many things Berkshire Hathaway Inc. investors would have enjoyed returns of approximately 3,800,000% Charlie Munger On the way, the engineer got a pinch of help.
Munger, who died in California on Tuesday, nearly a month before his 100th birthday, was a longtime business partner warren buffettThe pair transformed Berkshire from a failing textile mill into a $783 billion giant in industries spanning from insurance to energy.
The pair bantered on stage almost every year at Berkshire’s shareholder event in Omaha, Nebraska, and Munger himself drew fans to Los Angeles each year for Daily Journal Corp.’s shareholder meetings. Munger’s outspoken style and deep knowledge made for witty one-liners that often stood in sharp contrast to the 93-year-old Buffett’s more populist style.
Industry leaders, including Bank of America Corp. Chief Executive Officer Brian Moynihan and former Wells Fargo & Co. CEO Tim Sloan, called Munger “legendary.”
Sloan said, “Munger was a generous philanthropist who provided unfiltered advice and fresh opinions that had a positive impact on businesses around the world.”
Here are some famous sayings from Munger:
on life lessons
With a group of avid fans who flocked to the meetings Munger attended – he referred to them as “groupies” – the billionaire investor would often give opinions and answer questions about life lessons. How to achieve the success they have had. He also made some tough comments in 2015, warning that consumers would find it difficult to maintain their standard of living.
Munger said in 2015, “Someone my age has lived through one of the best and easiest times ever in the history of the world – the lowest death rates, the highest investment output, the greatest increase in living standards for most people.” ‘You are unhappy with what you have achieved in the last 50 years, you have an unfortunate misappraisal of life.’
financial negligence
Munger often criticized people he believed were making bad bets or gambling. In 2011, he said that the bubble that led to the financial crisis in the US was caused by a combination of “megalomania, madness and evil” and offered some choice words for Alan Greenspan during his tenure as chairman. There was very little inspection during this period. federal Reserve.
“Alan Greenspan is a smart guy,” Munger said. “She completely overdosed on Ayn Rand at an early age.”
Years later, he criticized the citizens of Greece for thinking they could vote themselves rich as their country struggled with debt. And he did not spare Wall Street either.
“What do you think a derivatives trading desk is? It’s a casino,” Munger said in 2015. “They make the witch doctors look good.”
crypto
Munger was often critical of cryptocurrencies, calling Bitcoin a “harmful poison” and warning that the digital asset was “part fraud and part illusion”.
“It’s a bad combination,” Munger said in a 2022 interview with CNBC. “I don’t like fraud or confusion. And delusion can be even more extreme than fraud.
Politics
Munger, who often supported Republican causes, never shied away from expressing his opinions about any major political party. In 2017, he said that Republican leaders risked going too far in their efforts to cut oversight of banks.
Munger said in 2017, “My fellow Republicans – who are stripping away all these regulation of major finance – I think it’s nonsense.”
He criticized the former president Donald Trump Before the 2016 election, but he also said US senator Bernie Sanders There was a lot of focus on income inequality.
“As an intellectual he is outrageous,” Munger said of Sanders at the time. “Now, I don’t think he’s any worse than some of our Republicans. But at least they’re crazy in a different way.
business explanation
The biggest draw of Munger and Buffett was the way the pair often presented complex business ideas. To mark Berkshire’s 50th anniversary, Munger presented a five-page letter that chronicled the history and summarized why the group had performed so well. Asked whether Berkshire’s path has implications elsewhere, he said the answer is “clearly yes.”
“In its early Buffett years, Berkshire faced a big task: transforming a small stock into a large and useful company,” Munger said. “And it solved that problem by avoiding bureaucracy and relying more on a thought leader over the long term as he kept improving and bringing in more people like him. Compare this to a typical large-corporation system in which there is a lot of bureaucracy at headquarters and a long series of CEOs who come in at about age 59, followed by a pause for quiet reflection, and soon after a They are thrown out because of the fixed retirement age.
