To The Moon

Charlie Munger still isn't afraid to call it like he sees it.The Berkshire Hathaway vice chairman and longtime business partner of Warren Buffett spent two hours on a recent morning chatting with this Wall Street Journal reporter in his home in Los Angeles. Seated in his library, the 99-year-old Munger mused on everything from index funds and cryptocurrency to how investing has changed.Munger and Buffett, who are viewed as two of the best investors of all time, built Berkshire into a behemoth with a roughly $350 billion stock portfolio and $150 billion war chest. They will again be in the spotlight Saturday when Berkshire reports its third-quarter financial results.A: It's at least 50/50. Venture capital has made it so difficult for everybody. They keep bidding the prices up and up and up, and of course that makes the results go down, down and down.He doesn't design his own electric motors and his egg beater.