Announcement

Collapse
No announcement yet.

So, Charlie Munger died....

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    So, Charlie Munger died....

    Most of you won't know who he is or care much when you find out. But he was Warren Buffett's business partner for the past 65 years. Also a billionaire, Munger died at 99.

    He was known for his home-spun wit and wisdom at the annual Berkshire Hathaway homecoming for investors. He said cute things and was awe-shucksy in an appealing way. They've been collected in books.

    Things like "“If I can be optimistic when I’m nearly dead, surely the rest of you can handle a little inflation” and "“A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control."

    But he was also an amateur architect, who used his vast wealth to build a controversial student dorm in California. One that houses thousands of students in windowless rooms on an ultra high density block. Almost prison-like, you might say.

    Anyway, you can read about it here if you're interested.

    https://www.nytimes.com/2021/10/30/u...smid=url-share

    #2
    Munger was a very interesting guy, but it is worth noting that UC killed the dorm before it was built

    https://www.archpaper.com/2023/08/un...m-munger-hall/

    The one in Ann Arbor, however, exists

    https://www.cnn.com/2021/11/02/busin...ess/index.html

    Comment


      #3
      https://twitter.com/ivanthek/status/1729859621379088654?s=12&t=xvOireV8JOIS_CpbTtDBow

      Comment


        #4
        This just appeared on my LinkedIn feed:


        ​​​​​​

        Comment


          #5
          Did he have a brother called Gerald?*

          *Munger Jerry

          Comment


            #6
            Munger was an interesting and smart guy. One thing I didn't know was he refused to sign up to The Giving Pledge as he had already put a huge amount of his wealth in trust for his kids (at his late wife's behest) so signing up for any statement about the remainder was not in the spirit of the whole thing anyway. Who knows how much of the rest will be given away.

            Comment


              #7
              Originally posted by ursus arctos View Post
              Munger was a very interesting guy, but it is worth noting that UC killed the dorm before it was built

              https://www.archpaper.com/2023/08/un...m-munger-hall/

              The one in Ann Arbor, however, exists

              https://www.cnn.com/2021/11/02/busin...ess/index.html
              That’s horrifying.

              Being a grad student is hard enough.

              Comment


                #8
                I just learned today that he had a glass eye.

                I always liked him and Buffet because they can beat the market by analysing companies and doing back of the envelope projections, even in today's environment with big data and supercomputers.

                Comment


                  #9
                  I always thought him and Buffett got so successful not by being especially smart but simply but by being careful to not be stupid.

                  Comment


                    #10
                    Originally posted by Snake Plissken View Post
                    I always thought him and Buffett got so successful not by being especially smart but simply but by being careful to not be stupid.
                    Essentially, they were both incredibly disciplined. They had an investing ethos / formula and never deviated from it, no matter what kind of pressure they were under. Every year they'd get flack from institutional investors because they were sitting on 'too much' cash. They'd just say that if there was nothing good to invest in, they wouldn't invest in crap just to pacify the mob.

                    Comment


                      #11
                      Yeah. That’s kind of what I meant. They didn’t seem that interested in following fashion or the latest theory. Whenever they were criticised for not doing something I always thought that they were likely to be proved right in the end. And usually were.

                      Comment


                        #12
                        There's an ad campaign running right now where they talk about 'people with investment advisors end up with 30-40% more money'. Which is true. But it's not down to anything particularly insightful, investment-wise. It's that your advisor keeps you from doing all kinds of emotional dumb shit. 'Market is tanking...I'm going to sell." Uh, no. "I'm getting into crypto." Uh, no.

                        Comment


                          #13
                          Matt Levine had a great piece a few weeks ago about how Buffet bought Wells Fargo stock for Berkshire and - personally - bought JP Morgan and how that might constitute a breach of fiduciary duty to Berkshire stock owners.

                          While very disciplined they were also focused on big picture things that very few others are (maybe Koch, but you aren't allowed to like Koch). No one was interested in buying a railroad in the 2000s.

                          Comment


                            #14
                            Originally posted by Snake Plissken View Post
                            Yeah. That’s kind of what I meant. They didn’t seem that interested in following fashion or the latest theory. Whenever they were criticised for not doing something I always thought that they were likely to be proved right in the end. And usually were.
                            That's what I mean also. All the machine learning and big data can produce loads of noise (garbage in, garbage out), but Buffet and Munger stuck to their fundamental philosophy, which is deceptively simple.

                            Comment


                              #15
                              Originally posted by Snake Plissken View Post
                              Yeah. That’s kind of what I meant. They didn’t seem that interested in following fashion or the latest theory. Whenever they were criticised for not doing something I always thought that they were likely to be proved right in the end. And usually were.
                              Yep, they were laughed at during the dot com boom because they refused to get on board.

                              Another great buy was Coca Cola in the 1980s. Besides the fact that the shares have gone up enormously in value, they currently pay in dividend, every year, something like 60% of the value that they originally paid for the shares.

                              The main lesson to take from these guys is to understand the power of time and compounding interest. I think I read somewhere that over 90% of Buffet's wealth was generated after he turned 65.

                              Comment


                                #16
                                Someone once said "if you see Warren Buffett make a sudden move, it's because he's been planning it for the last 5 years".

                                Comment


                                  #17
                                  Originally posted by Satchmo Distel View Post
                                  Did he have a brother called Gerald?*
                                  No but he had a brother called Ron.
                                  his autobiography was titled “I, Ron Monger”

                                  Comment


                                    #18
                                    Originally posted by Snake Plissken View Post
                                    I always thought him and Buffett got so successful not by being especially smart but simply but by being careful to not be stupid.
                                    That's good advice for a lot of walks of life.

                                    Comment


                                      #19
                                      Originally posted by Nefertiti2 View Post

                                      No but he had a brother called Ron.
                                      his autobiography was titled “I, Ron Monger”
                                      Is his name pronounced to rhyme with plunger or fishmonger?

                                      Comment


                                        #20
                                        That was a joke

                                        Neither of his brothers was named Ron

                                        Comment


                                          #21
                                          Originally posted by ursus arctos View Post
                                          That was a joke

                                          Neither of his brothers was named Ron
                                          I knew it was a joke, it just occurred to me that I don't know how his name is pronounced

                                          (and if it's plunger, then the ironmonger joke doesn't work)

                                          Comment


                                            #22
                                            It is neither (it rhymes with hunger)

                                            Comment


                                              #23
                                              Hunger rhymes with (iron)monger

                                              Comment


                                                #24
                                                Originally posted by ad hoc View Post
                                                Hunger rhymes with (iron)monger
                                                Not in my accent, it doesn't. It's close, but not the same. But I've heard it both ways.

                                                Comment


                                                  #25
                                                  Nor when it comes to Australian cricketers

                                                  Comment

                                                  Working...
                                                  X