Buffett and Munger on Success, Toxicity and Elon Musk
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Buffett and Munger on Success, Toxicity and Elon Musk

The Berkshire Hathaway CEO, with business partner Charlie Munger, spent hours this weekend discussing life and career choices

By CHIP CUTTER
Tue, May 9, 2023 8:39amGrey Clock 3 min

The question was a philosophical one: How should you avoid major mistakes in business and life?

Warren Buffett, the 92-year-old chairman and chief executive of Berkshire Hathaway, paused briefly.

“You should write your obituary and then try to figure out how to live up to it,” Mr. Buffett said. “It’s not that complicated.”

At Berkshire’s annual shareholder meeting on Saturday, an event that draws thousands to Omaha, Neb., each spring, Mr. Buffett and his longtime business partner, Charlie Munger, spent hours weighing in on topics as varied as the recent banking turmoil to artificial intelligence and the future of the U.S. As is typical at such gatherings, the executives also doled out plenty of advice on management practices, career choices and how to enjoy a good life.

In prior years, Mr. Munger has heaped scorn on consultants, compensation specialists and what he described as make-work activities inside U.S. companies. This weekend, he directed his ire at wealth managers.

“Having a huge proportion of the young and brilliant people all going into wealth management is a crazy development in terms of its natural consequences for American civilisation,” Mr. Munger said. “We don’t need as many wealth managers as we have.”

He added: “I don’t think a bunch of bankers, all of whom are trying to get rich, leads to good things.”

Mr. Buffett, for his part, said he wanted to see greater accountability inside banks, saying that the recent crisis in the industry illustrated why executives and board members should face consequences if a business encounters problems.

“If the CEO gets the bank in trouble, both the CEO and the directors should suffer,” Mr. Buffett said. “You’ve got to have the penalties hit the people that cause the problems, and if they took risks that they shouldn’t have, it needs to fall on them if you’re going to change how people are going to behave in the future.”

Over hours of questions from investors and others, the two billionaires often peppered their answers with recommendations on how to navigate business. Mr. Buffett advised that people pay attention to how others might try to manipulate them.

He also encouraged those in attendance to resist the temptation to criticise or vilify others.

“I’ve never known anybody that was basically kind that died without friends,” Mr. Buffett said. “And I’ve known plenty of people with money that have died without friends.”

Mr. Munger said that success comes from steering clear of toxic people.

“The great lesson of life is get them the hell out of your life—and do it fast,” Mr. Munger said.

When hiring some of his top leaders over the years, Mr. Buffett said he has tried to suss out someone’s talents and not focus on whether they attended a prestigious institution.

“I have never looked at where anybody went to school in terms of hiring,” Mr. Buffett said. “If somebody mails me a résumé or something, I don’t care where they went to school.”

One of Mr. Buffett’s top lieutenants, Ajit Jain, studied at Harvard Business School, “but he isn’t Ajit because he went to those schools,” Mr. Buffett said.

Mr. Buffett graduated from the University of Nebraska-Lincoln and later studied under the legendary value investor Benjamin Graham at Columbia University. Mr. Munger, who is 99 years old, studied mathematics at the University of Michigan and meteorology at the California Institute of Technology, and went on to earn a law degree from Harvard University.

On artificial intelligence, Mr. Buffett said he had been impressed at generative AI’s abilities to summarise legal opinions and potentially take on other tasks, though he said he also worried about its potential consequences. “It can do all kinds of things, and when something can do all kinds of things, I get a little bit worried because I know we won’t be able to uninvent it,” Mr. Buffett said.

Mr. Munger said he was skeptical of some of the hype around artificial intelligence. “I think old-fashioned intelligence works pretty well,” he said.

Near the end of the meeting, an audience member asked the two billionaires to weigh in on Elon Musk, the SpaceX and Tesla CEO who took control of the social-media platform Twitter last year.

Mr. Buffett called Mr. Musk a “brilliant, brilliant guy,” who had a much different approach in dreaming about the future than the Berkshire executives. Mr. Buffett has often said he takes a hands-off approach to managing Berkshire’s subsidiaries, which range from the insurer Geico to the restaurant chain Dairy Queen. Mr. Musk is known for weighing in on the details at his companies.

“He would not have achieved what he has in life if he hadn’t tried for unreasonably extreme objectives,” Mr. Munger said of Mr. Musk. “He likes taking on the impossible job and doing it. We’re different: Warren and I are looking for the easy job.”

Mr. Buffett said he didn’t want to compete against Mr. Musk, to which Mr. Munger added: “We don’t want that much failure.”

Mr. Musk tweeted Saturday that he appreciated the “kind words from Warren & Charlie.”



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BHUTAN LAUNCHES WORLD-FIRST NATIONAL CRYPTO PAYMENT SYSTEM FOR TOURISM

Bhutan is pioneering a new frontier in travel by allowing tourists to pay for flights, visas, hotels and even fruit stalls using cryptocurrency via Binance Pay.

By Jeni O'Dowd
Wed, May 14, 2025 2 min

Bhutan has become the first country in the world to implement a national-level cryptocurrency payment system for tourism, marking a major milestone in digital innovation and travel.

Launched in partnership with Binance Pay and Bhutan’s fully digital DK Bank, the system enables travellers with Binance accounts to enjoy a seamless, end-to-end crypto-powered journey. More than 100 local merchants, from hotels and tour operators to small roadside vendors in remote villages, are already live on the system.

“This is more than a payment solution — it’s a commitment to innovation, inclusion, and convenience,” said Damcho Rinzin, Director of the Department of Tourism, Bhutan.

“It enables a seamless experience for travellers and empowers even small vendors in remote villages to participate in the tourism economy.”

Using supported cryptocurrencies, tourists can now pay for nearly every part of their trip, including airline tickets, visas, the Sustainable Development Fee (SDF), hotel stays, monument entry fees, local guides, and shopping, all through secure static and dynamic QR code payments.

Binance CEO Richard Teng praised the move, saying: “We are excited to partner with Bhutan as we are not only advancing the use of cryptocurrencies in travel but also setting a precedent for how technology can bridge cultures and economies. This initiative exemplifies our commitment to innovation and our belief in a future where digital finance empowers global connectivity and enriches travel experiences.”

Known as the “Kingdom of Happiness,” Bhutan has long prioritised Gross National Happiness over GDP, with a strong focus on sustainability, cultural preservation, and societal well-being. The new system aligns with these values by reducing payment friction and bringing financial inclusion to local communities.

Among the key features of the system:

  • Seamless Experience: Tourists can pay with crypto for all travel-related expenses.

  • Inclusive Reach: Small vendors, even in remote areas, can accept QR code payments.

  • Lower Fees: Transactions cost significantly less than traditional payment methods.

  • Comprehensive Support: More than 100 cryptocurrencies supported, including BNB, BTC, and USDC.

  • Secure and Instant: Real-time confirmations, 2FA, and encrypted transactions via the Binance app.

Behind the local settlement mechanism is DK Bank, Bhutan’s first fully digital bank. Licensed by the Royal Monetary Authority of Bhutan, it aims to deliver accessible financial services to all, including marginalised and unbanked communities.

The launch is being hailed as a bold step forward in integrating digital finance with global tourism — one that could set the benchmark for other nations looking to modernise the travel experience while empowering their local economies.

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