Category Archive

During his recent interview with Becky Quick, Charles Munger explained how he never anticipated getting to $100 Billion from his piddly start with Warren Buffett. Here’s an excerpt from the interview: Munger: I did not really think that we’d ever have one. It would… in the… so many hundreds of … Read More

In his Special Letter titled Vice Chairman’s Thoughts – Past and Future, Charles Munger discusses Berkshire’s success, emphasizing that while luck played a role, the heavy lifting was done by the constructive peculiarities of Buffett and the Berkshire system, along with the unwavering devotion of shareholders. These factors combined to … Read More

During this recent interview with the Acquired Podcast, Charles Munger explains how he and Warren Buffett made a fortune in the early days from ‘pissant’ businesses. Here’s an excerpt from the interview: Munger: What happened was very simple. We bought this little pissant department store chain in Baltimore, big mistake, … Read More

In the 2005 Wesco Financial Annual Meeting, Charles Munger discussed the obsession with companies meeting quarterly earnings targets, sometimes resorting to unethical practices like manipulating financial figures, selling assets, or using channel stuffing to boost short-term results. The penalties for such behavior were relatively lenient. Here’s an excerpt from notes … Read More

In Charles Munger’s famous speech at USC Business School in 1994 entitled A Lesson on Elementary Worldly Wisdom, he discussed the cost cutting phenomenon. Here’s an excerpt from the speech: Munger: In all cases, the people who sell the machinery—and, by and large, even the internal bureaucrats urging you to … Read More

During the 2021 Daily Journal Annual Meeting, Charles Munger explained why value investing will never go out of style. Here’s an excerpt from the meeting: Charlie Munger: Well, that is easy. Value Investing will never go out of style. Because value investing—the way I conceive it—is always wanting to get … Read More

During the 2015 Daily Journal Annual Meeting, Charles Munger explains how identifying great companies is easy, but how much do you pay for them? Here’s an excerpt from the meeting: Mr. Munger: Everybody with any sense at all knows that some companies are better than others. What makes it difficult … Read More

In his 2013 Daily Journal Corp Annual Meeting, Charles Munger explained why sometimes ‘zero’ is the right number of security transactions. Here’s an excerpt from the meeting: Shareholder: You talked about modern institutional money management. How would you contrast that system with what you were doing in the late 1960s, … Read More

During the 2017 Daily Journal Annual Meeting, Charles Munger explains why the only way to achieve sustained outperformance is to make a small number of very good investment decisions. He cites Berkshire Hathaway as an example, pointing out that the company’s success has been driven by a handful of key … Read More

One of the best resources for investors are the publicly available 13F-HR documents that each fund is required to submit to the SEC. These documents allow investors to track their favorite superinvestors, their fund’s current holdings, plus their new buys and sold out positions. We spend a lot of time … Read More