How munger sees the weeds in the river yet also the wonderful fish swimming there. It is objectively terrible both intellectually and stylistically. Costco, berkshire hathaway and an investment in li lus investment partnership. A couple of weeks ago tobias and i compiled our list of 50 of the best investing books of all time.
An investment algorithm to lean on hard when it is available. Here are five of my favorite mungerisms and what i learned from them. And then a longer excerpt from the book about charlie munger s style. But rusty old bargains will eventually have their day. I m happy to tell you that, in tren griffins charlie munger, that book has finally. And welcome to our guest, vice chairman of berkshire hathaway, charlie munger. The shiniest stocks are driving the bull market higher. The complete investor shop now on amazon charlie munger, berkshire hathaways visionary vice chairman and warren buffetts indispensable financial partner, has outperformed market indexes again and again, and he believes any investor can do the same. As berkshires vice chairman, the 95yearold munger is warren buffetts righthand man. Munger, otherwise probably best know as the vice chairman of berkshire hathaway and partner of warren buffett. Early on in my career, i was gifted a copy of poor charlie s almanack.
In todays post, we are going to discuss some ways to use inversion thinking to avoid stupidity when making investing decisions. Warren buffett famously ran a partnership for a small group of investors before turning berkshire hathaway into his investment vehicle of choice. Gates said, the book had a profound effect on the way i think about history and why certain societies advance faster than others. Charlie munger munger is one of the best investors of our time you can see more on munger s resource page. Charlie mungers advice on investing and life choices that. Munger s worldly wisdom consists of a set of mental models framed as a latticework to help solve critical business problems. This book presents the essential steps of mungers investing strategy. Munger, along with buffett, is one of the main inspirations behind the book seeking wisdom. At the 2019 berkshire hathaway shareholder meeting, charlie munger described belridge oil as the greatest investing mistake of omission of his life.
Charlie insisted that the value investing investor would be better served by focusing on better quality businesses, even if the price were higher, because those businesses. It may be bad for the world, but not bad for berkshire. Buffett has called munger the best 30second mind in the world, stating, he goes from a to z in one move. Aug 16, 2017 they think im a book with a couple of legs sticking out. Charlie munger has never really stated an investment criteria for stocks as clearly as warren buffett has done. This is a great book filled with the timeless wisdom and sharp wit of charlie munger. The complete investor columbia business school publishing by. Use features like bookmarks, note taking and highlighting while reading charlie munger.
In the investment world, the term latticework represents the highly diversified but intimately related body of knowledge that berkshire hathaway vice chairman charlie munger has called upon to build the phenomenally successful holding company he runs with the legendary warren buffett. Also like the notes and bibliography for further reading. Jun, 2018 the interview, given at a time when the financial world looked as if it was falling apart, focused on munger and buffetts investment strategy and how they were investing in the environment. Charlie munger, the vice chairman of berkshire hathaway, former hedge fund manager, and billionaire value investor, was instrumental in changing warren buffetts way of thinking about value investing. Jun 03, 2014 a book recommended by bill gates and charlie munger. Mar 21, 2020 18 brilliant charlie munger quotes on wall street and investment updated. The books are sold at the conference by the local bookseller the bookwarm. Download it once and read it on your kindle device, pc, phones or tablets. For a security to be mispriced, someone else must be a damn fool.
Investment analyst laurence siegel tries to convince a 22yearold skeptic why the future for marketsand the environmentis bright. For the unaware, you can read the wikipedia for charles t. The complete investor columbia business school publishing kindle edition by griffin, tren. In multiple speeches, and in the book poor charlie s almanack. Billionaire investor warren buffetts righthand man, charlie munger, said monday that china has better investment opportunities than the u. Charlie munger and one of the best investments of all time.
Mungers responses to questions usually come in the form of witty oneliners and even have their own nickname. Using a framework established by stoics such as marcus aurelius, seneca, and epictetus, and by more modern thinkers such as charlie munger. And, of course, the text is sprinkled with munger s unique brand of humor. And in doing so, explains why his success is not replicable. Insights on living a rich life from buffetts partner charlie. It is about cultivating mental models for your whole life, but especially for your investments.
Aug 19, 2015 a good intro book on charlie munger and his so called concept ie mungerism, wordly wisdom or latticework of mental models. Luckily, diehard munger fans compiled his scattered works in one of the most remarkable investment books out there. Charlie munger is the longserving vicechairman of berkshire hathaway. However, fundamentally, any useful approach must do three things. Sep 06, 2015 for those who are familiar with the way that munger thinks, this is old hat. Books recommended by charlie munger the ceo library. The newspaper business isnt a great one, but daily journal just happens to be the vehicle through which charlie munger made one of the greatest investments of all time. Charlie munger is warren buffetts righthand man, and one half of what is arguably the most successful investment partnership of all time. Im happy to tell you that, in tren griffins charlie munger, that book has finally. March 21, 2020 home quotes lesson for life charles thomas munger is an american investor, businessman, and philanthropist. Stock investor editor paul dykewicz reveals why investing in timber. The book is definitely worth reading, particularly as it encourages readers to reflect upon their own investment strategies. Charlie munger the ultimate investing principles checklist.
