A special TBB post featuring the best links about investor legend Charlie Munger who passed away recently just a few months away from celebrating his 100th birthday. This is how his Wikipedia entry starts: Charles Thomas Munger (January 1, 1924 – November 28, 2023) was an American businessman, investor, and philanthropist. He was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett described Munger as his closest partner and right-hand man.
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Welcome to my quirky original authentic blog. It all started back in 2012 focusing on my crazy hobby addiction of frequent flyer miles along with hotel and bank points. It has since evolved to a curated weekly post of the best web content I find along with my commentary. Here to Educate primarily, sometimes Entertain and if I get to Inspire you, well, that is a bonus.
This blog publishes on Fridays. This is a one man labor of love operation, enjoy it white it lasts. I may post on a day that is not Friday. You never know around here…
Enjoy this Tuesday special post, we should get back to normal on Friday!
I always admired Charlie for his humility and straight talk. And how he accepted being Warren Buffett’s sidekick for over five decades. When he was asked what he wanted for an epitaph in less than 10 words, he replied with “I tried to be useful”. Thank you Charlie, Rest In Peace.
I may add a few more links to this post later on as I encounter them and find them worthy of course. Let me know if you can recommend any pieces that did not make it into my post, thank you.
Just a short excerpt from each link, it is all so educational and just fits my blog’s mission.
The Acquired podcast guys got to interview Charlie shortly before he died. You can hear his voice was not right. But his mind, at age 99, was still so sharp. I wish we can all get to be that old and sharp. And stay humbled too! I enjoyed listening to his wisdom. It is so much harder now to find those mega successful companies to invest in, so true…
Front Yahoo Finance: 44 memorable Charlie Munger quotes about life and markets. I actually always believed his quotes about life were better than the investing ones. So hard to pick just one, so here you go:
“Another thing, of course, is life will have terrible blows, horrible blows, unfair blows. Doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the terrible blow in a constructive fashion. That is a very good idea.”
From Morningstar: 9 of Charlie Munger’s best investing lessons and words of wisdom.
“If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get.”
ok, one more, I can not help it…
“The world is not driven by greed. It’s driven by envy,…I have conquered envy in my own life. I don’t envy anybody. I don’t give a damn what someone else has. But other people are driven crazy by it.”
From Morningstar: Final Thoughts From Charlie Munger on Apple, Warren Buffett, and the Big Costco Error.
Munger also said he was uncomfortable with investors who principally use algorithms like the famous hedge fund Renaissance Technologies. He says these funds essentially front-run investors. And Munger believed that they’re making smaller profits with more volume, and the only way that they’re still making good returns is through using greater and greater leverage, “which I would not run myself.”
From the Wall Street Journal‘s Jason Zweig: Charlie Munger’s Life Was About Way More Than Money. Love this one…
“The records of people and companies that are outliers are always a mix of a reasonable amount of intelligence, hard work and a lot of luck.”…Munger also possessed what philosophers call epistemic humility: a profound sense of how little anyone can know and how important it is to open and change your mind.
George Mack on X with his favorite Charlie Munger story, enjoy it.
A wonderful Wall Street Journal post with Charlie being interviewed by Gregory Zuckerman at his Los Angeles home: My Morning With Charlie Munger.
From Investopedia: 4 Investment Lessons to Learn From Charlie Munger.
“The Big Money Is Not In the Buying and Selling, But In the Waiting.”
From Safal Niveshak: The Charlie Munger Manifesto. He put it all together in this, brilliant!
Let’s not all forget what Charlie thought about crypto:
“A cryptocurrency is not a currency, not a commodity, and not a security. Instead, it’s a gambling contract with a nearly 100% edge for the house.”
Let me leave you with this:
Some of the links are behind a paywall. You can try to read them using Archive.is.
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TBB
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Good morning Buzz,
Thank you for this interesting post. Still working through your post from last week, not that I’ll ever catch up.
Enjoy the bowl season, I hope the Wolverines pummel the tide, a real shame for the fsu fans.
Good luck with the healing!
Looking for our sign stealing coach to break the semifinal loss streak 🙂
Woot! Gonna nibble away at these links for a coupla days! Great collection of stuff here and THANK YOU SO MUCH!
To the general readership: This kind of stuff is Full Value, so buy George a cuppa coffee or two! Today’s page alone is worth more than that! My Opinion not requested by anyone.
Today’s post is brought to you by Carl’s sock drawer credit card. In December to date the only revenue is just one coffee bought by you, thanks! No personal referral clicks, miles/points stash is now up to 4.367 Million. I need to align my clicks here to the output, posting more than once is a bit much!
Enjoy my blog while it lasts.
Be like Carl before this venture goes bankrupt like Elon’s Xitter lol.
Holy crap! Just me? C’MON FOLKS!! Chip in!
Thanks for these memories of the Stoic of our time.
@ Carl: Thanks. $4.30 this month is all you! Phucking Mailchimp alone is now at $31 per month. Just turned down another client because…blog, I need intervention!
@ DML: “the Stoic of our time” is just perfect.
Just added one more link at the bottom of the post with Charlie’s thoughts about crypto…while bitcoin is over $40k again, which is just crazy.