Charlie Munger, the esteemed partner of Warren Buffett at Berkshire Hathaway, has passed away at the age of 99. Despite falling just short of his 100th birthday, Munger’s legacy lives on through his profound perspectives on life and investing.
Throughout the years, Munger accompanied Buffett during Berkshire’s annual meetings, captivating shareholders with his razor-sharp commentary. While some quotes were captured in his book Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger, others were revealed in television interviews and various public gatherings.
Here are a few notable insights from Charlie Munger:
The Power of Patience and Discernment
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“It takes character to sit with all that cash and to do nothing. I didn’t get to where I am by pursuing mediocre opportunities.”
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“The real wealth lies not in the constant buying and selling, but instead, in the art of waiting.”
Triumph Over Envy
- “Envy is a truly foolish sin. How could you possibly derive any joy from desiring someone else’s riches? There’s only pain and no pleasure on that treacherous path.”
Continuous Growth and Learning
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“Make it your mission to become a little wiser every day. With time, if you persist, you will ultimately reap what you deserve from life.”
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“Throughout my entire existence, I have encountered no intellectually astute individuals across diverse subjects who didn’t embrace voracious reading. Warren is a testament to this, as am I. My children mock me, perceiving me as a pair of legs beneath an open book.”
Charlie Munger’s brilliance will forever be etched in our minds as we reflect upon his invaluable teachings. He leaves behind a profound impact that extends beyond the realm of investing, encouraging us to embody wisdom, patience, and the pursuit of knowledge.
Charlie Munger: Candid Remarks over the Years
Throughout the years, Charlie Munger, the esteemed Vice Chairman of Berkshire Hathaway, has been known for his candid and thought-provoking remarks made in response to audience questions. Here are a few memorable quotes that provide insights into his unique perspective:
Opportunity Costs and Investment
In 1997, at the annual meeting of Berkshire Hathaway shareholders, Munger compared life to a series of opportunity costs. He emphasized the importance of making the most of the available options – just as one should choose the best partner available to marry, investors should seek out the best investment opportunities.
The Challenges for Value Investors
During this year’s annual meeting, Munger expressed concern about the increasing competition among value investors. With a limited pool of opportunities, he advised value investors to brace themselves for potential downsizing in their returns.
Speculation in Internet Stocks
Back in 2000, when asked about speculation in Internet stocks, Munger wittily remarked that even if you mix raisins with turds, they are still turds. This analogy humorously highlighted his skepticism towards speculative investments.
Criticism of Cryptocurrencies
Earlier this year, at the annual shareholder meeting of Daily Journal Corp., Munger openly expressed his strong dislike for cryptocurrencies. Referring to them as “crypto crappo” or even “crypto sh—”, he criticized the notion of investing in such assets and voiced his disappointment in a nation that allows their existence.
Political Polarization
In response to a question about political polarization at the 2018 Berkshire annual meeting, Munger reminded the audience not to romanticize the past. He pointed out that while it may seem like current politicians are worse than those from previous eras, it is important not to forget how awful politicians in the past could be.
Charlie Munger’s candid remarks offer a glimpse into his unfiltered opinions on various topics. His unique insights continue to provoke thought and stimulate conversations among investors and beyond.