Legendary investor Charlie Munger (Warren Buffett's financial partner and vice chairman of Berkshire Hathaway) invokes a set of interdisciplinary "mental models" involving economics, business, psychology, ethics, and management to keep emotions out of his investments and avoid the common pitfalls of bad judgment. In a new book focused on lessons learned from Munger, Tren Griffin (who works at Microsoft and has long focused on lessons learned from many investors) shares insights on decision making and the psychology of human judgment -- especially as it applies to investing and risk. But Griffin believes that these lessons can be applied to all of us in our daily lives, not just by investors. (He also argues that investing may be one of the last liberal arts). So how then do we channel our inner Munger? In this episode of the a16z Podcast, we discuss how to think about thinking; why the best investors and business leaders spend more time on what they DON’T know; and how the best way to be smart is to ... not be stupid.
The vice chairman of Berkshire Hathaway shares his insight and wisdom at a Ross School of Business event.
To jump directly to the conversation with Charlie, click here: 2:57 To jump directly to Charlie's discussion of bitcoin and cryptocurrency, click here: 38:40 Charlie Munger, Vice Chairman of Berkshire Hathaway, joins Michigan Ross Dean Scott DeRue for a conversation about Mr. Munger's life, career journey, philanthropic legacy, and his thoughts on a few current global trends. Recorded Nov 30, 2017 in Los Angeles as part of an event for alumni of the Ross School of Business at the University of Michigan. Scott DeRue and Charlie Munger are introduced by John E. Conlin, President of NWQ Investment Management Co.
William Green celebrates the life & legacy of investing legend Charlie Munger. He shares personal anecdotes about his own interactions with Charlie & showcases an array of rich insights about Charlie from four famed investors: Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis. They share some of Charlie’s most valuable lessons about investing, business, & life while also conveying what made him such an inspiring & idiosyncratic character. IN THIS EPISODE, YOU’LL LEARN: - What it was like for William Green to interview Charlie Munger. - What William learned from Charlie about trying to be less stupid. - How Charlie’s friendship changed Mohnish Pabrai’s life. - What was distinctive about Charlie’s reading habits. - How his hard, brusque exterior concealed a soft, sensitive interior. - Why it’s a huge competitive advantage to be trustworthy. - How Warren Buffett & Charlie Munger surpassed General Electric. - Why it’s invaluable to have a partner who challenges your beliefs. - What Charlie taught Chris Davis about how to learn from our mistakes. - How to succeed by structuring your life to avoid your weaknesses. - How Charlie was different from Warren. 🤝 Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig and the other community members: https://theinvestorspodcast.com/mastermind 🥇 Earn a yield on gold, paid in gold with Monetary Metals. https://monetary-metals.com/growmygold 💰Click here to download your FREE guide to Stop Worrying About Your Finances In 4 Simple Steps: https://www.theinvestorspodcast.com/subscribe-youtube/ ▶️ RELATED EPISODES: - Find Out Charlie Munger's Advice to Investing Guru Mohnish Pabrai: https://youtu.be/a8AwDBppM2o - How To Succeed In Business, Investing, & Life w/ Tom Gayner: https://youtu.be/TUG0xxdL0O8 - What I’ve Learned From Warren Buffett & Charlie Munger w/ Chris Davis: https://youtu.be/Oeo66H4lM-g - Secrets of Investment Success w/ Joel Greenblatt: https://youtu.be/U3PLytnB1qM - What I’ve Learned From Charlie Munger, Mohnish Pabrai, Tom Gayner, & John Spears: https://youtu.be/shM2_ARtudU - Charlie Munger & The Psychology of Human Misjudgment: https://youtu.be/qNRYGg8hoNw 🎧 Listen to our episodes here: https://open.spotify.com/show/28RHOkXkuHuotUrkCdvlOP 🖊️ Access the transcript and learn more about the guest here: https://www.theinvestorspodcast.com/richer-wiser-happier/celebrating-charlie-munger-w-mohnish-pabrai-tom-gayner-joel-greenblatt-chris-davis/ 📖 BOOKS MENTIONED: - Poor Charlie’s Almanack by Charles T. Munger & Peter D. Kaufman: https://amzn.to/47KdJl7 - Richer, Wiser, Happier by William Green: https://amzn.to/3EC7aUT Disclosure: Some of the links above are affiliate links that we may earn commission from. This helps keep our show going! 