and Shahdara areas, which will treat almost 40 percent waste water.
The Procter and Gamble (P&G) Pakistan has announced 'Paak Saaf Pakistan' initiative in support of Prime Minister's 'Clean Green Pakistan' Movement. The company will provide 50 million liters of clean drinking water, helping an estimated 250,000 people in need via its Children Safe Drinking Water programme and will create cleanliness and hand-washing awareness amongst 5 million children.
The Water and Sanitation Agency (Wasa) is planning to set up model rain harvesting wells for mosques and private houses to overcome water shortage in Rawalpindi. Rawalpindi Development Authority (RDA) Chairman Arif Abbasi said that they will install two rain harvesting wells at the Wasa offices and a small mosque in Liaquat Bagh to encourage the citizens to adopt the practice on their premises. He said that RDA wanted to make it compulsory for private houses to install rain harvesting wells and in this regard its board would approve a policy next month.
The Japan International Cooperation Agency (JICA) will support the Punjab government in a project for improvement in the water supply system in Faisalabad city. The objective is to upgrade the water supply system through renewal of the Original Jhal Khanuana Water Treatment Plant and rehabilitation of the water distribution network.
We will provide clean drinking to all Karachi residents and implement plan to solve Karachi water problems
Prime Minister Imran Khan has announced a Rs162 billion development package for Karachi. Karachi bulk water supply scheme known as K-IV with the partnership of Sindh government, and installation of River Osmosis (RO plants) have also been included in the package. A state-of-art water institute will be established for research on supply, conversation and management of water in the city.
WELCOME TO PORTO WORDPRESS


text:
1876 Manslaughter
Saturday 19th August 1876
MANSLAUGHTER AT MITCHAM.
Mr. G. Hull, the Surrey coroner, has held an inquest at the Prince of Wales, Mitcham, on the body of Mary Elizabeth Harvey, wife of James Harvey, labourer. Jane Robinson, daughter of the deceased by her first marriage, said that on the night of the 8th inst. her mother returned home after being out work all day. Harvey was indoors, and immediately seized witness and turned her out, declaring that she should never enter the house again. She then heard him quarrelling with her mother about a shilling, and he came out again and pushed witness to the ground, when deceased came to her, and he struck her several blows and knocked her down, and she died in few minutes afterwards. Corroborative evidence having been given, it was stated that deceased was a hardworking woman, very fond of her children, who were ill-used by Harvey, and that the latter worked very little, and seemed to live on the earnings of deceased, who had said that she had kept him for thirteen years. The jury returned a verdict of "Manslaughter."
Source: Aldershot Military Gazette – Saturday 19 August 1876 from the British Newspaper Archive (subscription required)
This entry was posted in People and tagged 1876, Prince of Wales on May 10, 2016 by Wade.
Ravensbury Villas
The 1925 street directory describes the properties on the south side of Morden Road, heading west, away from the London Road.
Ravensbury terrace :
1, Mrs HIGGINS
2, Ernest NICHOLAS
3, Mrs. Annie OAKES, shopkeeper
4, Ernest TAMPLIN
Ravensbury tavern, George Thomas DEEPROSE
..here is Ravensbury grove
1, George EDWARDS
2, William WOODCOCK & Son, decorators
3, John George ATKINSON
4, Thomas GREEN, cycle repairer
here is bridge over River Wandle ….
This 1910 OS map shows a terrace of 4 houses just past Ravensbury Grove.
This terrace can be seen in this clip from a Merton Memories photo, which looks east along the Morden Road. On the left is the Ravensbury Tavern pub.
clip from Merton Memories, photo reference Mit_TomFrancis_A13, copyright London Borough of Merton.
Although the Merton Memories webpage says the photo is around 1900, the name of the licensee of the pub can be seen as John Dent, who was licensee to 1876.
From the Surrey Advertiser, Saturday 11th April 1874, via the British Newspaper Archives
At Nominal Reserves.— Mitcham, Surrey.
—Nineteen Villa Residences and Cottages, in the road, Mitcham, a most healthy locality, five minutes' walk from the railway station.
MR. S. WALKER will Sell by Auction, at the Mart, on MONDAY, April 13, twelve for one, Nineteen Leasehold Villas and Cottages, known as Nos. 1, 2, 3, and 4, Ravensbury villas, term 91 years, ground rent £4 year each, estimated value £25 a year each ; eight Cottages, Nos. 2 to 16 (even numbers). Ravensbury grove, term 90 years, ground rent £20, producing £125 16s. per annum; and seven Cottages in Ravensbury-road, estimated to produce £80 a year, together with an improved ground rent of £3 10s. per annum, secured in seven adjoining cottages.
May be viewed, and particulars and conditions of sale obtained of R. Miller, Esq., Solicitor. 6, Copthall-court, E.C ; of Mr. John Wade, House Agent, Lower-green, Mitcham ; and the Auctioneer's Offices, 61, Coleman-street, Bank, E.C.
Croydon Advertiser and East Surrey Reporter – Saturday 15 April 1876
MITCHAM.
A Troublesome Fellow.
— At the Croydon Police Court, Monday, George Jones, of Ravensbury Villas, Mitcham, was charged with being drunk and creating a disturbance on Sunday morning.—P.c. 183 stated that at half past 12 o'clock on Sunday morning he was on duty in Merton-lane, when he heard a great noise, apparently that of lot of females screaming. As he was proceeding towards the spot, he was met by woman about forty years of age, who begged of him for God's sake to come. When he got near the spot, he found the prisoner running away. He asked him what was the matter, and the prisoner replied, "Nothing." Witness took him back, and found a man who was bleeding from a wound under the right eye. The man charged the prisoner with having assaulted him. Prisoner said, "All right, old pal! I shall square it with a sovereign in the morning." Prisoner was very violent, and witness apprehended him to prevent further breach of the peace, which he thought was imminent. —Prisoner, in answer to the charge, alleged that the man referred to challenged him to fight, and struck him. The man afterwards came to him, and said he was sorry for having done so.The constable said the man referred to did not formally charge the prisoner with having assaulted him, he said he was unwilling to lose a day's work. The prisoner, witness added, was a great source of trouble to the police at Mitcham.—The prisoner was bound over in the sum of £5 to keep the peace for three months, and was then discharged.
1911 Census for Private Albert Morgan.
This entry was posted in Housing, Roads, Terraces and tagged 1874, 1876, 1910, 1911, 1925, Morden Road, Ravensbury, Ravensbury Grove on March 27, 2016 by Wade.


WE DO EVENTS, NOT JUST WEDDINGS.
Now you may ask yourself what we mean by "WE DO EVENTS, NOT JUST WEDDINGS". Well, in our opinion not all events are meant to be created equally. Yes, your wedding day is a very important day and should be grand and beautiful. But how about your 15th Birthday, your 16th Birthday, your Senior Prom, your Graduation from high school and college, your 50th Birthday, and any corporate event that may arise at the office. Now do we want all of these important times in our lives to all resemble our wedding day. Of course not. We want these days to be made special in their own ways. Whether it is a theme with stars, butterflies, balloons, garden flowers, under the sea or Hollywood, just to name a few, we here at Michael Allen's can create it for you. As you will see below, we are able to transform any venue into whatever your imagination desires.
Simon Malls Primavera "Best of Show 2008"
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