Munger, who died in California on Tuesday, nearly a month before his 100th birthday, was a longtime business partner warren buffettThe pair transformed Berkshire from a failing textile mill into a $783 billion giant in industries spanning from insurance to energy.
The pair bantered on stage almost every year at Berkshire’s shareholder event in Omaha, Nebraska, and Munger himself drew fans to Los Angeles each year for Daily Journal Corp.’s shareholder meetings. Munger’s outspoken style and deep knowledge made for witty one-liners that often stood in sharp contrast to the 93-year-old Buffett’s more populist style.
Industry leaders, including Bank of America Corp. Chief Executive Officer Brian Moynihan and former Wells Fargo & Co. CEO Tim Sloan, called Munger “legendary.”
Sloan said, “Munger was a generous philanthropist who provided unfiltered advice and fresh opinions that had a positive impact on businesses around the world.”
Here are some famous sayings from Munger:
on life lessons
With a group of avid fans who flocked to the meetings Munger attended – he referred to them as “groupies” – the billionaire investor would often give opinions and answer questions about life lessons. How to achieve the success they have had. He also made some tough comments in 2015, warning that consumers would find it difficult to maintain their standard of living.
Munger said in 2015, “Someone my age has lived through one of the best and easiest times ever in the history of the world – the lowest death rates, the highest investment output, the greatest increase in living standards for most people.” ‘You are unhappy with what you have achieved in the last 50 years, you have an unfortunate misappraisal of life.’
financial negligence
Munger often criticized people he believed were making bad bets or gambling. In 2011, he said that the bubble that led to the financial crisis in the US was caused by a combination of “megalomania, madness and evil” and offered some choice words for Alan Greenspan during his tenure as chairman. There was very little inspection during this period. federal Reserve.
“Alan Greenspan is a smart guy,” Munger said. “She completely overdosed on Ayn Rand at an early age.”
Years later, he criticized the citizens of Greece for thinking they could vote themselves rich as their country struggled with debt. And he did not spare Wall Street either.
“What do you think a derivatives trading desk is? It’s a casino,” Munger said in 2015. “They make the witch doctors look good.”
crypto
Munger was often critical of cryptocurrencies, calling Bitcoin a “harmful poison” and warning that the digital asset was “part fraud and part illusion”.
“It’s a bad combination,” Munger said in a 2022 interview with CNBC. “I don’t like fraud or confusion. And delusion can be even more extreme than fraud.
Politics
Munger, who often supported Republican causes, never shied away from expressing his opinions about any major political party. In 2017, he said that Republican leaders risked going too far in their efforts to cut oversight of banks.
Munger said in 2017, “My fellow Republicans – who are stripping away all these regulation of major finance – I think it’s nonsense.”
He criticized the former president Donald Trump Before the 2016 election, but he also said US senator Bernie Sanders There was a lot of focus on income inequality.
“As an intellectual he is outrageous,” Munger said of Sanders at the time. “Now, I don’t think he’s any worse than some of our Republicans. But at least they’re crazy in a different way.
business explanation
The biggest draw of Munger and Buffett was the way the pair often presented complex business ideas. To mark Berkshire’s 50th anniversary, Munger presented a five-page letter that chronicled the history and summarized why the group had performed so well. Asked whether Berkshire’s path has implications elsewhere, he said the answer is “clearly yes.”
“In its early Buffett years, Berkshire faced a big task: transforming a small stock into a large and useful company,” Munger said. “And it solved that problem by avoiding bureaucracy and relying more on a thought leader over the long term as he kept improving and bringing in more people like him. Compare this to a typical large-corporation system in which there is a lot of bureaucracy at headquarters and a long series of CEOs who come in at about age 59, followed by a pause for quiet reflection, and soon after a They are thrown out because of the fixed retirement age.
(Tags to translate) Warren Buffett (T) Donald Trump (T) Charlie Munger (T) Bernie Sanders (T) Berkshire Hathaway