“The practice of playing the stock market for relatively short-term gains has now reached such a high level that it tends to give a bad name to capitalism, thus threatening the cornucopia of goods and freedoms which only capitalism can provide.” – Charlie Munger
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The above quote comes from an opinion piece written by Charlie Munger at the end of January 1984, although it could quite easily be a reference to today’s markets.
The opinion piece is a fascinating insight into Charlie Munger’s thoughts on the short-termism of markets, and what can be done to reduce what Munger calls “paper shuffling.”
“Our liquid stock market, sheltered by gentle tax laws, has acquired a Jekyll and Hyde character and serves not only...
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