#Charlie Munger

Tag

• Munger’s investing style has been more audacious than Buffett’s
  “Munger was willing to borrow money to make money, whereas Buffett had never borrowed a significant sum in his life”
• Charlie Munger recounts the pivotal steps of his professional life
  Interviews and excerpts recounting the major career transitions that Charlie Munger has gone through
• Charlie Munger on why “full-time” multidisciplinary thinking is not for everyone; but learning the big ideas is
  The path for most people is to specialize, get good at something society rewards, and get very efficient at doing it
• Charlie Munger on avoiding too much top-down theorization about ethics; better to engage with life practically
  If you’re sure about what’s right, you’re on the wrong track. Do something every day where you’re coping with reality
• Charlie Munger explains Warren Buffett’s extreme success
  A passion for getting money since childhood. A very high IQ. A lot of energy. And he also got a flying start
• Warren Buffett and Charlie Munger on when it is time to buy a house
  “I bought it when the down payment was 10% of my net worth.” Returns are “7-8%, figure out your own equation from that”
• Warren Buffett and Charlie Munger on how long it takes to dig an economic moat
  In fast-changing industries, quickly developing a moat might be possible. But what comes quickly, may go just as quickly
• Charlie Munger on his golden rule, to deserve what you want
  “I had the idea at a very early age that the safest way to try to get what you want is to try to deserve what you want”
• Charlie Munger on not trying to be a prodigy, just trying to avoid the inanities, including the inanities of the prodigies
  “It’s remarkable the long-term advantage we’ve gotten by being not stupid; instead of trying to be very intelligent”
• Warren Buffett and Charlie Munger on what they admire about each other
  “What I like about Warren is the irreverence. We don’t have automatic reverence for the pompous heads of all civilization”
• Warren Buffett and Charlie Munger on how they first met
  “Both of our wives thought, ‘My god, another one’”
• Warren Buffett and Charlie Munger on friendships and the benefits of choosing to be a high-quality person
  Figure out the qualities you like in other people. Be a person who exhibits the very same qualities you admire in others
• Charlie Munger on China’s remarkable success under a peculiar model; Adam Smithian capitalism but no free speech
  “What the Chinese have proved is you can have a screamingly successful economy with a fairly controlling government”
• Charlie Munger’s cautious comments on recent US fiscal and monetary policies
  “It was politically impossible to do big stimulus rapidly. Their weapon was to print money and reduce interest rates”
• Charlie Munger on what it takes to get very far ahead in life, and what’s attainable by “non-naturals”
  To win big, you must discover what your special advantages are (if any); otherwise competition will beat you easily
• Charlie Munger explains what made the success of Coca-Cola possible
  How Coke exploits the human biochemistry and psychology, and have successfully blocked competitors from doing the same