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
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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.”
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.
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.”
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