On Friday we linked to Greg Mankiw's link to Charlie Munger's lecture "Academic Economics: Strengths and Faults After Considering Interdisciplinary Needs."
On Saturday, to the Barron's article that said BRK was over-priced.
It turns out Catallaxy is another Charlie fan:
The wit and wisdom of Charlie Munger
December 14th, 2007 Rafe Champion
Charles Munger is the partner of Warren Buffett in Berkshire Hathaway and one of the very rich men in the world. In 2003 he delivered a special lecture at the Uni of California titled ”Academic Economics: Strengths and Faults After Considering Interdisciplinary Needs.” The event would have been worth the price of admission for the jokes alone, like the one about Max Planck and his driver (page 13).
In short he believes that economics suffers from:
1. Overweighing what can be counted.
2. A failure to follow the full attribution ethos of hard science.
3. Physics envy.
4. Too much emphasis on macroeconomics.
5. Too little synthesis.
6. Extreme and counterproductive psychological ignorance.
7. Too little attention to second (and higher order) effects.
8. Not enough attention to ‘febezzlement’.
9. Not enough attention to vice and virtue effects.
And via the WSJ's MarketBeat blog:
Blog Roll — On Warren Buffett
Jeff Matthews takes issue with a Barron’s article suggesting Warren Buffett’s company, Berkshire Hathaway, is overpriced, and that the company doesn’t communicate well enough with Wall Street. “While it is true that Berkshire does not disclose much in the way of sales and margin data for individual operating companies such as Shaw Industries and Dairy Queen (and there is good reason for that: a number of Berkshire’s businesses are on the decline) the fact is Buffett communicates a great deal more usefully than most CEOs on Wall Street,” he writes.