😀 💡 OTHER RESOURCES - Seeking Alpha is a crowd-sourced content service for financial markets. Take control of your financial future — Use our link here for a 14-day free trial: https://www.sahg6dtr.com/59QC8Z/R74QP/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ABOUT OUR SHOW 🎙 On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life. 🌍 Website: https://www.theinvestorspodcast.com/richer-wiser-happier/ 📝 Help us understand our audience better so we can create a more intentional user experience by answering this survey! https://www.theinvestorspodcast.com/survey2023-youtube ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ 📚 OUR FREE INVESTING COURSES/RESOURCES https://www.theinvestorspodcast.com/tip-academy/ 📊 TRY OUR STOCK INVESTING TOOL: TIP FINANCE https://www.theinvestorspodcast.com/tip-finance/ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ⏤ ❗ DISCLAIMER: This show is for entertainment purposes only. Before making any decisions consult a professional. This show is copyrighted by The Investor’s Podcast Network. Written permission must be granted before syndication or rebroadcasting.
Watch Charlie Munger, Vice Chairman of Berkshire Hathaway and long-time partner of Warren Buffett, in this exclusive 2020 lecture at the Redlands Forum. In this engaging session, Munger shares his profound insights on investing, the importance of multidisciplinary thinking, and the principles that have guided his remarkable career and life. 📌 In This Lecture, You'll Discover: Charlie Munger's approach to value investing and capital allocation. The significance of building a latticework of mental models for effective decision-making. Strategies to identify and overcome common cognitive biases. The role of patience and rationality in achieving long-term success. Personal anecdotes and lessons from his partnership with Warren Buffett. 💬 Notable Quotes from the Lecture: "This is just a bag of tricks that enables a non-prodigious man to get prodigious results." Kingswell "Spend each day trying to be a little wiser than you were when you woke up." 🎯 Ideal For: Investors seeking timeless wisdom from a seasoned expert. Individuals interested in mental models and decision-making processes. Fans of Warren Buffett, Berkshire Hathaway, and value investing principles. Students and professionals aiming to enhance their critical thinking skills. 📚 Related Topics: Mental Models Decision Making Investing Psychology Behavioral Finance Cognitive Biases Rational Thinking Berkshire Hathaway Warren Buffett Financial Literacy
We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We’re so glad that we got the opportunity to record and share this with you all — break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger. Full episode transcript: https://www.acquired.fm/episodes/charlie-munger#transcript Sponsor: Special thanks to Tiny for being the exclusive sponsor of this episode. You can get in touch with them here (just tell them Ben & David sent you) https://bit.ly/acquiredtiny ...and order your very own bronze Charlie bust here https://bit.ly/acquiredbrknerds More Acquired!: Get email updates with hints on next episode and follow-ups from recent episodes https://www.acquired.fm/email Join the Slack http://acquired.fm/slack Subscribe to ACQ2 https://pod.link/acquiredlp Become an LP and support the show. Help us pick episodes, Zoom calls and more https://acquired.fm/lp ACQ Merch Store! https://www.acquired.fm/store Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions. © Copyright ACQ, LLC
ANDY SERWER: I'm here with Charlie Munger, Vice Chairman of Berkshire Hathaway. Charlie, great to see you. CHARLIE MUNGER: Nice to be here. ANDY SERWER: I want to continue with some of the questions that people were asking you at the annual meeting and start maybe with China, and trade and tariffs. And you said that even Trump can be right on some of this stuff. CHARLIE MUNGER: Yes, when people get mad enough at one politician, they get to thinking everything he says and does is wrong, and that's never the case. ANDY SERWER: What, what, go ahead and continue. I'm sorry. CHARLIE MUNGER: And all I said was that you don't want to be such an absolute purist for free trade. I'm almost a purist, but