Charlie Munger
Full Name and Common Aliases
Charles Thomas Munger, commonly known as Charlie Munger, is a name synonymous with investment wisdom and financial acumen. Often referred to simply as "Charlie," he is widely recognized for his role as the vice chairman of Berkshire Hathaway, the conglomerate led by Warren Buffett.
Birth and Death Dates
Charlie Munger was born on January 1, 1924. As of the latest available information, he is still alive and continues to be an influential figure in the world of finance and investment.
Nationality and Profession(s)
Charlie Munger is an American investor, businessman, and philanthropist. His professional life is marked by his roles as an attorney, real estate developer, and investment manager. However, he is best known for his long-standing partnership with Warren Buffett at Berkshire Hathaway.
Early Life and Background
Born in Omaha, Nebraska, Charlie Munger grew up in a family that valued education and hard work. His father, Alfred C. Munger, was a lawyer, which influenced Charlie's initial career path. Munger attended the University of Michigan, where he studied mathematics, but his education was interrupted by World War II. During the war, he served as a meteorologist in the U.S. Army Air Corps. After the war, Munger attended Harvard Law School, graduating in 1948 without an undergraduate degree, a testament to his intellectual prowess and determination.
Major Accomplishments
Charlie Munger's career is marked by a series of significant accomplishments. After practicing law for several years, he transitioned into the world of investment, where he found his true calling. In the 1960s, he founded the investment firm Wheeler, Munger & Company, which achieved remarkable success. However, his most notable accomplishment is his partnership with Warren Buffett at Berkshire Hathaway. Together, they transformed the company into one of the largest and most successful conglomerates in the world. Munger's investment philosophy, characterized by a focus on value investing and a deep understanding of human psychology, has been instrumental in this success.
Notable Works or Actions
Charlie Munger is renowned for his speeches and writings, which offer profound insights into investing and decision-making. His book, "Poor Charlie's Almanack," is a compilation of his speeches and talks, providing a window into his thinking and philosophy. Munger is also known for his role in the acquisition of See's Candies, a pivotal moment in Berkshire Hathaway's history that exemplified the power of investing in high-quality businesses with strong brand loyalty.
Impact and Legacy
Charlie Munger's impact on the world of investing is profound. His emphasis on rational thinking, patience, and the importance of understanding human behavior has influenced countless investors and business leaders. Munger's legacy is not only tied to his financial success but also to his commitment to ethical business practices and philanthropy. He has donated substantial sums to educational institutions, including the University of Michigan and Stanford University, reflecting his belief in the transformative power of education.
Why They Are Widely Quoted or Remembered
Charlie Munger is widely quoted and remembered for his incisive wit, wisdom, and ability to distill complex ideas into simple, actionable insights. His quotes often reflect his deep understanding of human nature and the principles of sound investing. Munger's ability to challenge conventional thinking and his emphasis on lifelong learning resonate with people across various fields. His partnership with Warren Buffett has become legendary, and their combined insights have shaped the investment strategies of countless individuals and institutions. Munger's legacy as a thinker, investor, and philanthropist ensures that his words will continue to inspire and guide future generations.
Quotes by Charlie Munger
Charlie Munger's insights on:
In my whole life, I have known no wise people who didn't read all the time, none. Zero.
Where you have complexity, by nature you can have fraud and mistakes...This will always be true of financial companies, including ones that run by governments. If you want accurate numbers from financial companies, you're in the wrong world.
By and large, I don't think too much of finance professors. It is a field with witchcraft.
For one of the most successful business strategies is to be a contrarian investor— to go in the opposite direction — to buy when others are selling.
Intense interest in any subject is indispensable if you're really going to excel in it.
All intelligent investing is value investing – acquiring more than you are paying for. You must value the business in order to value the stock.
Investors can have 90% of their wealth in a single company, if it is the right company.
If you're unhappy with what you've had over the last 50 years, you have an unfortunate misappraisal of life. It's as good as it gets, and it's very likely to get worse.
Wells Fargo had a glitch - the truth of the matter is they made a business judgement that was wrong. I don't think anything is fundamentally wrong.