The Wisdom Of Charlie Munger, More LinkedIn IPO Controversy, Meredith Whitney and Her Municipal Bond Predictions, and SNL Roasts the IMF Chief

For those of you not familiar with Charlie Munger, he is the right hand man of Warren Buffett, Chairman of Berkshire Hathaway. Mr. Munger is incredibly wise and has experienced all kinds of ups and downs in life, a bad marriage, the loss of an eye, was Summa Cum Laude at Harvard, started the best law firm (still to this day) in California, made money in real estate and was a great investment manager on his own before he joined Mr. Buffett- it is worth your ten minutes to get some of his wisdom because one does not know how long legends like him will be around:

http://www.ipolitics360.com/videos/CharlieMungerInterviewflv-alsaYAEiWjs.htm

Great piece on the LinkedIn IPO Controversy- critics claim too little of the company was released to the public and the moonshot result will hurt the market. There are always two sides to the story:

http://epicureandealmaker.blogspot.com/2011/05/jane-you-ignorant-slut.html

One of the reasons I am skeptical of analysts is they are always trying to make headlines with outrageous opinions- more proof with the Meredith Whitney Municipal Bond situation:

http://www.bloomberg.com/news/2011-05-19/meredith-whitney-trips-over-her-muni-default-tale-joe-mysak.html

A hysterical parody of the IMF chief by SNL:

http://www.nbc.com/saturday-night-live/video/dominique-strauss-kahn-cold-open/1329159/

Had to get a copy of a police report the other day from City Hall in Las Vegas, NV. Dealing with the City of Las Vegas government is like dealing with a third world country- 6 booths, 2 open, 1 officer who did not help anybody and was on the computer the whole time- took an hour- could have taken 2 seconds on line- State does not allow it- no regard at all for the public's time. Now they want to raise taxes on business services- wake up! Hopefully one day things will change. Have a great week.

As always, on any company mentioned here, past performance is not a guarantee of future returns. One should research any investment and make sure it is suitable with your objectives, risk tolerance, risk profile liquidity considerations, tax situation, and anything else pertinent to your financial situation. Also, the CFA credential in no way implies investment returns will be superior for any charterholder.

Yale Bock, CFA
President, Y H & C Investments