When asked by a shareholder about ethanol, Charlie Munger made the following statement:
"Running cars on corn is about the stupidest thing I ever heard of. Our government is under tremendous political pressure [to keep pushing and supporting corn ethanol] even though it makes no sense." He goes on to state an unpopular view in Nebraska, "More energy is used producing ethanol than it creates and that's without considering the damage to the topsoil producing fuel when we could be producing food." Munger further states that it's silly to drive up the price of food in order to provide an uneconomic fuel, as well as a dumb government policy.
Monday
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