How can you run the latest 'material.angular.io' locally without compilation errors?

Steps to reproduce the problem:

1) go to github.com/angular/material.angular.io and clone it

2) read the Readme.md, carefully follow all instructions you find in the web, clone the material2, fetch local, etc.

3) 'ng serve' and see a lot of compilation errors.

4) (optional) let's cry together