Remembering Charlie Munger
On Tuesday, Charlie Munger, long-time friend and business partner of Warren Buffet, died at 99 years old. We’re celebrating his life and career today by sharing 7 super Charlie Munger tips with you. In this podcast, you’ll hear Munger discuss continuous learning, and avoiding toxic people, he shares his investment checklist, lessons we can learn from Mozart, and the first rule to living a happy life.
Munger was an American businessman, sage investor, and philanthropist. He was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett described Munger as his closest partner and right-hand man. He was also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation. Munger donated hundreds of millions of dollars to educational institutions, including the University of Michigan, Stanford University, and Harvard Law School. During his lifetime, Munger gave away at least $550 million to charity.
Need a sneak peek? Below are the main takeaways from the episode.
Remembering Charlie Munger
Episode Preview:
“Take the modern world where people are trying to teach you how to come in and trade actively in stocks. I regard that as roughly equivalent to trying a doozy, then young people starting off on heroin. It’s really stupid. And when you’re already rich, to make your money, we’re encouraging people to get rich by trading. And then there are people on the TV, another wonderful place, and they say I have this book that will teach you how to make 300% a year and all you have to do is pay for shipping and I will mail it to you. How likely is the person who had suddenly found a way to make 300% a year trying to sell books to you? But they mislead you on purpose. And I get tired of it. Let me tell you another story that I think is an interesting one, I’m of the modern life. And this man has this wonderful horse. It’s just a marvelous horse got an easy gait, good looking and everything, it just works wonderfully, but also occasionally just got so he’s dangerous and vicious and causes enormous damage and trouble, breaks arms and legs, with his rider and so on. And he goes to the vet and says, “What can I do about this horse?” The vet says, “That’s a very easy problem, and I’m glad to help you.” “What should I do?” And the man says, the next time your horse is behaving well, sell it.” Well, think about how immoral it is. And by and large, Warren lied. We never tried to make money out of the dumb buyers. We tried to make money by buying. And if we were selling horseshit, we didn’t want to pretend it was a cure for arthritis.
A happy life is very simple. The first rule of a happy life is low expectations. That’s one you can easily arrange. And if you have unrealistic expectations, you’re gonna be miserable all your life. So, I was good at having low expectations and that helped me. And also, if you get reverses, if you just suck it in and cope that helps. You don’t just fretfully stew yourself into a lot of misery. And then if there are certain behavioral rules, I saw them, you know, Rose Blumpkin had quite an effect on the Berkshire culture. And she had such as she created a business with like, 500, depression dollars, that became a huge business. You know what her motto is, “Always tell the truth, and never lie to anybody about anything.” Those are pretty good rules. And they’re pretty simple. And a lot of the good rules of life are like that. They’re just very simple.”
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The Super U Podcast is hosted by #1 bestselling author and Motivational Speaker Erik Qualman.
