Charlie Munger: I’m Ashamed On Missing Out On Google and, Beware of IPO Unicorns

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Here’s a great recent interview with Charles Munger and Andy Serwer at Yahoo Finance – Influencers. There’s one passage in particular in which Munger admits to being ashamed that he missed out on Google, and has the following to say about loss-making Unicorn IPO’s: “Well, there are a whole lot of things I don’t think about. And one of them … Read More

Charlie Munger: Focus Investing – One Way To Beat The Market

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One of our favorite investing books is Poor Charlie’s Almanack by Peter Kaufman, and there’s one passage in the book in which Charlie Munger explains how he and Buffett use ‘focus investing’ to beat the market, saying: “Our investment style has been given a name-focus investing-which implies ten holdings, not one hundred or four hundred. The idea that it is … Read More

Charles Munger – Top 10 Holdings Q12019

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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 here at The Acquirer’s Multiple digging through these 13F-HR documents … Read More

Charles Munger: Here’s Why Investing Is So Much Tougher Today

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Here’s a great recent interview with CNBC’s Becky Quick and Charles Munger discussing the difficulty of being an investor today, compared to when he and Warren started. Here’s an excerpt from the interview: Becky Quick: Charlie thank you very much for taking the time to sit down with us today. You spent a lot of time today talking about how … Read More

Charles Munger: The Most Important Investing Trick I Learnt From My Grandfather

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We’ve just been watching Charlie Munger at the latest Daily Journal meeting in which he recounts the most important investing trick he learnt from his grandfather, saying: I had a grandfather who was very useful to me. My mother’s grandfather. He was a pioneer. He came out to Iowa with no money but youth and health and took it away … Read More

Charles Munger: EMT – The Stock Market Ain’t Like Physics, It’s Like A Mob At A Football Game

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Here’s a great short video with Charles Munger talking about The Efficient Market Theory saying: “Well I think we’ve had some effect, but they’re still teaching The Efficient Market Theory. Remember the old ideas die hard. And by the way it’s roughly right. It’s just the very hard form which everybody believed. They believed it was impossible and was rare. … Read More

Charles Munger: Munger’s Rule!

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Every time we listen to Charles Mungers’ famous speech titled – The Psychology of Human Misjudgement, we learn something new. One example is Munger’s example of the problem with having a ‘Board of Directors’ in American companies, saying: Finally the institution of the board of directors of a major human American company. Well, the top guy is sitting there, he’s … Read More

Charles Munger: If Mozart Can’t Get By With This Kind Of Asinine Conduct I Don’t Think You Should Try

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Here’s some more classic Munger. During his USC Law Commencement Speech, Munger provides some insights into counteracting the self serving bias, which includes overspending ones income, saying: (6:38) “Another thing of course that does one in is the self-serving bias to which we’re all subject.” “You think that your ‘little me’ is entitled to do what it wants to do and for instance why … Read More

Charles Munger: One Filter That’s Very Useful For Investors

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During the 1997 Berkshire Hathaway Shareholder Meeting, Warren Buffett and Charlie Munger were asked their thoughts on calculating intrinsic value. Here’s Munger’s response: I would argue that one filter that’s useful in investing is the simple idea of opportunity cost. If you have one opportunity that you already have available in large quantity and you like it better than 98% … Read More

Charles Munger: Civilized People Don’t Buy Gold

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Here’s some classic Munger wisdom on ‘gold’ as an investment: “I think gold is a great thing to sow into your garments if you’re a Jewish family in Vienna in 1939 but, I think civilized people don’t buy gold, they invest in productive businesses.” (Source: YouTube)

Charles Munger – I Frequently Sit In A Room And Converse With Dead People While The People Around Me Are Irritated

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Here’s a great compilation on reading habits and books by Warren Buffett and Charles Munger. Our favorite quote from the video is when Munger is asked how he was able to concentrate and balance his reading with so many children around when his family was younger. His response is: “I have the kind of mind that if I want to … Read More

Charles Munger: Investing In Shares Is Much Easier Than Investing In Real Estate, Here’s Why

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Here’s a great little video in which Charles Munger is discussing why investing in shares is better than investing in real estate. Munger says: “The trouble with real estate is that everybody else understands it, and the people who you’re dealing with and competed with, they’ve specialized in a little twelve blocks or a little industry. They know more about … Read More

Charlie Munger: I Made Four Or Five Hundred Million Dollars From Two Decisions, With Almost No Risk

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In this short interview Charles Munger explains how he made four or five hundred million dollars from just two decisions: “I talked about patience. I read Barron’s for fifty years. In fifty years I found one investment opportunity in Barron’s. I made about $80 Million, with almost no risk. I took the $80 Million and gave it to Li Lu … Read More

Charles Munger: A Parody About The Great Recession

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One of the best articles ever written about the ‘Great Recession’ is Charles Munger’s – Parody Describing The Contributions of Wantmore, Tweakmore, Totalscum, Countwrong, and Obvilious To The Tragic ‘Great Recession’ in Boneheadia and The Thoughts of Some People Relating To The Disaster. While the entire article is six pages long it’s a must read for all investors. Here’s an … Read More

Charles Munger: The Trouble With Economists & Economics

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Some years ago Shane Parrish at Farnam Street did a podcast in which he read the full text of Charlie Munger’s presentation – Academic Economics: Strengths and Weaknesses, after Considering Interdisciplinary Needs. It’s a must listen to for all investors. Here’s an excerpt from Munger’s presentation: 3) Physics Envy The third weakness that I find in economics is what I call … Read More

Charlie Munger: Moral Investing – We Could See It Was Like Putting $100 Million In A Bushel Basket And Setting It On Fire As We Walked Away

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Here’s a great video with Charles Munger and Warren Buffett at the 2005 Berkshire Hathaway shareholder meeting in which they discuss the moral distinction between buying a stock and a company. Here’s an excerpt from the video: CHARLIE MUNGER: Yeah. I think he’s asking in part, are there some businesses we won’t have as subsidiaries in Berkshire even though they’re … Read More

Charlie Munger: That Decision Has Cost Me Now About $5 Billion

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Here’s a great recent interview with Charlie Munger & Li Lui in which Munger recalls one of his greatest investment mistakes that cost him $5 Billion. Here’s his recollection: Munger: Let’s take a simple question. As I said in that book. They offered me three hundred shares in Belridge Oil, which I bought because I had the money on hand. They … Read More

Charlie Munger On Telsa and Elon Musk

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We’ve just been watching a great recent interview with Charlie Munger in which he was asked his thoughts on Telsa and Elon Musk. Here’s his response: Munger: Well it’s already created more significance than anybody would have predicted and its founder is bold and brilliant and swings for the fences. Of course people like that get some remarkable results and … Read More

Charlie Munger: Look For Businesses Using The Cancer Surgery Formula

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In a 1995 edition of The Outstanding Investor Digest, Charlie Munger recounted the types of business models that he and Warren Buffett like to invest in. Most noteworthy is what he calls the ‘cancer surgery formula’ model saying: “I’ve had many friends in the sick-business-fix-up-game over a long lifetime. And they practically all use the following formula — I call … Read More

Charles Munger: “If You Won’t Attack A Problem While It’s Solvable And Wait Until It’s Unfixable, You Can Argue That You’re So Damn Foolish That You Deserve The Problem”

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While not specifically an investing book, The Art of the Good Life: Clear Thinking for Business and a Better Life, by Rolf Dobelli provides some great lessons for investors. There’s one passage in particular titled – Reality Doesn’t Care About Your Feelings; or, Why Every False Step Improves Your Life – which basically says – we all make investing mistakes, what’s important however is … Read More