Charlie Munger's Midwestern family valued hard work and integrity. I dont know where I got that notion from, but I had it. As the vice chairman of Berkshire Hathaway, Munger is worth $1.7 billion, according to Forbes. So why would you take it on?" in 1948. [41], Munger and his late wife Nancy B. Munger have been major benefactors of Stanford University. Subscribe here. and will be of interest to readers who follow the company. The price tag was three times book value, a figure that no doubt gave Warren Buffett heartburn! The Omaha connection and shared background no doubt had a role in the two hitting it off immediately and talking for hours at the dinner party. I read this book several years ago although I have not yet written a book review. If you choose to unsubscribe at any time, you will no longer receive any further communications of any kind. The website contains over a thousand articles covering topics ranging frompersonal financeandinvestingtobook reviewsandphilosophy. Such meetings were often perfunctory, but Munger interacted with the other Wesco shareholders at considerable length, sometimes speculating about what Benjamin Franklin would do in a given situation. 6, has never met her in person and didn't know anything about her family history. Buffett. Charlie Munger has long had a reputation as an autodidact, learning complicated subjects such as physics, biology, andpsychologyby reading widely on a subject and combining book knowledge with worldly wisdom accumulated during a long lifetime. All Rights Reserved. Or would he have remained in the legal profession, perhaps with a few real estate side projects? Your privacy is taken very seriously. Inspired by Charlie Mungers speech on twenty-five psychological tendencies that bring about misjudgment, as presented inPoor Charlies Almanack, I wrote this article in 2016 and also wrote additional articles on several of the specific tendencies. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. But you build discipline by preparing for fast spurts," Munger says in "Poor Charlie's Almanack. This led to an unpleasant investigation of the tangled web of ownership between Berkshire, Diversified Retailing, Blue Chip, and Wesco that was eventually settled for $115,000. At the age of nine, Teddy died of leukaemia. Janet Lowe would be the ideal person to write such a biography but sadly shepassed awayin 2019. Later in life, he faced a horrific operation that left him blind in one eye with pain so terrible that he eventually had his eye removed. The. 2023 Fortune Media IP Limited. This abandoned high school was converted into a 31-unit apartment building, Munger and Berkshire Hathaway CEO Buffett agreed, 2007 University of Southern California commencement speech, Damn Right! A summary of checklists in the appendix is also useful. This page was last edited on 16 February 2023, at 08:55. In 2004, the Mungers donated 500 shares of Berkshire Hathaway Class A stock, then valued at $43.5 million, to Stanford to build a graduate student housing complex. To Frankel, that is amoral, that is an irresponsible system. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. One of Charlie Mungers goals was to have a large family and he married very young at the age of 21. The price tag was three times book value, a figure that no doubt gave Warren Buffett heartburn! What follows are highlights in a few areas that I thought were notable and would be of special interest to readers. This is an outstanding book that explains the multi-disciplinary mindset expressed in Charlie Mungers speeches and writings, several of which are presented in its illustrated pages. But opposition to the building has been significant. That was certainly true of Sees Candies at the time and proved to be even more true as time went on. If it didnt, he says, he doesnt know how the human race could continue. Fortune was not able to immediately reach Munger for comment. A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. Their three children were Wendy, Molly, and Teddy. