In their recent episode of the VALUE: After Hours Podcast, Brewster, Taylor, and Tobias Carlisle discussed Charles Munger: Best Quotes From The Berkshire Meeting. Here’s an excerpt from the episode:
Jake: Yeah. My favorite quote from the meeting, let me pull this up, so that I don’t– I don’t know if I got this exactly correct like word for word verbatim. I haven’t gone back and re-watched yet, but Munger said towards the end, “To go a considerable distance with good company is a favorite life.” I thought, “Wow, that’s like–” Whatever, 12 words that really sum it all up.
Tobias: I have to say, not even for a 98-year-old man, but it is amazing that he is a 98-year-old man. He remains razor sharp. He’s got the best one liners. The more I heard him talk, the more I really wanted to have a beer with Charlie, honestly.
Bill: Yeah, Charlie would be awesome to cut it up with.
Tobias: My favorite line from Charlie was, when he was talking about the various jobs that they’d had as kids. Then he said and that was when Charlie realized he could only ever work for the man, who shaved him. Warren, it worked out. He can only ever work for the man who shaved him.
Bill: Yeah, I like that.
Jake: Had to be their own boss.
Bill: Yeah, I hope they have another one of these in them. We’ll see. But that was fun.
Jake: There were definitely points where Munger bailed Warren out a little bit. Warren was wandering, meandering a little bit in his stories, and then Charlie came in with something really pithy and punchy, and put a nice bow on it.
Tobias: and Bill: Yeah.
Bill: I liked the story about the plug at Salomon, the floating plug.
Tobias: You got to tell that story. That was pretty good for anybody who didn’t hear it.
Bill: Yeah, you should let Warren tell it, but listen, but basically, yes, it’s in the liabilities had to match and they didn’t quite know how, right?
Tobias: So, they created this a plug.
Bill: They created a plug.
Tobias: 12 years earlier that floated.
Bill: Yeah, nobody never figured it out how to do it.
Tobias: That was still floating.
Jake: No one knew what was in.
Tobias: It’s a hundred and something million dollars by the time they got there. Charlie was on the audit committee and had to sign off on it. What could that possibly be?
Bill: Oh, who the fuck knows?
Tobias: It’s the bezel and you get rid of that when the market falls over, you just write that off somewhere.
Bill: I flip it to the Fed.
Tobias: [laughs] [laughter]
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