Books such as the wealth and poverty of nations can teach you how the economy works and show what forces motivate consumers and investors. Charlie munger teaches you the investment approach and ideas about life from warren buffetts business partner and billionaire charlie munger, which the two have used for decades to run one of the most successful companies in the world. Charlie munger says chinese stocks look cheap, but you cant. To find out, our latest ic book club turns to a widerranging view of the world of investing. Djco, the corporations chairman, billionaire investor charlie munger trades, portfolio, took over two hours of questions from shareholders around the world. The 2016 reading list mentions three recommended books about charlie munger. Charlie munger has had a long life he is currently 93 years old and still working. The best charles munger books of alltime updated for 2020. At this years annual meeting of the daily journal nasdaq.
It shows some light handling wear on the cover and corners etc. Building a charlie munger investing checklist investing. Trying to distinguish between value and growth by using simple metrics such as price to book value or the price. Jason zweig a safe haven for investors by jason zweig of. Munger is known to read quite a lot of books on varying topics. There are many paths to investment heaven and weve written on the topic before. He answered questions on topics ranging from value investing to cryptocurrencies and negative interest rates. The art of successful investment much needed motivation. In short, with a hightech investment buffett and munger worry that they will be the damn fool. There are eight variables to the graham value investing system, which is charlie s take on how to manage your portfolio and. Like buffett, munger is famous for a brand of folksy charm and nononsense common sense that seems almost too simple to have helped forge berkshire hathaway, one of the largest employers in north america. Charlie munger has spotted traits that characterize the succesful value investor. Poor charlie s almanack as mentioned, he previously ran his own investing partnership.
While it covers munger and grahams value investing model, the book is. Basically the book takes public quotes of charlie munger and then puts meat on them for relevance in todays investment world. This article mentions twenty books charlie munger has read and. Mastering the power of the focus investment strategy. Combine his wisdom with griffins ability to synthesize thoughts and this book is truly a work of wisdom.
Run, dont walk, to buy charlie mungers favorite stock. Charlie mungers 10 rules for investment success the motley. Jan 14, 2018 charlie munger is the vice chairman of berkshire hathaway. May 08, 2017 charlie munger explains investing in china. It is a quick read and a good reminder of the factors that should be considered in making investment. The complete investor, tren griffin summarises mr mungersapproach as follows. The latest investment charlie munger convinced warren buffett was the investment in. This video shares some of his knowledge of business, investing, and life. Charlie munger value investing strategy joshua kennon. Each year at the berkshire hathaway annual meeting, a reading list is compiled of warren and charlie s favorite books. One piece from munger s opening statement stuck out because it fits with a book i finally started reading called concentrated investing i think its safe to say that broad allocation strategies are not only the accepted norm but anything not in a broadly diversified wrapper is. Our 200 lawyers represent clients in a broad range of complex and highprofile matters in the areas of corporate, litigation, employment, real estate, tax and bankruptcy. There are four value investing fundamentals that if adopted properly by the investor will give you an edge and contribute positively to your returns. Charlie munger is one of the richest businessmen in the world, along with being a business partner of warren buffett and vice chairman of berkshire hathaway.
Charlie mungers value investing principles checklist. In this discussion charlie first talks about common sense and how it is not common. Subsequent sections examine mungers concept of worldly wisdom before delving more thoroughly into the specifics of his investment philosophy. Charlie munger inspired warren buffett to invest in high quality business for long term. The diversity of working approaches demonstrates that. Mungers move into stocks began in 2009 after keeping most of the investment funds of his company, daily journal djco, in cash and u. Value investing has changed over the years, but the fundamental way its disciples think about it hasnt, according to berkshire hathaway brk. Last week we put together our list of seth klarmans. This week weve compiled our list of charles munger s. The complete investor columbia business school publishing. The book is meant to corral all the various sources of munger teachings into a. In a 2017 video, charlie munger famously claims that he owns just 3 investments, viz. Munger s current investment portfolios show us how disciplined he is when it comes to picking investments, and that he is prepared to wait decades for the right opportunity to come around. When asked what he looked for in a particular investment, munger gave this highly distilled checklist of four items, which ive broken down for ease of.
