Munger: been going in the wrong direction

Warren Buffett's number two at Berkshire Hathaway, made a very telling comment last Monday, when he and two other billionaires set down with Liz Claman for an interview.

Munger: We've been going in the wrong direction

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Liz Claman: What do you think future generations should know? What should be in curriculum to teach children about financial literacy?

Buffett: There’s a problem with financial literacy in the current generation. A number of outlets putting together programs to help with that. In the end - I think we make progress over time. I recommend you work with your students to make them literate. They will have a terrific advantage.

Munger: A world where legalized gambling is conducted in any state in the form of lotteries, where people are encouraged to bet against the odds, too much credit card debt. Needs a lot more financial literacy. I would argue we’ve been going in the wrong direction.

Buffett: Probably good for our business - looking for things that are mispriced.