Charles Thomas Munger is a business owner, investor, former real estate lawyer, and philanthropist from America, who presently serves as the vice-chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. By reducing confidence in the platform, advertisers may reduce or eliminate their spending. Ireviewedthe book in 2015. By 1953, he had three children and was going through a divorce. Warren Buffett comes out swinging at economic illiterates and demagogues who insist on mischaracterizing stock repurchases. Even after all this time, Munger and Buffett genuinely enjoy each other's company. Isadore Sharp built an iconic brand by relentlessly catering to wealthy travelers and refusing to compromise on corporate culture. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. Eventually, with the help of Roscoe Pound, a former dean of Harvard Law and a Munger family friend, he got into the university. The dawning of a new year is a time for optimism and hope for self-improvement, but vague wishes rarely bring about concrete results. is not among the hundred-plusbook reviewsI have written since 2009 so it seemed appropriate to re-read the book and share a few thoughts on Charlie Mungers 99th birthday. I highly recommend reading Charlie Mungers. If it didnt, he says, he doesnt know how the human race could continue. At Harvard, he was a member of the Harvard Legal Aid Bureau. The broad contours of this part of the story are quite well known. Those include: adding operable windows to each multi-bedroom suite and as many bedrooms as possible, increasing the size of single bedrooms to match their current size of other singles within the universitys existing housing, and reducing the building mass and population density. I was first introduced to Charlie Munger in the pages of Roger Lowensteinsbiography of Warren Buffett which I read shortly after it was published in 1995. The price tag was three times book value, a figure that no doubt gave Warren Buffett heartburn! In 1972, a block of stock in Wesco Financial, the parent company of Mutual Savings and Loan, was offered to Warren Buffett and Charlie Munger at fifty percent of book value. Around 35 years of age, he again got married and now has 8 children and many grandchildren. [6][10], In college and the Army, he developed "an important skill": card playing. Although Charlie Munger often minimizes his role in leading Warren Buffett away from cigar butt investing and toward commitments to high quality companies, the truth is that Mr. Mungers role is simply undeniable. Nancy Munger was an alumna of Stanford, and Wendy Munger, Charlie Munger's daughter from a previous marriage, was also an alumna (A.B. Some of his curiosity must be innate, but the environment cultivated by Mr. Mungers parents no doubt set him on the right path. I desperately wanted it. His family did not experience poverty, but poverty was visible everywhere. [57][58] In October, 2021, Munger's insistence that the university follow his design compelled professional architect, Dennis McFadden, who had served the university for two decades, to resign from the university's Design Review Committee. One cannot blame Janet Lowe for setting out to write a biography of Charlie Munger in the late 1990s. It took my attendance at the 2000 Berkshire Hathaway annual meetingto get a senseof Mr. Mungers personality, intellect, and character. He regards all eight as simply his children without making any distinctions. This was despite the fact that the 1973-74 bear market was brutal for the partnership with a loss of 31.9% in 1973 and 31.5% in 1974, far in excess of the DJIAs decline of 13.1% and 23.1%, respectively. If you choose to unsubscribe at any time, you will no longer receive any further communications of any kind. This newsletter is not investment advice and all content is subject to thecopyright and disclaimer policyof The Rational Walk LLC, publisher of Rational Reflections. The eye condition has since receded and he still has sight in his right eye.[73]. Charlie Munger at Berkshire, Made Available Through Attribution License by Nick. In 1959, Charlie Munger and Warren Buffett were introduced by mutual friends at a dinner party. Here is Charlie Munger's list of thoughts that are lauded by Warren Buffett. Charlie Munger: The Complete Investorby Tren Griffin. Seeking Wisdomcontains a great deal of content on human misjudgment and provides guidelines for better thinking. Warren Buffetts 2022 Letter to Shareholders, Four Seasons: The Story of a Business Philosophy. I highly recommend reading Charlie Mungersletters to Blue Chip Stamps shareholders. The biography had atransformational effecton my life but the focus of the book was not on Charlie Munger. Recently Grew to More than $105 Million Under Management and Is Relocating to an Expanded Office at 520 Newport Center Drive in Newport Beach, California. Munger said he was "intimately familiar with university housing," because of his experience with his children and grandchildren, . Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, and philanthropist. [54][55] The design of the Science Center was substantially influenced by Munger. His desire to arrange financial affairs so as to never go back to go has depression-era roots.2. "Spend each day trying to be a little wiser than you were when you woke up. As of 2019, his net worth is estimated at US$1.9 billion. A windowless dorm room at Michigan . From his first marriage to Nancy Huggins, Charles Munger has two children: Wendy Munger, a former corporate lawyer and trustee of Stanford University, and Molly Munger, a civil rights attorney and funder of a ballot initiative to raise taxes on Californians for public education. Billionaire investor Charlie Munger still isn't a fan of cryptocurrency. They were married until her death on February 6, 2010. Of course you can't. Its a good thing that they did not walk away. The meeting will not have an in-person audience and will bewebcastby CNBC with questions asked by Becky Quick. However, after many years, the web of ownership interests became extremely complex and this resulted in trouble with the Securities and Exchange Commission in 1974. Charlie Munger: Investment partnership. In 1999, Mr. Buffett noted that Sees Candies had earned a cumulative $857 million pre-tax since its 1972 acquisition while requiring very little incremental capital investment.6In 2011, Sees had sales of $376 million and $83 million of pre-tax profit.7 LinkedIn has officially entered its cringe era, and its working. Damn Right! Damn Right! "[29] Munger also compared Robinhood to gambling, saying that its success is due to "people who know how to take advantage essentially of the gambling instincts of, not only American public, worldwide public" and further explained why he thinks individual investments without commission is tantamount to gambling. On this Wikipedia the language links are at the top of the page across from the article title. While Munger attended several universities for various advanced courses, he never obtained an undergraduate degree. It is always preferable to locate primary records where possible. It is The Cinderella Principle. Feeling like a victim is a perfectly disastrous way to go through life. When Mr. Munger heard about the Buffett investment partnerships, he set up a partnership of his own. [23], During a talk at Harvard in 1995 titled The Psychology of Human Misjudgment, Munger mentions Tupperware parties and open outcry auctions, where he explained "three, four, five of these things work together and it turns human brains into mush,"[24][25] meaning that normal people will be highly likely to succumb to the multiple irrational tendencies acting in the same direction. It makes no sense to engage in short term relationships with investments, but it is also hazardous to fall in love with a company or its management. Charlie Munger. Warren Buffett's business partner slammed traders, blasted cryptocurrencies, and praised China. Offers may be subject to change without notice. To Frankel, that is amoral, that is an irresponsible system. sense of loss. "When you go out in the world, look for the job you would take if you didn't need the money," Buffett said. Passive consumption of information is not enough to earn true wisdom. Why do you drive it? The broke Munger replied: To discourage gold diggers.. ", "I've got some advice for the young," Munger added. Between 1984 and 2011, he was the chairman of Wesco Financial Corporation. Seeking Wisdom: From Darwin to Mungerby Peter Bevelin. [59][60] Munger and Buffett met through a mutual contact in 1959 in Omaha, Nebraska, where they had dinner together, along with their wives, at Johnnys Cafe. He later quit law and ventured into real estate development. When referencing his time with Buffett, Munger told "Poor Charlie's Almanack" editor Peter Kaufman: "I have been incredibly fortunate in my life.". Charlie Munger purchased his first shares in Q1 2021, then purchased more shares in Q3 and finally added another portion in Q4. He eventually achieved his dream of having a lot of money, a house full of books, and a huge family. In 1955, Teddy died at the age of nine leaving Mr. Munger devastated by his loss. He maintained that treating the shares of a company like baseball cards is a losing strategy because it requires one to predict the behavior of often irrational and emotional human beings. Ireviewedthe book in 2015. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. In March 2016, he revealed that he was donating a further $200 million to the institution. By 1959, Mr. Munger was back on his feet but had significant expenses given his large and growing family. Celebrity kin for Charlie Munger include Jodie Foster, Kyra Sedgwick, Bill Paxton, and Elizabeth Montgomery. Charlie Munger photo by Nick Webb (CC BY 2.0). These are some of the labels being levied on Munger Hall, a planned dormitory at the University of California, Santa Barbara. If you don't see . [1] His father, Alfred Case Munger, was a lawyer. A Deep Look Into Charlie Mungers Portfolio 463,973 views Oct 21, 2019 5.8K Dislike Share Cooper Academy 445K subscribers In this video we take a deep look into the portfolio of Charlie Munger. One suchexemplaris Berkshire Hathaway Vice Chairman Charlie Munger who turns ninety-nine years old today. They never met at the time, as Munger is six years older than the other man. The chapters of Charlie Mungers life in the 2000s, 2010s, and 2020s deserve to be documented in a new biography. After Munger's divorce, he remarried within a couple of years. Graduating in 1948, Mr. Munger joined a law firm in the Los Angeles area and seemed to be set for a traditional career in law. If you choose to unsubscribe at any time, you will no longer receive any further communications of any kind. Charlie was 31 years old, divorced, broke, and burying his 9 year old son. https://www.thefamouspeople.com/profiles/charlie-munger-49426.php. Currently, Charlie Munger is the vice president of Berkshire Hathaway. But that doesnt mean he didnt face unbelievable challenges and tragedies. After all, Mr. Munger was in his mid 70s at the time and most everyone assumed that the bulk of his career was in the past. 41 Copy quote. He's been Warren Buffett 's right-hand man for the last 40 years, and is more formally known as vice chairman of Berkshire Hathaway. Munger believes that by coping as best he could with the tragedy of Teddys death, he was doing the only rational thing. Would Warren Buffett have spent his life searching for cigar-butt stocks, never expanding into better business if he had not been introduced to Charlie Munger? Public policy graduate student Luiza Macedo didn't see the sun for a full week when she had to isolate in her room at Munger Residence due to a Covid-19 scare. Charlie Munger's Midwestern family valued hard work and integrity. In addition, he went into real estate development in the Los Angeles area with Otis Booth, an endeavor that required personal attention but proved to be highly remunerative. One suchexemplaris Berkshire Hathaway Vice Chairman Charlie Munger who turns ninety-nine years old today. Charlie Munger is a major donor to the University of Michigan, his former school. [4][52], Munger has been a trustee of the Harvard-Westlake School in Los Angeles for more than 40 years, and previously served as chair of the board of trustees. Charlie Munger started off his career working in a grocery store. I cant remember when I first read Ben Franklin. Leo Tolstoy advocated serious efforts to leverage what we learn from others. According to Charlie Munger, during his time in college and the army, he learned a very important skill, playing cards. Thoughts on Business, Politics, and Life from a Private Investor. Most intriguingly, Mr. Munger has been very active at Daily Journal Corporation, a company unrelated to Berkshire Hathaway that Iwrote about recently. and will be of interest to readers who follow the company. Although that plan was modified to nine floors and 3,500 rooms, it appears that the University of California, Santa Barbara, where Munger Hall was scheduled to be built, may have more modifications to make. Among the firms marquee list of clients is Berkshire Hathaway. He's nearly a centenarian. The Mungers had previously made a gift to build the $13 million Munger Science Center at the high school campus, a two-story classroom and laboratory building which opened in 1995 and has been described as "a science teacher's dream". Source: Sees Candies was purchased by Blue Chip Stamps, a company that Buffett and Munger controlled which eventually merged into Berkshire Hathaway in 1983. 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