Robert hagstrom, author of the warren buffett way and investing. In his mustread book, poor charlies almanac, munger puts forth a 10step checklist hes used when analyzing potential opportunities. Charlie munger is the billionaire business partner of warren buffett and the. Aug 07, 2018 when there are new books recommended by charlie munger i sit up and take notice. This book brings together his investing thoughts beyond his famous statement i have nothing to add. I watched charlie munger s at the daily journal annual meeting. While it covers munger and grahams value investing model, the book is really about temperament and lifelong learning. Charlie munger investing lessons, charlie mungers investment. Feb 08, 2017 39 book recommendations from billionaire charlie munger that will make you smarter. Charlie munger says chinese stocks look cheap, but you cant invest like he does. Ive tried to keep track of and read every recommendation he has made and ive yet to be disappointed. Munger s investment partnership generated compound annual returns of 19.
Feb 27, 2017 the wit and wisdom of charlie munger, the vice chairman of berkshire hathaway, is legendary in the investment world. Understanding the economy as a whole is one of munger and buffetts investing strategies. Few books on investing match the high standards set by howard marks in the. Charlie munger on common sense and investing youtube. It was an investment firm that lasted until 1976, after experiencing losses of 32% in 1973 and 31% in 1974. Munger is a loyal follower of the principles of benjamin grahams value investing approach, and thats where the book begins. If you want to dwell more into the concept, seeking wisdom from darwin to munger by peter bevelin would be a great slow read charlie read the original manuscript. Heres a great interview with charlie munger and yahoo finance editorinchief andy serwer. Kaufman with both buffett and munger s cooperation and encouragement.
Munger is an admirer of benjamin franklin, and the book s title is a tribute to franklins poor richards almanack net proceeds from sales of the book go to the munger research center. Before partnering with munger, buffett was a ben graham type of cigar butt bargain investor. Charlie munger is one of the greatest thinkers of our time. In this book, you can read all about charlie munger s ideas and views about investing, business and life in general. But, given that the two seem to agree more often than not, one can always apply buffetts criteria as a fill in for munger s. Why does charlie munger not invest in hightechnology businesses. In his book poor charlies almanack, munger has introduced the concept of elementary, worldly wisdom as it relates to business and finance. His life is best summarized with the following from the acclaimed book poor charlie s almanack source.
Charlie munger, warren buffett on harvey weinstein, wells. In which you will find an investing principles checklist that encapsulates the successful approach used by one of the worlds greatest investors, charles munger. Behind berkshire hathaway, one of the largest companies in the world by market value, there is the greatest investment duo. The book is meant to corral all the various sources of munger teachings into a unified theory of investing. He apparently reads a complete book every single day and his interests cover almost every conceivable subject area. So, here is a list of indian stocks that match munger s stock picking criteria. He then discusses the social sciences and his views on them. Charlie munger s advice on investing and life choices that make a person wealthy yahoo finance. Charlie munger munger is one of the best investors of our time you can see more on mungers resource page.
Oct 03, 2017 one of the best starting points for a successful journey in investing can be found in the book, poor charlies almanack. Griffin demonstrates how munger sees possible where others see the opposite. In this short book 192 pages tren griffin gives us a selection of wellchosen quotes from which we can built up a picture of charlie munger the man and charlie munger the investor not that theres much difference between the two. He produced extraordinary results for himself and his investors. Unlike other books about charlie munger, this was written and compiled by peter d. Interested in gaining knowledge from other business and. At the time, munger described it as the most undervalued stock in the world, with his calculation of intrinsic value finding that the stock was worth. Strubel investment management commentary for the first quarter ended march 31, 2020, discussing why the market isnt down more. Many dont realize this but his business partner charlie munger actually ran his own investment partnership as well.
During the interview munger discusses the first rule of value investing. Munger appreciates a good moat held by a hightechnology business. The great charm of charlie munger is his simple, no frills approach. Even charlie munger himself called the author and told him to make it into a movie. Charlie munger, warren buffetts righthand man, said that he is glad the scandals at wells fargo brought problems to light just as it was a good thing that harvey weinsteins behavior was brought. Over the years charlie munger has recommended a list of books that we have compiled, that we believe will bring great value to your life. It is a quick read and a good reminder of the factors that should be considered in making investment choices. Jun 11, 2014 read cnn s fast facts about charles charlie munger and learn about the righthand man and business partner of warren buffett. Mastering the power of the focus investment strategy this book has been. Upon graduating from harvard law school in 1948, charles. Up until that point, i was mainly a buffett devotee, but quickly became fascinated by his business partner who took a slightly different approach and focused more on a broader subset of skills than just business and investing. Charlie mungers investing principles a wealth of common. His children once drew a picture of him as a book with legs. Mastering the power of the focus investment strategy this book.
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