Charlie Munger：Munger's 1994 USC Talk, Additional Excerpt 37

Nowadays, of course, the accounting is not realistic because the minute the business starts contracting, significant assets are not there. Under social norms and the new legal rules of the civilization, so much is owed to the employees that, the minute the enterprise goes into reverse, some of the assets on the balance sheet aren't there anymore.

Source： https://web.archive.org/web/20140625062802/http://ycombinator.com/munger.html
Locator：Archived transcript, additional excerpt 37 · Verified：2026-10-19 · Verification：Short excerpt

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