not quite, but I wouldn't want the entire steel industry in the United States to move offshore. There's some place where you could draw a line without ruining the world. ANDY SERWER: What should our trade policy be then? I mean, yes China can be unfair, is unfair, but how should we pursue this? CHARLIE MUNGER: Well, attitudes entirely different from our president's. I'm glad that we ran a big trade deficit with China. That enabled them to rapidly get out of poverty and obscurity. I welcome the Chinese to the group of advanced nations, which I think we enabled considerably by our willingness to trade with them as they moved ever upward in terms of complexity of enterprise. So I like what's happened. I don't regard it as unfair and bad. I'm not saying that it would be unthinkable to have some tariffs somewhere, but basically I'm a free trader and I am particularly a free trader in dealing with China. And I like the fact that free trade with China has enabled China to expand so much, and they got out of poverty. They had hundreds of millions of people in rural poverty and they made huge, in the whole history of the world, no big nation has ever advanced faster than China. And this free trade helped them do it. And I like it. ANDY SERWER: But aren't they unfair to us? Just to follow up on, you know, intellectual property. CHARLIE MUNGER: I'm sure there are places where somebody in China has some advantage over somebody in the United States that you and I might not like perfectly, but that will always happen. But basically, the Chinese broke the Berkshire Hathaway shoe business in Maine. It disappeared basically because their shoes were very good and cheaper. I'm not mad at China over that and Berkshire has prospered. It's not so good for Maine, but we can't help it. There's no way to make an advanced civilization never hurt anybody as it evolves. ANDY SERWER: There's a lot of talk about an elephant that Berkshire is on the hunt for a big acquisition. Could that elephant be in China.? And if it was, could you even buy it given the relationship between the two countries right now? CHARLIE MUNGER: I don't think it's likely that we'll be buying any great Chinese companies. The Chinese are very proud of their companies and they're proud of what they've accomplished. What I consider quite likely is that we will be invited to buy part of some great Chinese company. And just because they like the good company. And I think that is very likely to happen some time, and we would welcome it. We own minority positions in a lot of companies. We own a minority position in BYD. ANDY SERWER: Let me ask you, then, about BYD and Chinese cars. When will Chinese cars be allowed in the United States and what's holding it up, is it bureaucracy? CHARLIE MUNGER: Well the auto market is very competitive and very fully occupied. And of course, nobody in the United States wants to lose our last two big domestic suppliers, manufacturers of autos. Well three if you want to count Ferrari Chrysler. And so it's hard for somebody new to come in the American market big. And China has such a big market of its own. My guess is they'll stay busy in their own part of the world for a long time. ANDY SERWER: So that's not a priority for BYD? CHARLIE MUNGER: Well BYD's biggest advantage is in the electric cars. Where they're so close to the cutting edge of battery technology. And so they'd be crazy not to emphasize the hybrid electric cars over the gasoline cars. Not that they'll go out of the gasoline market, but I think they will be biggest in the hybrid and electric cars. Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz
As Berkshire's Vice Chairman, the 95-year-old Munger is Warren Buffett's right-hand man. He's also an investing legend in his own right. Munger ran a firm in the 1960s and '70s that scored returns of over 24% per year. He's here to talk about how to make investment decisions and life choices that help secure prosperity and longevity. I'm Andy Serwer. Welcome to "Influencers." And welcome to our guest, Vice Chairman of Berkshire Hathaway, Charlie Munger. Charlie, nice to see you. CHARLIE MUNGER: Delighted to be here. ANDY SERWER: So you just had the annual meeting. And I have to ask you what your favorite moments of that were. CHARLIE MUNGER: What I like is that both the shareholders and employees of Berkshire