Tag Archive

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

During the recent Berkshire Hathaway Annual Meeting, Charles Munger explained why some investors can’t tell their best ideas from their worst. Here’s an excerpt from the meeting: Munger: I think one of the inane things that’s taught in modern University education is it a vast diversification is absolutely mandatory investing … Read More

During his recent interview with FT, Charles Munger discussed a number of issues including the trouble with banking, commercial property loans, great returns are a thing of the past, why there’s a lot of agony out there. Here are some highlights from the interview: In Good Times You Get Into … 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

During his fireside chat with Todd Combs, Charles Munger explained why there’s nothing mysterious about great investing. Here’s an excerpt from the conversation: Munger: You’ve got to remember that Warren made a lot of money running his Geiger counter over the ’30s. He’d find something selling for 1/4 of the … Read More