Who are Charlie Munger's children? The meeting will not have an in-person audience and will bewebcastby CNBC with questions asked by Becky Quick. In addition, he served as Chairman of Wesco Financial until Berkshire acquired the remaining minority interests in Wesco in 2011. 1972). [68] Munger states he is "not a normal Republican", for example advocating "medicare for all" as a fix to the U.S. healthcare system, saying "I think we should have [35], Munger is a major benefactor of the University of Michigan. Although Charlie Munger often minimizes his role in leading Warren Buffett away from cigar butt investing and toward commitments to high quality companies, the truth is that Mr. Mungers role is simply undeniable. With a current net worth of $1.8 billion, Munger, 95, is a source of wisdom in business and investing, and he has some tips for young people just beginning their careers and starting their lives. What follows are highlights in a few areas that I thought were notable and would be of special interest to readers. But that doesnt mean he didnt face unbelievable challenges and tragedies. Here was a man in his mid-30's, with health problems, family problems, and money . As Mr. Munger enters his one hundredth year, his amazing story is still not complete. A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. In 1949, Charlie Munger was 25 years old. [48] The gift includes $10 million for graduate student fellowships. Also, the well-known investor Charlie Munger and long-time friend of Warren Buffet attracted a lot of attention with his vehement purchases of Alibaba shares. is not among the hundred-plusbook reviewsI have written since 2009 so it seemed appropriate to re-read the book and share a few thoughts on Charlie Mungers 99th birthday. [36][37][38][39], In 1997, the Mungers donated $1.8 million to the Marlborough School in Los Angeles, of which Nancy Munger was an alumna. 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. Like this story? Its such a simple idea. At age 76, Charlie Munger looks back on those years and notes that time takes some of the pain out of losing a child. Our Second Child, Graham Forester Kennon-Green, Was Born! Charlie Munger was married to his first wife, Nancy Huggins, from 1945 to 1953. Poor Charlies Almanack. 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. Mungers Psychology of Human Misjudgment. Powered and implemented by Interactive Data Managed Solutions. In 1736, Benjamin Franklins four year old son died of smallpox, an event that Franklinforever regrettedsince he could have given his son an early version of smallpox inoculation. Shortly after the divorce, Charlie learned that his son, Teddy, had leukemia. In 1736, Benjamin Franklins four year old son died of smallpox, an event that Franklinforever regrettedsince he could have given his son an early version of smallpox inoculation. Charlie Munger was born on the 1st of January, 1924. Dormzilla. I met the towering intellectuals in books, not in the classroom, which is natural. : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. In a quixotic moment, Charlie Munger decided that the right way to behave would be to offer to buy Wesco shares at $17, the price at which the stock traded prior to the defeat of the merger and considerably above what they needed to pay given the markets reaction to the defeat. The price tag was three times book value, a figure that no doubt gave Warren Buffett heartburn! [22], Munger uses the term "Lollapalooza effect" for multiple biases, tendencies or mental models acting in compound with each other at the same time in the same direction. He remained in college through 1942 and then enlisted in the military where he scored highly on aptitude tests and was sent to Cal Tech to study meteorology before being assigned to a weather station in Alaska. This page was last edited on 16 February 2023, at 08:55. He was a student of the University of Michigan, California Institute of Technology, and several other colleges before enrolling at Harvard to study law. With the Lollapalooza effect, itself a mental model, the result is often extreme, due to the confluence of the mental models, biases or tendencies acting together, greatly increasing the likelihood of acting irrationally. [18], Munger is also the chairman of the Daily Journal Corporation. A summary of checklists in the appendix is also useful. "[28], Munger is critical of cryptocurrencies, referring to Bitcoin in particular as "noxious poison. In addition to working in a field you truly feel passionate about, Munger highlights the importance of working with those you look up to. He had $1,500 in savings, equal to $13,570 now. [8] Munger excelled in law school,[9] graduating magna cum laude with a J.D. Feeling like a victim is a perfectly disastrous way to go through life. Psychological and social factors serve as complications for investors seeking to invest in declining companies, often referred to as "cigar butts". Sees Candies The next year, Mr. Mungers son, Teddy, was diagnosed with leukemia, a disease that had no treatment at the time. By 1953, he had three children and was going through a divorce. He has four children from his second marriage with Nancy Barry, the daughter of David Noble Barry Jr. and Emilie Hevener Barry: physicist and Republican activist Charles T. Munger Jr., Emilie Munger Ogden, Barry A. Munger, and Philip R. Munger, and two stepchildren: William Harold Borthwick and David Borthwick. In fact, he is scheduled to hold court at theDaily Journal annual meetingon February 15, 2023. That was certainly true of Sees Candies at the time and proved to be even more true as time went on. The price tag was three times book value, a figure that no doubt gave Warren Buffett heartburn! He also has kinship to the current royal family through connections to Queen Elizabeth II, Princess Diana, and Catherine Middleton. I desperately wanted it. At the time, the combined assets of both firms was just $1.6 billion. Warren Buffetts 2022 Letter to Shareholders, Four Seasons: The Story of a Business Philosophy. At age 76, Charlie Munger looks back on those years and notes that time takes some of the pain out of losing a child. Bevelin stated that previously, he "was lacking the Munger ability to un-learn my own best-loved ideas".