“Grossly defective” with “bunch of idiots”
Charlie Munger, Warren Buffett’s illustrious business partner, is not known to be loose cannon. He carefully weighs every word before uttering it.
Yet, he seems to have lost all sense of rationality in his latest comments about India.
“India is grossly defective because they took the worst aspects of our culture, allowing a bunch of idiots to scream and stop everything. And they copied it … They’ve taken the worst aspects of democracy,” Munger said making no effort to hide his contempt for the Country.
China is wonderful
The worst part is that Munger was all praises for China while contrasting it with India.
“The Chinese government really tries to help its companies … What I like about China is they have some companies that are very strong and still selling at low prices. And the Chinese are formidable workers and they make wonderful employees,” Munger said.
“Munger-e-laal” ke haseen sapney?
The patriots who man the India counter at defence.pk (Pakistan’s defense website) were quick to launch a counter attack on Charlie Munger.
“Munger-e-laal” ke haseen sapney” they mocked, punning on Munger’s name and the popular sitcom called ‘Mungerilal Ke Haseen Sapne’.
In the comedy serial, Mungerilal, a small time clerk, indulges in buffoonery while day-dreaming, so as to escape the drudgery of real life troubles.
Ace investors fume at insult
Samir Arora, the whiz-kid fund manager with Helios Capital, is obviously upset at the alleged irresponsible comments made by the revered investor.
“Hopefully Charlie puts more thought in the rest of the gyaan he gives us on every topic under the sun,” he observed dryly.
Hopefully Charlie puts more thought in the rest of the gyaan he gives us on every topic under the sun. pic.twitter.com/gRUyWHlOoD
— Samir Arora (@Iamsamirarora) February 17, 2017
Others echoed the same sentiments:
@Iamsamirarora respect him utmost but to make such a statement would like to know has he visited india even once??
— Parag Pai (@paiparag) February 17, 2017
@Iamsamirarora Doesn't sound like him.This is just sad. Lost a lot of respect if this is indeed true.
— NeverwinterCitizen (@NeverwinterGuy) February 17, 2017
@Iamsamirarora hate these self proclaimed thought leaders.
— Sanjay Jain (@SanjayJ06000729) February 17, 2017
However, Munger also had supporters:
@Iamsamirarora Read. I agree with Charlie. What he said about India may not be likable but it's true.
— Kaustubh Agashe (@kaustubh_agashe) February 17, 2017
@Iamsamirarora is this wrong ? he is accurate in interpretation.
— Simar Kohli (@simkohli) February 17, 2017
Somersault regarding Donald Trump
A journalist asked Charlie Munger why, when he had earlier condemned Donald Trump as being “not morally qualified” for the post of POTUS, he had changed his stand.
“Roll with it,” Munger replied bluntly, implying that one cannot stick to old opinions and has to move on with the times.
“I’ve mellowed on Trump and he’s not wrong on everything,” he added.
Let's see what Charlie Munger says when his portfolio drops 30pc https://t.co/W9DdtjUNtP
— Mario Iacobacci (@iacob007) February 17, 2017
What about the other investing genius who have heaped praise on India?
Charlie Munger’s unfortunate opinion about India is in sharp contrast with the views expressed by other eminent investment geniuses.
Solitary shining star: Prem Watsa
Prem Watsa, the self-made Billionaire who is popularly called the “Warren Buffett of Canada” called India the “solitary shining star” in the World.
“Of all the countries in the world, I am most bullish on India. The country has holds huge potential and unlimited possibilities. We are very happy to invest in India” Watsa said.
Watsa also heaped rich praise on Narendra Modi by equating him with Lee Quan Yew, the legendary Prime Minister of Singapore.
“Modi is a very hard working man. He has eliminated corruption at the top and I think he is going to do a wonderful, wonderful job over the years. I am hoping he will be re-elected in a few years and re-elected again and India will be transformed during that time,” Watsa said.
We will be in India forever: Bruce Flatt
“The opportunities to invest in India are excellent, so investment will continue to come,” Bruce Flatt, the CEO of Brookfield Asset Management, a multi-billion dollar FII said.
“We are long term investors and we have been in India for almost 10 years now. We are thrilled about the country and we will continue to invest over the next 3-5 years in various sectors. I am just saying 3-5 years, but we will be in India forever,” Bruce Flatt added.
India is a great country for investors: Jamie Dimon
Jamie Dimon, the CEO of JPMorgan Chase and one of the world’s most influential bankers, was all praises for the Country:
“India is the fastest growing economy in the world. There are some fabulous companies here, great education, and a Prime Minister who is making all the right moves. This is a great country,” Dimon opined.
India is in a sweet spot: Mark Mobius
Mark Mobius, the legendry fund manager with Templeton Mutual Fund, is also all praises for India.
“India is in a very sweet spot. There is so much variety and so much opportunity, particularly in the small and medium-cap stocks,” Mobius said.
What about the seven Indian unicorns (more than that of developed countries)?
Few are aware that India has the unique distinction of giving birth to seven “unicorns” i.e. start-ups with a market capitalisation in excess of $1 Billion. These companies are Zomato, Quickr, Shopclues, One97 Comm, Snapdeal, Ola Cabs and Flipkart. It is notable that this number is more than South Korea, the Netherlands and Canada combined.
— Vala Afshar (@ValaAfshar) October 7, 2016
What about the World record launch of 104 satellites by ISRO?
The new record set by Indian Space Research Organisation (ISRO) by the launch of a PSLV-C37 rocket carrier with 104 satellites on board a single rocket from Sriharikota aroused amazement and respect amongst the global intelligentsia.
@Floydilicious Yeah, awesome achievement by ISRO. Very impressive!
— Elon Musk (@elonmusk) February 16, 2017
— Times of India (@timesofindia) February 16, 2017
Momentary lapse of reason by Charlie Munger?
Prima facie, it appears that Charlie Munger’s harsh comments about India may be the result of a misunderstanding or a momentary lapse of rational thinking. It is unthinkable that a person of such wit and wisdom would use such harsh words for a Country which is the favourite of all other investors. We will have to give Charlie Munger the benefit of doubt and wait for another somersault from him!