Warren Buffett’s vice chairman, Charlie Munger, told a small meeting of investors that former Vice President Al Gore is “not very smart” and “an idiot” but was still able to make “$3 or $400 million in your business” by “obsessing” about “global warming.”
“Al Gore has hundreds of millions dollars in your profession. And he’s an idiot. It’s an interesting story. And a true one,” Meager told investors. According to CNBC on June 23: “Though the comments were made more than four months ago, they went largely unnoticed and have not been widely reported on elsewhere.”
“Al Gore has come into you fellas business, Munger said. “He has made $3 or $400 million in your business. And he’s not very smart. He smoked a lot of pot as he coaxed through Harvard with a gentleman’s C. But he had one obsessive idea that global warming was a terrible thing and he would protect the world from it,” he explained. [Note: Gentleman’s C is defined by Urban Dictionary as “A grade given to a student (traditionally with wealthy parents) instead of a failing grade.”]
According to CNBC:
“Munger is one of the most celebrated investors in the world and was an essential partner in Buffett‘s success. Before becoming vice chairman of Berkshire Hathaway, the billionaire had quite the track record himself. From 1962 to 1975 Munger’s investment partnership generated 20 percent annual returns versus the S&P 500‘s 5 percent.”
“So his idea when he went into investment counseling is he was not going to put any CO2 in the air,” Meager explained to the investors noting that Gore’s simple strategy of buying only service company stocks enabled the former Vice President to become very rich.
Meager explained: “So he found some partner to go into investment counseling with and says we’re not going to have any (carbon dioxide). But this partner is a value investor and a good one. So what they did is, is Gore hired staff to find people who didn’t put CO2 in the air. Of course that put him into services. Microsoft and all these service companies were just ideally located. And this value investor picked the best service companies. So all of a sudden the clients are making hundreds of millions of dollars and they are paying part of it to Al Gore. Al Gore has hundreds of millions dollars in your profession. And he’s an idiot. It’s an interesting story. And a true one.”
CNBC reported: Hedge fund manager Whitney Tilson in one of his email newsletters pointed to the YouTube videos of Munger’s informal question-and-answer session held after the Journal meeting, and other investors have confirmed the subject matter of the talk. Munger is one of the most celebrated investors in the world and was an essential partner in Buffett‘s success. Before becoming vice chairman of Berkshire Hathaway, the billionaire had quite the track record himself. From 1962 to 1975 Munger’s investment partnership generated 20 percent annual returns versus the S&P 500‘s 5 percent.
Gore amassed a huge fortune from his “global warming” investments after he left the Vice Presidency. As a partner in the law firm Kleiner Perkins, Gore invested $1 billion in 40 different firms and he was the co-founder and chairman of Generation Investment Management which has more than $15 billion of assets under management.
MIT climate scientist Dr. Richard Lindzen once predicted: “Al Gore wants to become the word’s first carbon billionaire.”
Gore net worth ballooned from less than $2 million in assets when he left the Vice Presidency in 2001 to more than $100 million by 2008, according to an analysis by Fast Company magazine. (Al Gore’s $100 Million Makeover – Fast Company – Feb. 8, 2008).
Gore also was on his way to being a “government billionaire” as he “benefited from more than $2.5 billion in loans, grants and tax breaks’, as part of Obama’s stimulus.”