are so extremely enthusiastic. And it's not just that they made a lot of money and have nice careers. They think they're on the right side. ANDY SERWER: And, you know, they come there to hear you guys talk all day. And-- CHARLIE MUNGER: Yeah, it's like a cult. ANDY SERWER: It's like a cult? CHARLIE MUNGER: Yeah. ANDY SERWER: In a good way, though? CHARLIE MUNGER: Yeah, a good cult. Yeah, it's a good cult. ANDY SERWER: OK. I mean, and the stuff that they hear-- some of it's new, some of it's old, and a lot of it is common sense. And you were talking a lot about-- CHARLIE MUNGER: All of it is common sense. ANDY SERWER: Right. CHARLIE MUNGER: But of course, when people use the word "common sense," what they mean is uncommon sense. Because the standard human condition is ignorance and stupidity. And when they say, old Joe has common sense, what they mean is he has uncommon sense. ANDY SERWER: I guess it's a bit of a misnomer then. CHARLIE MUNGER: It really is. ANDY SERWER: So, yeah, why is it that people can't think clearly about investing or decisions in their lives? CHARLIE MUNGER: Well, they don't think very well about sex or gambling either. You know, I think the standard human condition has a lot of miscognition. ANDY SERWER: And there are ways to make hay of that or-- CHARLIE MUNGER: Yes. You take advantage of other people. You can improve your own life by eliminating your miscognitions. ANDY SERWER: Let me shift gears a little bit, Charlie, and ask you about the US economy. And what is your take on where things are right now? CHARLIE MUNGER: Well, obviously, they're booming. But, you know, the economy sometimes booms, and sometimes it doesn't. And you have to live your life through both episodes. And our idea is we just keep swimming. And sometimes the tide is with us, and sometimes against. But we keep swimming either way. ANDY SERWER: Are you surprised by how long this expansion has lasted? CHARLIE MUNGER: Of course, it's lasted a long time. But what was really remarkable is that we never printed money so much and spent it so fast and bought back so much debt, public and private. So this is total terra incognita in economics. And nobody knew for sure how it was going to work. ANDY SERWER: So was it risky then? CHARLIE MUNGER: Of course it was risky. But it worked. And I don't think they had much else that it would work. They weren't set up to do stimulus-- too much controversy. Democratic inertia is very thin. So they had to do something. And all they had left was just to print money and start buying things. And that's what they did. And it turned out to be a very wise response. And what's even more remarkable is that both Congress and the presidency and both parties made the same decision. They all cooperated. It was the last time. For more of this transcript click; https://finance.yahoo.com/news/influencers-transcript-charlie-munger-105001910.html Subscribe to Yahoo Finance: https://yhoo.it/2fGu5Bb About Yahoo Finance: At Yahoo Finance, you get free stock quotes, up-to-date news, portfolio management resources, international market data, social interaction and mortgage rates that help you manage your financial life. Connect with Yahoo Finance: Get the latest news: https://yhoo.it/2fGu5Bb Find Yahoo Finance on Facebook: http://bit.ly/2A9u5Zq Follow Yahoo Finance on Twitter: http://bit.ly/2LMgloP Follow Yahoo Finance on Instagram: http://bit.ly/2LOpNYz
Charlie Munger perhaps is the man most instrumental to Berkshire Hathaway’s success. In this mini-documentary, we tell the story of life and how he went through the great depression, made millions in real estate, and helped Warren Buffett build Berkshire Hathaway. We fund traders with $100K+ and pay out 80% profit share. Apply now ➡️ fcm.finaius.com 🎯 Use code Finaius to get 10% off signup fees. My research for this video mostly comes from this book - https://amzn.to/3o5DGE0 (Damn Right). Hardware - I used my Alienware Laptop (https://amzn.to/3htVJSU) and Nvidia Quadro p6000 in a Razer Core GPU Enclosure (https://amzn.to/3aTSrqN). Music - https://open.spotify.com/artist/5dzPVAUf41IpdTu7JKP79X?si=1OH2KwSaRnWQZVurawxXTw Visit https://finaius.com to access our research model for capital markets. Instagram: falcon.xu LinkedIn: linkedin.com/in/rocky-xu-0487498b/ #hedgefund Chapter 1 02:03 - Forged by the Great Depression Chapter 2 07:37 - First Million in Real Estate Chapter 3 13:50 - The Cash Flow Business Chapter 4 17:11 - Elephant Hunting #charliemunger #warrenbuffett
