Monday, February 18, 2019

Charlie Munger on why rich people are valuable to a city

From Market Watch:  After Amazon decided to nix its planned HQ2 in New York, with its promise of high paying jobs, Charlie Munger (Warren Buffet's partner) commented on the loss:
“They’re old. They keep your hospitals busy. They don’t burden your schools, the police department, your prisons. They give a lot. Who wouldn’t want rich people?" 
The nonagenarian’s comments come as Amazon.com IncAMZN, -0.91% announced on Thursday that it was canceling plans to build its New York City headquarters in Long Island City, and wouldn’t be seeking a replacement venue.

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