Billionaire Charlie Munger, who has died aged 99, shared some of his wisdom about life in an interview with CNBC ahead of his birthday on January 1 next year. He also talked about his bucket list and why he gave it up.
On a bucket list and fishing
When asked about his bucket list, Munger seemed amused by the question, replying, “That’s an interesting question. I’m so old and frail compared to when I was 96 that I don’t want to catch a 200-pound tuna anymore, which is. just too much work to get in, takes too much physical strength.”
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“So I don’t, I would have paid any amount to catch a 200-pound tuna when I was younger. I never caught one. And now given the opportunity I would just decline to go. I think you give up with time,” he added.
Primarily known for his investment strategies, Munger in 2017 shared an analogy between fishing and investing, according to a Business Insider report. “I have a friend who says the first rule of fishing is to fish where the fish are. The second rule of fishing is to never forget the first rule. We got used to fishing where the fish are.”
Also read: 5 top tips from Charlie Munger
On unfair advantages and seizing opportunities
When asked if he still lives a very active and social life, Munger told CNBC what he considers old age. “I like it that way. That’s my idea of old age for me. I didn’t plan on it, it just happened. And when it happened, I welcomed it.”
He added that his active lifestyle was due to “unfair advantages” that he recognizes, stating, “I’m very good at recognizing unfair advantages and I got unfair advantages in old age like I got an unfair advantage in not being old. And I got unfair advantages in old age . And when they came, I just grabbed them boom, boom.”
Also read: 7 timeless investing lessons from Charlie Munger
Living lavishly
Munger said he avoided a luxury lifestyle, adding, “Warren (Buffett) and I both lived in the same house for decades after decades after decades. All our friends were getting richer and building better houses and we were both thinking about building better houses too. I’ve had a huge number of children and I’m still determined not to live a life where I look like the Duke of Westchester or something. I’m going to avoid it. I did it on purpose.”
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When asked why, Munger told CNBC, “I didn’t think it would be good for the kids. You come from a rich family, you think it’s your duty to use the wealth to live grandly. That’s what everyone else does with the money. .”
Writing his own obituary
CNBC asked Munger about the advice he once gave Buffett — to write his obituary the way he’d like it to be read and then live his life fulfilling it. Munger said, “I wrote my obituary as I led my life and if they want to ignore it, that’s fine with me, I’ll be dead, what difference will it make? And yes but I don’t think it’s a bad idea.”
Also read: Charlie Munger’s Stock Trading Tips
He added that the obituary he would write for himself when in his 30s was the same one he would write today. “I basically believe in the military system. Many difficulties will come and you have to deal with them well through warfare, and some rare opportunities will come, you have to learn how to recognize them when available. Those are simple life lessons. ,” he said.
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Updated: 29 Nov 2023, 10:05 IST