Author Topic: RIP Charles Munger (Read 1102 times)

MU82 · « **on:** November 28, 2023, 05:10:43 PM »

Warren Buffett's right-hand man, and a brilliant investor himself, dies at 99.

I saw an interview he gave just a month or so ago. Still making relevant points about intelligent investing. A life well lived.

Skatastrophy · « **Reply #1 on:** November 28, 2023, 05:49:28 PM »

Aww that's too bad. Funny guy

GB Warrior · « **Reply #2 on:** November 28, 2023, 06:26:29 PM »

Henry Kissinger wins again

MU82 · « **Reply #3 on:** November 28, 2023, 06:49:05 PM »

Retrospectives are starting to pop up. I saw some good Mungerisms:

Investing is where you find a few great companies and then sit on your ass.

The big money is not in buying or selling, but in the waiting.

Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris - I wanted the independence. I desperately wanted it.

If investing wasn't hard, everyone would be rich.

It's waiting that helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred-gratification gene, you've got to work very hard to overcome that.

A great business at a fair price is superior to a fair business at a great price.

How to find a good spouse? The best single way is to deserve a good spouse.

I think that, every time you see the word EBITDA, you should substitute EBITDA with "bullsh!t earnings."

Mimicking the herd invites regression to the mean.

It’s not supposed to be easy. Anyone who finds it easy is stupid.

The banking profession will sell sh!t as long as crap can be sold.

Scoop Snoop · « **Reply #4 on:** November 28, 2023, 07:51:29 PM »

Quote from: MU82 on November 28, 2023, 06:49:05 PM

Retrospectives are starting to pop up. I saw some good Mungerisms:

Investing is where you find a few great companies and then sit on your ass.

The big money is not in buying or selling, but in the waiting.

Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris - I wanted the independence. I desperately wanted it.

If investing wasn't hard, everyone would be rich.

It's waiting that helps you as an investor and a lot of people just can't stand to wait. If you didn't get the deferred-gratification gene, you've got to work very hard to overcome that.

A great business at a fair price is superior to a fair business at a great price.

How to find a good spouse? The best single way is to deserve a good spouse.

I think that, every time you see the word EBITDA, you should substitute EBITDA with "bullsh!t earnings."

Mimicking the herd invites regression to the mean.

It’s not supposed to be easy. Anyone who finds it easy is stupid.

The banking profession will sell sh!t as long as crap can be sold.

Bolded my favorite one.

Dr. Blackheart · « **Reply #5 on:** November 28, 2023, 10:36:35 PM »

The Real Oracle of Omaha

Herman Cain · « **Reply #6 on:** November 29, 2023, 08:09:13 AM »

Was an investor in Wesco Financial, run by Charlie, for many years .

Got involved with Wesco after working on Berkshires Blue Chip Stamps deal. As Buffet was using Blue Chip cash to buy into Wesco.

Berkshire eventually bought the Wesco public shareholders out

As we got to know Munger that informed our view on investing in Daily Journal (DJCO)

Munger’s greatest asset was his ability to think clearly and not let emotion get in the way of his investing strategy. Much easier said than done .

jesmu84 · « **Reply #7 on:** November 29, 2023, 08:27:01 AM »

Quote

Somebody my age has lived through the best and easiest period that ever happened in the history of the world – the lowest death rates, the highest investment production, biggest increases in most people’s standards of living

Quote

It's going to be way harder for the group that's graduated from college now ... to get rich and stay rich. Think what it [used to] cost to own a house in a desirable neighborhood in a city like Los Angeles.

JWags85 · « **Reply #8 on:** November 29, 2023, 09:53:27 AM »

Ive always been torn on Munger. Incredible investor, legend in his field, definitely unfairly underappreciated in relation to Buffett.

But at the same time, Ive always thought he was a wanker. Definitely could be funny and had some incredibly illuminating quotes simplifying investing mindset and strategy. But he always came across as sneering and dismissive to anyone or anything that didn't fit his perspective, especially the last 10-15 years. Like the kind of person who just wants to lecture rather than have engaging dialogue.

jesmu84 · « **Reply #9 on:** November 29, 2023, 10:10:59 AM »

Quote from: JWags85 on November 29, 2023, 09:53:27 AM

Ive always been torn on Munger. Incredible investor, legend in his field, definitely unfairly underappreciated in relation to Buffett.

But at the same time, Ive always thought he was a wanker. Definitely could be funny and had some incredibly illuminating quotes simplifying investing mindset and strategy. But he always came across as sneering and dismissive to anyone or anything that didn't fit his perspective, especially the last 10-15 years. Like the kind of person who just wants to lecture rather than have engaging dialogue.

Sounds like the resident dentists

Herman Cain · « **Reply #10 on:** November 29, 2023, 10:26:08 AM »

Quote from: JWags85 on November 29, 2023, 09:53:27 AM

Ive always been torn on Munger. Incredible investor, legend in his field, definitely unfairly underappreciated in relation to Buffett.

But at the same time, Ive always thought he was a wanker. Definitely could be funny and had some incredibly illuminating quotes simplifying investing mindset and strategy. But he always came across as sneering and dismissive to anyone or anything that didn't fit his perspective, especially the last 10-15 years. Like the kind of person who just wants to lecture rather than have engaging dialogue.

JWags:
Munger was a value investor. Most successful value investors I have met have similar attitudes. On top of that , Munger talked his way into Harvard Law School without having an undergraduate degree, then graduated from law school Magna Cum Laude. So your dealing with a know it all personality for sure.

We had lunch once with him at The California Club in LA, back in the day when that was a thing. It was just a straight forward lecture from him to Me and My Colleague the whole time. Seemed like the whole Club knew the guy , which was a source of non stop deals for him and Buffet.

Mungers association with Buffet is what created his wealth and fame. Munger had his own success for sure, but I am guessing maybe $50-100 million in net worth versus $2.6 Billion. Buffet=Mozart of Investments.

Scoop Snoop · « **Reply #11 on:** November 29, 2023, 10:31:29 AM »

Quote from: JWags85 on November 29, 2023, 09:53:27 AM

Ive always been torn on Munger. Incredible investor, legend in his field, definitely unfairly underappreciated in relation to Buffett.

But at the same time, Ive always thought he was a wanker. Definitely could be funny and had some incredibly illuminating quotes simplifying investing mindset and strategy. But he always came across as sneering and dismissive to anyone or anything that didn't fit his perspective, especially the last 10-15 years. Like the kind of person who just wants to lecture rather than have engaging dialogue.

Gotcha. Like a typical Scooper.

TSmith34, Inc. · « **Reply #12 on:** November 29, 2023, 11:54:15 AM »

Quote from: Herman Cain on November 29, 2023, 08:09:13 AM

Was an investor in Wesco Financial, run by Charlie, for many years .

Got involved with Wesco after working on Berkshires Blue Chip Stamps deal. As Buffet was using Blue Chip cash to buy into Wesco.

Berkshire eventually bought the Wesco public shareholders out

As we got to know Munger that informed our view on investing in Daily Journal (DJCO)

Munger’s greatest asset was his ability to think clearly and not let emotion get in the way of his investing strategy. Much easier said than done .

Everywhere. All the time. With everyone.

How was his body language?