“One of the great defenses if you're worried about inflation is not to have a lot of silly needs in your life – if you don't need a lot of material goods.”
“I think democracies are prone to inflation because politicians will naturally spend [excessively] – they have the power to print money and will use money to get votes. If you look at inflation under the Roman Empire, with absolute rulers, they had much greater inflation, so we don't set the record. It happens over the long-term under any form of government.”
“I see almost no change in the price of the composite product that flows through Costco I don't feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.”
Charlie Munger (Trades, Portfolio) on Inflation: "We're Flirting With Serious Trouble" (from the February 2022 Daily Journal Annual Meeting)