What I learned from reading the NEW "Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger." (https://a.co/d/82vYFga) https://www.founderspodcast.com/ Full Transcript and Show Notes: https://www.founderspodcast.com/episodes/37366244/senra-329-charlie-munger-the-new-poor-charlies-almanack David Senra: https://x.com/FoundersPodcast?s=20
This is the story of how Berkshire Hathaway billionaire Charlie Munger made his first $1,000,000. How he went from ZERO to MILLIONAIRE at age 43. You’ve probably heard the story about Warren Buffett, but have you heard the one about his right-hand man Charlie Munger? Charlie Munger has often said that the most difficult part of becoming financially independent is to get a hold of those first $100,000 or $1,000,000. Today, both Charlie Munger and Warren Buffett are two of the world’s richest men, and none of them inherited their wealth, they’re both self-made. Also, they’ve both been wildly successful as stock market investors. A little-known fact about Charlie Munger, which we’ll talk about more later, is that he operated an investment partnership in the 60s and 70s which has a greater track record than recently acclaimed investors such as Cathie Wood and even legendary investors such as Peter Lynch. But Charlie Munger’s path to his first million wasn’t without its road bumps. For most of us, and Munger was no exception, life happens, and the accumulation of wealth may be temporarily interrupted or even take a U-turn due to unexpected circumstances. Therefore, I think you’ll find that the story about how Charlie Munger became a millionaire makes for a great complement to the story of Buffett. --- My main tool for fundamental screening and analysis of stocks: https://app.tikr.com/register?ref=tsi (If you sign up I earn a small commission) --- How Warren Buffett Made His First $1,000,000: https://youtu.be/M5i_YYAXsAM --- Timestamps: 00:00 Intro 01:59 Munger & Range (1930-) 04:15 Munger the Hamster Breeder (1934-1935) 05:08 Munger & Buffett’s Grandfather (1936-1938) 06:18 Munger & High School (1938-1941) 06:59 Munger & Physics (1941-1942) 07:52 Munger the Lieutenant (1943-1946) 09:26 Munger & Nancy (1945-1953) 10:49 Munger the Harvard student (1946-1948) 11:36 Munger the Lawyer (1949-1965) 12:12 Munger the investor (1952-) 14:14 Munger & Setbacks (1953-1955) 15:40 Munger’s Many Mental Models (1953-) 20:03 Munger & Nancy (1955-2010) 20:48 Munger & Buffett (1959-) 22:44 Munger the Real Estate Developer (1960-1969) 26:07 Munger – One Foot Out (1962-1965) 28:29 Munger the Sage of Securities (1962-) 31:39 Munger: Becoming a Millionaire (1967) --- My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there – investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties – I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process – upgrading your money-making toolbox.
What I learned from rereading "The Tao of Charlie Munger" (https://a.co/d/0AshD6J). https://www.founderspodcast.com/ Full Transcript and Show Notes: https://www.founderspodcast.com/episodes/54906140/senra-charlie-munger-i-had-dinner-with-charlie-munger-the-tao-of-charlie-munger David Senra: https://x.com/FoundersPodcast?s=20
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Much of Charlie Munger's advice centered around simplicity. David Senra of the Founders podcast explains. #entrepreneurship #investing #munger #warrenbuffet #motivation #founder #startup
The late investing legend Charlie Munger sits down with CNBC's Becky Quick for his final television interview, discussing how he ended up at Berkshire Hathaway, his enduring relationship with Warren Buffett, and his timeless investing strategies. » Subscribe to CNBC: https://cnb.cx/SubscribeCNBC » Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision About CNBC: From 'Wall Street' to 'Main Street' to award winning original documentaries and Reality TV series, CNBC has you covered. Experience special sneak peeks of your favorite shows, exclusive video and more. Connect with CNBC News Online Get the latest news: https://www.cnbc.com/ Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC Subscribe to CNBC PRO: https://cnb.cx/2NLi9AN #CNBC Watch Legendary Investor Charlie Munger's Final Interview With CNBC