126 - 25 Years of Wisdom - Charlie Munger and Warren Buffett Part 1
Maven Money Personal Finance Podcast
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Investing
If you're buying something because you hope someone will buy it for more in the future, that is speculating. But if the asset itself will product produce a rising income time, than that is investing. So what some one's willing to pay for it, he calls this a woalth transfer, and not wolth creation. He talks about productive assets versus non productive assets. Will go on to that in a little while. Let'sv on in 20 14 an that hehe made the statement that people tend to underestimate low probability events when they haven't happened recently and overestimate them when they have happened recently. That's the nature of the human animal.
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