03:25:57 · John Coogan
[03:25:57] S1: Let's let's go through this fun story from Charlie Munger. Very interesting to to dig into. In 1949, Charlie Munger was 25 years old. He was hired at the law firm Wright and Garrett for $3,300 per year or $29,851 in inflation adjusted dollars as of 2010. He had $1,500 in savings equal to about $13,570 now. A few years later in 1953, Charlie was 29 years old when he and his wife divorced. He had been married since he was 21. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena, not far from where I live. Munger moved into dreadful conditions at the university club and drove a terrible yellow Pontiac which his children said had a horrible paint job. According to the biography written by Janet Lowe, Molly Munger asked her father, daddy, this car is just awful. A mess. Why do you drive it? The broke monger replied, to discourage gold diggers. Shortly after the divorce, Charlie learned that his son Teddy had leukemia. Heartbreaking. In those days, there was no health insurance. You just paid everything out of pocket and the death rate was near one hundred percent since there was nothing doctors could do. Rick Rick Garran Rick Garran, Charlie's friend said Munger would go to the hospital hold his young son and then walk the streets of Pasadena crying. One year after the diagnosis in 1955, Teddy Munger died. Charlie was 31 years old, divorced, broke, bearing his nine year old son. Later in life, he faced a horrific operation that left him blind in one eye with pain so terrible that he eventually had his eye removed. Incredibly incredibly rough and then to go on an absolutely generational run after that, man, really speaks to resiliency and perseverance. What a wild story. Anyway, we need something to cheer us up. We need to go to Howard Lutnick Investments. His his investment bank Cantor Fitzgerald is offering to buy the right to businesses tariff refunds basically betting that the courts will overturn the tariffs What? From Ryan Peterson.
03:28:00 · Jordi Hays, John Coogan
[03:28:00] S0: What does Lutnick know? [03:28:01] S1: Financialize everything. This is wild. What does Lutnick know? Yeah. Mean, if you're maybe if you if you have if you paid a bunch of tariffs and you're expecting some refunds or thinking that there might be there, could get the cash flow now if your business is in trouble. That's obviously relevant customers. In other news, SpaceX direct to cell phone coverage is growing fast. Elon posted a chart that's, not quite going hyperbolic, but certainly growing exponentially. I didn't realize that direct to cell was was was growing as fast as it was. I I didn't even realize it was that available. I see the I see the the generic satellite service show up on my phone every once in while and it's usually a harbinger of very bad connection. But but but Starlink should be much faster. [03:28:49] S0: Well, that is a great place to end the show This has been a fun one. Yeah. Lots of range. Yeah. Leave us a five star review on Apple Podcasts and Spotify. It helps the show. It does. And we were charting today. [03:29:07] S1: We're climbing the rankings on Spotify. [03:29:08] S0: Number 14. [03:29:09] S1: You can help us. Like going. Listen to the show on Spotify giving us five star [03:29:13] S0: review. If you're on Apple Podcasts, I do recommend switching over to Spotify. Oh, yeah. We got video. [03:29:19] S1: Oh, that does make sense. Would [03:29:20] S0: be Anyway. A very We hope you have a fantastic day. We love you. We'll see you tomorrow. [03:29:25] S1: See you tomorrow. Bye. Cheers.