In his latest Daily Journal Annual Meeting, Charles Munger discusses the new bunch of emperors that are going to change the world. Here’s an excerpt from the meeting:
Munger: Oh Huge! That’s another thing that’s coming.
We have a new bunch of emperors, and they’re the people who vote the shares in the index funds. Maybe we could make Larry Fink and the people of Vanguard pope.
All of a sudden we’ve had this enormous transfer of voting power to these passive index funds. That is going to change the world. I don’t know what the consequences are going to be, but I predict they will not be good.
I think the world of Larry Fink, but I’m not sure I want him to be my emperor (laughs).
You can watch the entire discussion here:
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