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $29,851 in inflation-adjusted dollars as of 2010. Seeking Wisdom: From Darwin to Mungerby Peter Bevelin. By reducing confidence in the platform, advertisers may reduce or eliminate their spending. Charlie Munger: The Complete Investorby Tren Griffin. In 1973, Wesco announced plans to merge with another savings and loan on terms that appeared to be unfavorable. For the American politician, mayor of Orlando, see, Munger at Berkshire Hathaway's 2010 shareholder meeting, Criticism of cryptocurrencies and Robinhood, The Superinvestors of Graham-and-Doddsville, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, "Munger, Thomas Charles | District of Nebraska | United States District Court", "The World's Billionaires #1324 Charles Munger", "The Superinvestors of Graham-and-Doddsville", "$45,000 a Share, $1,500 a Share or $264 a Share", "Financier Munger Gives DuBridge Lecture", "Whitney Tilson's 2007 Wesco Annual Meeting Notes", "Interview with Peter Bevelin, author of Seeking Wisdom - from Darwin to Munger", Charlie Munger's got a billion words of wisdom, "Charlie Munger on the Psychology of Human Misjudgment", "Inversion and The Power of Avoiding Stupidity", "Bitcoin breaks 7,000 after Buffet investment chief calls it 'poison', "Bitcoin is 'disgusting and contrary to the interests of civilization' says famed investor Charlie Munger", "Charlie Munger says cryptocurrencies should have been banned earlier", "Charlie Munger on bitcoin: 'Disgusting,' 'stupid,' 'immoral,' 'turds', "Buffett business partner Munger slams US-China tensions, crypto", "Bitcoin bulls go on the offensive against Berkshire Hathaway", Berkshire's Munger Gives $20 Million to Michigan Law School, Former Michigan student Charles Munger donates $20 million for Lawyers Club renovation project, $20 million gift jumpstarts renovation at M Law's Lawyers Club, "Munger Donates $1.2 Million to University of Michigan", Mungers donate $43.5 million to help construct new graduate student residence, Stanford: $43.5 million given for more graduate student housing, "Charlie Munger talks about investing and life choices that secure prosperity", "Architect Resigns in Protest over UCSB Mega-Dorm", "Buffett associate Charlie Munger pledges $110 million to University of Michigan", "$110 million donation largest in UM history", "Warren Buffett's Investing Pal Charlie Munger Has Been Busy Designing College Dorms", Memorial to be held in March for former trustee Nancy Barry Munger, Munger donates $800,000 of stock to school, Munger Gives 100 Shares of Berkshire to Prep School, A Science Teacher's Dream in Studio City: New $13-million center gives students at Harvard-Westlake School top-notch, hands-on lessons, "Charles Munger, Warren Buffett's Longtime Business Partner, Makes $65 Million Gift", "Charlie Munger Donates $200 Million to UCSB for New Dorms", "Billionaire Donates $200M To Fix 'Gross' Dorms", "Political novice no stranger to upending status quo", "Chapter One: An Extraordinary Combination of Minds", "Memorial to be held in March for former trustee Nancy Barry Munger", "Charlie Munger: Democrats hate Trump 'so much that they're against him even when he's right', "Full Transcript: Billionaire Investor Warren Buffett Speaks with CNBC's Becky Quick on 'Squawk Box', "Charlie Munger: We Should Have Single-Payer Medicine | Squawk Box | CNBC", "Charlie Munger on health care: 'We should have a single payer system', "Charlie Munger: America's health care system is a 'national disgrace', "Lessons on Adversity from Charlie Munger: Be a Survivor, Not a Victim", https://en.wikipedia.org/w/index.php?title=Charlie_Munger&oldid=1139674224, American chief executives of financial services companies, California Institute of Technology alumni, People associated with Munger, Tolles & Olson, United States Army Air Forces personnel of World War II, University of Michigan College of Literature, Science, and the Arts alumni, Articles with dead external links from November 2019, Articles with permanently dead external links, Short description is different from Wikidata, Pages using infobox person with multiple spouses, Pages using infobox military person with embed, Creative Commons Attribution-ShareAlike License 3.0, Leading investments at Berkshire Hathaway with. View entire list of famous kin for Charlie Munger. Young Charlie had a reputation for being a star student, but he could be challenging for teachers to deal with due to his fierce independence. READ ALSO: Lucas Bravo career earnings, salary and net worth Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, and philanthropist. Subscribe to CNBC Make It on YouTube! [60], On February 6, 2010, Munger's second wife Nancy Barry Munger died at home at age 86. Ireviewedthe book in 2015. In 1999, Mr. Buffett noted that Sees Candies had earned a cumulative $857 million pre-tax since its 1972 acquisition while requiring very little incremental capital investment.6In 2011, Sees had sales of $376 million and $83 million of pre-tax profit.7. Charlie Munger's family tree includes a number of presidential kin including, but not limited to, Warren G. Harding, William Taft, Richard Nixon, Jimmy Carter, and James Madison. Here was a man in his mid-30's, with health problems, family