he was chairman of wesco financial from 1984 until 2011, when i was totally asimulated into berkshire. during those years, he was known for his dead pan humor and straight-shooting style. after wesco, munger moved the show and his growing collection of fans to another company, where he remained chairman. the daily journal. >> charlie? >> yeah. >> one of my favorite lines from you is, you want to hire the guy with the iq of 130 that thinks it's 120 and the guy with an iq 150 that thinks is just 170 -- >> you must been thinking about elon musk. >> he brought his brilistering one-liners to berkshire hathaway, too. >> i needed to compete against idiots, and luckily, there's a large supply. professional traders, they go into trading crypto-currencies, it's -- it's just disgusting. it's like somebody else is t trading turds, and you decide, i can't be left out. >> charlie is big on lowers expectations. >> absolutely. that's the way i got married. my wife lowered her expectations. >> and despite a net worth of around $2 billion, for munger, money wasn't everything. >> all you succeed in doin

. ♪ haidi: wesco will back $180 million of its own shares as strength in mortgages lift.kim on the bank earnings. it is the buyback, super interesting, it was a bit on expectations in many ways. >> i think that is fair, broad results are positive in the sense that we have had the follow-through of hiking that dividend, looking at goldman sachs expecting 70 australian cents for that increase. we i-72 on the final dividend. -- we got 72 on the final dividend. for the buyback. they want to make a statement here that they have enough on the balance sheet to be able to continue to deliver back to shareholders. it is quite interesting commentary and cost position continuing that kind of long crisis. we had at the bank of trying to really simplify the bank, sell off assets that are non-core in the same time, bring down expenses across the bank which looks like it is continuing to -- the big thing here is how much of this is already baked into the stock price and westpac has been a big underperformer relative to the market and the backspace. it is interesting to see if investors

he was chairman of wesco financial from 1984 until 2011 when it was totally assimilated into berkshireduring those years he was known for his deadpan humor and straight-shooting style at shareholder meetings where he interacted at length with his investors. after wes co-he moved his show and a growing collection of fans to another company where he remained chairman, the daily journal. >> charlie, one of my favorite lines from you is you want to hire the guy with the iq of 130 who thinks it's 110 and the guy who has 130 and thinks it's 150 will just kill you. >> you must be thinking of elon musk. >> he brought his blistering one-liners to ber surekshire's meetings. >> trading kring with cryptocur is disgusting. it's like trading turds and you can't be left out. >> charlie believes in lowering expectations. >> absolutely. that's the way i got married. [ booing ] >> my wife lowered her expectations. >> and for munger, money wasn't everything. >> all you succeed in doing is your life is to get early rich from passing holding of little bits of paper and you get better and better at only tha

he was chairman of wesco financial from 1984 until 2011 when it was totally assimilated into berkshire. during those years he was known for his deadpan humor and shareholder style. after that he grew his fans to another investment, the daily journal. >> charlie, one of my favorite lines with you is you want to hire a guy with an iq at 130 who thinks it's 120, and a guy with 130 who thinks he's 170 would just kill you. >> you must be talking about elon musk. >> i needed to get ahead and make comedians idiots. there's a large supply. it's disgusting. it's like somebody else is trading turds and you decide i can't be left out. >> charlie is big on lowering expectations. >> absolutely. that's the way i got married. [ booing ] >> my wife lowered her expectations. >> for munger, money wasn't everything. >> all you've succeeded doing in your life is get early rich from passing holdings on little bits of paper. you get better and better at only that for all of your life, it's a failed life. life is more than being shrewd at passing wealth accumulation. >> well, with that, we're through. >> bec

the challenges in san francisco but i can just see amh picking out a tree there except it has that wescothis weekend, like i always do, sometimes facetime, and i will have a beautiful tree in the background. you will hear the christmas music going, see those festive candles lit in the background. i'm looking to make you feel warm and fuzzy. tom: i will look out the window at the truck coming up from the carolinas. can i say this? gen z, i have no idea. gen z, john, is 1996 to 2010. i didn't know that. we are informing every day here. i would not call it gen z. i would call it gen tuition. jon: annmarie, thank you. much appreciate your time. always do. great work. next hour on bloomberg tv, the excellent lisa shannon of morgan stanley. stellar lineup going into the opening bell. this was wonderful. love being with you. jon: great -- tom: great. qpr are in london. jon: west london. tom: on the way to heathrow. jon: yes. tom: chiswick. jon: sort of merit. tom: ok. jon: we have been there before. one of those close, warm, old-school stadiums. tom: like richmond. jon: just like richmond. from