U.S. markets open in 6 hours 46 minutes
  • S&P Futures

    4,198.00
    +3.75 (+0.09%)
     
  • Dow Futures

    34,468.00
    +26.00 (+0.08%)
     
  • Nasdaq Futures

    13,617.75
    +20.00 (+0.15%)
     
  • Russell 2000 Futures

    2,241.00
    +1.10 (+0.05%)
     
  • Crude Oil

    65.12
    +0.41 (+0.63%)
     
  • Gold

    1,818.40
    +2.70 (+0.15%)
     
  • Silver

    27.43
    -0.03 (-0.12%)
     
  • EUR/USD

    1.2066
    -0.0003 (-0.02%)
     
  • 10-Yr Bond

    1.5610
    0.0000 (0.00%)
     
  • Vix

    18.39
    -0.76 (-3.97%)
     
  • GBP/USD

    1.3901
    +0.0009 (+0.06%)
     
  • USD/JPY

    109.1610
    +0.0760 (+0.07%)
     
  • BTC-USD

    56,070.90
    -837.85 (-1.47%)
     
  • CMC Crypto 200

    1,460.86
    -10.55 (-0.72%)
     
  • FTSE 100

    7,076.17
    +36.87 (+0.52%)
     
  • Nikkei 225

    29,357.82
    +26.45 (+0.09%)
     

‘It’s vastly stupid for any state to be user-friendly to the rich people:’ Charlie Munger

Charlie Munger, Daily Journal Chairman and Berkshire Hathaway Vice Chairman, discusses why he says states should not cater to richer individuals.

Video Transcript

CHARLIE MUNGER: I just see more and more of the rich people leaving. And of course, I think it's vastly stupid for any state to be user-friendly to the rich people. They do way more good than harm. And they lose their money fast enough. You don't need to worry about them.

And so I think-- Washington state is actually considering a wealth tax at the state level. I think that would be insanity. I predict that if they do that, a lot of people will leave Washington.