Renowned for his acerbic wit and instrumental role in shaping Berkshire Hathaway, Charlie Munger passed away at the age of 99, leaving behind a legacy of financial acumen. As tributes pour in, an intriguing video has resurfaced, capturing Munger’s candid remarks about the entrepreneurial prowess of the ‘Patels from India’ and his views on the challenges of doing business in India.
During Berkshire Hathaway’s 2011 annual meeting, Munger, when queried about real estate, highlighted the success of Gujarati-Americans in the motel business. In a humorous yet astute manner, he pointed out that the Patels from India dominate the motel industry in the United States. Munger remarked, “Those Patels from India buy all the motels; they know more about motels than you do. They live in a goddamn motel. They pay no income taxes. They don’t pay much in worker’s compensation, and every dime they get, they fix up the thing to buy another motel.”
The video showcases Munger’s admiration for the entrepreneurial spirit of the Patels, emphasizing their strategic approach to business and financial management. The resurfacing of this clip provides a glimpse into Munger’s candid observations on the global business landscape.
However, Munger’s engagement with India did not end there. In 2017, he expressed his views on the challenges hindering progress in India. He remarked, “I’d rather work with a bunch of Chinese than I would the Indian civilization mired down, caste system, over-population, assimilated the worst stupidities of the democratic system.” Munger cited issues such as corruption, poverty, and the democratic system as impediments to efficient progress in India.
While acknowledging the talent and capabilities of the Indian populace, Munger highlighted systemic challenges. His comments, though provocative, offer a perspective on the complexities of doing business in India and the obstacles that entrepreneurs face.
Charlie Munger’s legacy extends beyond his investment strategies, encompassing his unfiltered commentary on global business landscapes. As we reflect on his impactful contributions, it’s essential to consider the diverse viewpoints he shared, even when they sparked controversy.
