Here is an excerpt from a transcript of the Morning with Charlie Munger:
I feel very much like the Capitan of a ship that has been on a very long voyage that came to its welcome home-port bearing a really larger cargo than anybody expected of more valuable items. And its the port we always wanted to reach. The fact it occurred is I think a desirable outcome that I’ve wanted for a long time but it was never feasible until now.
Generally speaking, where Berkshire has the power, we try and be more than fair to the minority who don’t have the power and who depend on us. You can say, aren’t they wonderful moral people. I’m not sure we get credit for a lot of morality because we early knew how advantageous that would be to get a reputation for doing the right thing and it’s worked out well for us. And, my friend Peter Kaufman, said “if the rascals really knew how well honour worked they would come to it.” It really has worked well. People make contracts with Berkshire all the time because they trust us to behave well where we have the power and they don’t. There is an old expression on this subject, which is really an expression on moral theory: “How nice it is to have a tyrants strength and how wrong it is to use it like a tyrant.” It’s such a simple idea but it’s a correct idea.
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