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 … Read More
Charles Munger: The Secret Ingredients That Make Berkshire, And The Daily Journal, So Successful
We’ve just been watching the 2017 Daily Journal Annual Meeting in which Charlie Munger, at 12:18 on the video below, discloses some of the secret ingredients that have made Berkshire and The Daily Journal successful. Here’s an excerpt from the meeting where Munger is speaking about DJCO’s software business: When … Read More
Charlie Munger: The Parable Of Basicland
Several years ago, Charles Munger wrote a great piece called – Basically, It’s Over – A parable about how one nation came to financial ruin. Munger provides a cautionary warning through the story of a fictional place called ‘Basicland’. A large, unpopulated island in the Pacific Ocean that is rich in … Read More
Charlie Munger Can Be Merciless If He Believes He Has Caught Someone In An Act Of Silly Self-Deception
One of the most commonly used terms in the world of investing is – Cost of Capital. According to the Harvard Business Review website: – “The cost of capital is simply the return expected by those who provide capital for the business”. Warren Buffett provides his own explanation for the cost … Read More
14 Of Charlie Munger’s Funniest Quotes
Charlie Munger is known for his quick wit and sense of humor, and one of the best sources of Munger’s humorous quotes is Poor Charlie’s Almanack. Here are fourteen of Munger’s funniest quotes from the book: 1. I’d rather throw a viper down my shirt front than hire a compensation … Read More
Charles Munger – Sometimes We Sell Stocks Because We Feel Like It!
We’ve just been watching Tom Russo’s recent talk to the folks at Google. Just at the end of his presentation (52:39) Russo recalls a great story about Charles Munger getting a bit peeved when he was questioned by a member of the audience at a Wesco annual meeting about why … Read More
Charles Munger: How Do You Learn To Be A Great Investor
One of our favorite investing books here at The Acquirer’s Multiple is – Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. One of the best passages in the book covers Charlie Munger’s response to, “How Do You Learn To Be A Great Investor?”. Here’s an excerpt from the … Read More
How To Invest Like… Charlie Munger, Warren Buffett’s Right-Hand Man
Here’s a great article at The Telegraph discussing one of our favorite value investors here at The Acquirer’s Multiple, Charlie Munger. The article provides some great insights into Munger’s relationship with Buffett, his investing strategy, and his ten point investing checklist. Here’s an excerpt from that article: The world’s most famous … Read More
Charles Munger – “I Didn’t Mean To Get Rich I Just Overshot” + “Bitcoin is Total Insanity!!”
We just watched an awesome interview with Charles Munger at The University of Michigan 2017. The interview is a fantastic insight into Munger’s journey though life and his career. Two of our favorite parts are when Munger talks about the role of luck in investing, and his thoughts on Bitcoin. … Read More
Buffett & Munger – The ‘Eureka Moment’ For Two Of The World’s Greatest Investors
It seems that all of the great investors have a ‘eureka moment’ during their investing careers. A ‘eureka moment’ refers to the common human experience of suddenly understanding a previously incomprehensible problem or concept. Sometimes referred to as an ‘Aha’ moment. And so it was two of the world’s greatest … Read More
Lynch & Munger – Becoming A Better Investor Requires Thinking Outside Of Investing
A lot of investors believe that the more you can learn about investing and investing techniques the better you will be as an investor. A typical value investor might spend time studying the fundamental assumptions and approaches to value investing, techniques for assessing fundamental value – balance sheet and earnings … Read More
Charles Munger – 5 Ultrasimple Notions For Successful Investing
One of my favorite investing books is – Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger, by Janet Lowe. The book is a great insight into Munger’s life, philosophy, and investing journey. One passage in the book which is of particular interest to investors is Munger’s five ultrasimple … Read More
Charles Munger – Big Gains Invariably Mean Long Periods Of Underperformance
Let’s face it, most investors are not prepared to go through long periods or short periods of underperformance in order to achieve outperformance. The only problem with that is that those investors will invariably miss out of the big gains achieved by the most successful investors. The good news is … Read More
Is It Better To Buy The Stock And Watch The Price Drop Or Not Act And Watch The Price Soar? – Daniel Kahneman
One of the most common predicaments facing investors is that they’ve analysed a stock, it meets with the investors criteria, and now it’s time to pull the trigger and buy the stock. But something happens, the investor ums and ahs and delays the decision to buy. Next thing you know three … Read More
Great Investors Create Their Own Version Of Omaha – Buffett, Munger, Klarman, Pabrai
One of the biggest problems facing investors is the amount of ‘noise’ that we get from the financial media and commentators. Financial news sections, the internet, and podcasts are continually bombarding us with the latest ‘hot stock’ or miracle investing strategy. Meanwhile investors get caught up in the noise checking … Read More
25 Timeless Investing Lessons From Charles Munger
One of our favorite investors here at The Acquirer’s Multiple is Charles Munger. Over the years Munger has provided us with a number of investing gems and one of the best sources of Munger’s quotes can be found in the book – Poor Charlie’s Almanack. While there are hundreds of Mungerisms … Read More
Here’s How Successful Investors Put The Odds Squarely In Their Favor – Charles Munger
One of the best investing speeches ever given was – A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business, by Charles Munger. In particular are Munger’s insights into investing in the stock market being a lot like betting at the race-track, which uses a system called … Read More
Here’s How Charlie And Warren Calculate Intrinsic Value Differently To Everyone Else
One of the biggest problems facing investors is the calculation of intrinsic value. There has been much written about the correct way to calculate intrinsic value but one of the best explanations can be found in the book Charlie Munger: The Complete Investor, by Tren Griffin. The book provides the essential … Read More
Charles Munger – It Is Ridiculous That Investors Cling On To Failed Ideas
In 2003 Charles Munger gave a great talk to the students in the Economics Department at The University of California. While his talk focused on the strengths and weaknesses in teaching academic economics he also provided a number of great lessons for investors including the importance of being able to destroy your own wrong … Read More
Charlie Munger – Great Investors Must Be Able To Adapt To A Changing Business Environment
Earlier this year Berkshire Hathaway Vice-Chairman Charlie Munger was interviewed at the 2017 Daily Journal Annual Meeting. Munger spent time answering questions on a number of subjects including deferred gratification, polymath, filial duties, and the psychology of human misjudgment. The breadth of his knowledge is quite astounding. While the interview is … Read More