What a last couple of weeks it’s been for the old timers! We knew that a new Stones record was coming out… but nobody told us it was going to be good. And we got surprised by a new Beatles track. (Thank you A.I.?) Oh, and the great Charlie Munger appeared on his first ever podcast interview… I hope we don’t have to wait another 99 years for his second.

New Beatles!

When the Beatles released the Anthology series back in the ‘90’s, they isolated John Lennon’s voice for the new “Real Love” and “Free as a Bird” tracks, and had George, Paul, and Ringo accompany his vocals and piano. The results were mixed, and definitely lo-fi, but somehow still felt right.

Now and Then is the third song fragment they attempted to record for that project, but the sound was far too muddy, leaving them unable to isolate John’s voice from the piano. But modern technology, incorporating elements of artificial intelligence, allowed them to get the result they wanted. And it’s a fine song… just… fine.

I’m a little unsure about the result. Aside from John’s vocals, it doesn’t really sound like the Beatles. It’s in some uncanny valley zone where a modest demo tape meets Phil Spector-esque over production.

There's something about a classic recording that reflects the time and place in which it was made that is lost in this new version, and the generic sheen is off-putting to me. This does leave me thinking about how A.I. might influence art in the future, and how we might lose the rough edges that make things special.

New Stones!

Speaking of rough edges, the greatness in classic Stones records like Exile on Main Street is how the songs and rhythms are chaotic, barely held together, and yet somehow find a way to soar.

Hackney Diamonds suffers from the scourge of most modern Stones recordings, and that is that the production is way too polished. The Stones haven’t done anything worth listening to since Voodoo Lounge (1994), and nothing essential since Tattoo You (1981). I respect their desire to keep putting out new music when they can tour based on past glory, but it’s hard to get excited about the new stuff.

If you’re willing to cut these legends some slack (they’ve earned it!), you can find shadows of classic brilliance on the new record. A song like Get Close could have fit in on any ‘70s Stones record. And I don’t care what anyone says, Keith has maintained his cred longer than anyone in rock. Tell Me Straight is another Keith masterpiece in the tradition of late period Stones songs like Slipping Away and The Worst; laid-back, boozy rockers that exude cool.

They close the record with a stripped-back Rolling Stone Blues, a cover of the Muddy Waters song that gave them their name. It all seems like a coda to their career. If this is indeed the last Stones record, they are going out in style.

New Charlie!

As an investing geek, my favourite rock star might just be Charlie Munger.

Munger is the spicy to Warren Buffett’s sweet. The wry Keith Richards to Buffett’s leading man charisma1. Together they are something special, but I’ve always been more of a Munger guy. Having been the less famous of the two, he’s more unafraid to call it like he sees it, never toning down his words. (For example, his old advice to “avoid AIDS situations” is hilariously politically incorrect, but this is the kind of thing old men are able to get away with.)

Munger appeared on the Acquired podcast, solidifying his position as one of the GOATs. The quips I loved most were critical of the venture capital industry, naturally.

From the official transcript:

Charlie: …it's very difficult to invest money well. I think it's all but impossible to do time after time after time in venture capital.

David: We really wanted to ask your thoughts on venture capital.

Charlie: Some of the deals get so hot and you have to decide so quickly. You're all just sort of gambling.

Ben: Do you think the role of venture capital is being properly accomplished in society?

Charlie: No, I think it's very poorly done.

David: Charlie elaborated on this point with a few things that we can't air…

I did get a chuckle out of this when listening to it on the podcast.

After Charlie said “you’re all just sort of gambling,” the interviewer let out an uncomfortable laugh.

What did he say that couldn’t be aired? Maybe it pertained to specific private investments, but maybe they were just general comments that would have just cut a bit too close to the bone for these VC investors (and the ones who sponsored the podcast episode). Just speculation on my part…

Charlie continued:

Charlie: The world is full of ex-Goldman Sachs partners that formed a private fund and they manage a billion dollars or something like that. They charge two points off the top, plus the […] and that enables them to make very handsome living for themselves, but the endowments are not getting a good return.

David: Do you think it's specifically the fee aspect of fund structures?

Charlie: It's just the nature of the wedges, it's the way it works. Of course, you really shouldn't be in the business of charging extra unless you really are going to achieve very unusual results. Of course, it's easier to pretend that you can get good results than it is to actually get them.

It attracts the wrong people. People with investment capital turn up mine and the people who make the most money out of venture capital are a lot like investment bankers deciding which hot new area they're going to get in. They're not great investors or great at anything.

Like I said, the man tells it like it is. He turns 100 on January 1 and is somehow just as sharp as ever. I pray he gets many more years to share his wisdom with us. The world needs more men like Charlie Munger.