problems, and money . Elon Musk is losing the plot by making basic security a paid feature on Twitter. [3], He enrolled in the University of Michigan, where he studied mathematics. "There were a lot of questions today people trying to figure out what the secret to life is, to a long and happy life," CNBC's Becky Quick said to Munger when they talked in the middle of February. I suspect that both men would be very rich today, but not nearly as rich as they became due to combining their intellects and efforts over six decades. Among the firms marquee list of clients is Berkshire Hathaway. What started as an informal partnership was cemented into a formal role at Berkshire that continues to this day. He eventually achieved his dream of having a lot of money, a house full of books, and a huge family. Charlie Munger photo by Nick Webb (CC BY 2.0). They were married until her death on February 6, 2010. Start over. "[4] He also used a card analogy to explain an approach to stock trading. Terms & Conditions. The only real criticism ofDamn Right! Munger and Buffett met through a mutual contact in 1959 in Omaha, Nebraska, where they had dinner together, along with their wives, at Johnnys Cafe. FamousKin.com cannot and does not guarantee the accuracy and reliability of these sources. Munger believes that by coping as best he could with the tragedy of Teddys death, he was doing the only rational thing. 41 Copy quote. There might be nothing wrong with sending invoices for legal work, but Mr. Munger found it distasteful. I dont know where I got that notion from, but I had it.. How did Charlie Munger lose an eye? Through entities such as Diversified Retailing, Blue Chip Stamps, and Berkshire Hathaway itself, deals were structured in ways that appeared to make the most sense at the time. Santa Barbara residence hall. Janet Lowes access to the Munger family provided much insight into Charlie Mungers personality from the perspective of his wife, children, grandchildren, and friends. After all, Mr. Munger was in his mid 70s at the time and most everyone assumed that the bulk of his career was in the past. This proved to be a problem when he attempted to enrol at the Harvard Law School. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Munger also acknowledges life can be "brutally hard" in "Poor Charlie's Almanack" and offers three things he found helpful when times get tough: Munger gets through life day by day, step by step. Bevelin stated that previously, he "was lacking the Munger ability to un-learn my own best-loved ideas".[20]. However, readers ofDamn Right! The next year, Mr. Mungers son, Teddy, was diagnosed with leukemia, a disease that had no treatment at the time. One suchexemplaris Berkshire Hathaway Vice Chairman Charlie Munger who turns ninety-nine years old today. However, the team said that modifications to the design based on feedback represent a meaningful challenge and will require thoughtful consideration.. He married Nancy Barry in his second marriage. Those include: adding operable windows to each multi-bedroom suite and as many bedrooms as possible, increasing the size of single bedrooms to match their current size of other singles within the universitys existing housing, and reducing the building mass and population density. At this point, he had almost no money, lived in dreadful bachelor digs, and drove a beat up yellow Pontiac with a cheap paint job. Further Reading This article is a listing of twelve recent comprehensive company write-ups available for download. "And can you be cheerful when you're absolutely mired in deep hatred and resentment? Happy New Year! [4][52], Munger has been a trustee of the Harvard-Westlake School in Los Angeles for more than 40 years, and previously served as chair of the board of trustees. He's nearly a centenarian. An 85-year Harvard study found the No. The broad contours of this part of the story are quite well known. Charlie Munger moved back to Omaha during 1959 and was soon introduced to Warren Buffett. Recently Grew to More than $105 Million Under Management and Is Relocating to an Expanded Office at 520 Newport Center Drive in Newport Beach, California. Nancy Munger was an alumna of Stanford, and Wendy Munger, Charlie Munger's daughter from a previous marriage, was also an alumna (A.B. A lot of money, a figure that no doubt gave Warren Buffett heartburn the plot making. Problems, family problems, and money this page was last edited on 16 February,! Clients is Berkshire Hathaway vice chairman Charlie Munger moved back to Omaha 1959. A lot of money, a house full of books, and a huge family no... 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