[20]. 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. Today, he is worth billions of dollars. (The hostess gave the party and the tendency is to reciprocate; you say you like certain products during the party so purchasing would be consistent with views you've committed to; other people are buying, which is the social proof.) Originally from Nebraska, he was employed at the Buffett & Son grocery store as a teenager. 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. 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. Since Wesco meetings ended, the Daily Journal annual meeting has grown in importance, as investors flock to the meeting to listen to him speak at length. It is The Cinderella Principle. In the decade after meeting Warren Buffett, Charlie Munger became a participant in a series of meetings with disciples of Benjamin Graham. Despite not having a college degree, he received a commission as a Second Lieutenant. might be surprised to learn that this habit began in early childhood. As a teenager, he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather, Ernest P. Its a good thing that they did not walk away. There are no shortcuts. [12] In 1962, he founded and worked as a real estate attorney at Munger, Tolles & Olson LLP. He studied mathematics at the University of Michigan. There might be nothing wrong with sending invoices for legal work, but Mr. Munger found it distasteful. In 1972, the Buffett and Munger duo acquired Sees Candies for $25 million, the largest purchase the two had ever collaborated on and the most expensive relative to book value.5Both men acknowledge that if the price tag had been even $100,000 higher, they would have walked away from the deal! The story of Sees Candiesis legendary not just because it was a lollapalooza investment but because it is thought of as a turning point in the history of Berkshire Hathaway. I cant remember when I first read Ben Franklin. A business model that relies on trickery is doomed to fail. In 1955, Teddy died at the age of nine leaving Mr. Munger devastated by his loss. Whenever you think that some situation or some person is ruining your life, its actually you who are ruining your life. Charlie Munger, the 97-year-old billionaire who has been ridiculed for wanting to build a dormitory with thousands of windowless bedrooms at the University of California, Santa Barbara, came out swinging on Monday morning. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. The Rational Walk is now available either on this website or on Substack where readers can subscribe for free to receive articles via email. Charlie Munger, vice chairman of Berkshire Hathaway. In 1972, a block of stock in Wesco Financial, the parent company of Mutual Savings and Loan, was offered to Warren Buffett and Charlie Munger at fifty percent of book value. On April 18, 2013, the University of Michigan announced the single largest gift in its history: a $110 million gift from Munger to fund a new "state of the art" residence designed to foster a community of scholars, where graduate students from multiple disciplines can live and exchange ideas. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. Munger believes that holding a concentrated number of stocks that he knows extremely well will in the long term produce superior returns. Munger went on to rattle off a list of his best advice, each lesson succinctly delivered in bite-size form. Following the chapters on Blue Chip Stamps and Wesco, the book covers events that are increasingly familiar to most readers who have followed the history of Berkshire Hathaway, including the rapid growth of the company throughout the 1980s and the transformation of the company in the 1990s with the General Re and GEICO acquisitions. Kennon-Green & Co. Charlie Munger at Berkshire, Made Available Through Attribution License by Nick. The story of how Charlie Munger and Rick Guerin acquired control of Daily Journal is covered inDamn Right! Although it took years, ownership interests in all of the firms were eventually consolidated into Berkshire Hathaway. He regards all eight as simply his children without making any distinctions. Careers, People, Three. 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. Behind the Scenes with Charlie Munger, Click to email a link to a friend (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Skype (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Telegram (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to share on WhatsApp (Opens in new window). READ ALSO: Lucas Bravo career earnings, salary and net worth The Wheeler, Munger investment partnership operated from 1962 to 1975 and posted an average annual return of 24.3% vs. 6.4% for the Dow Jones Industrial Average. In October 2014, he revealed that he was making a donation of $65 million to the Kavli Institute for Theoretical Physics at the University of California, Santa Barbara. 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! Wesco Financial also held a concentrated equity portfolio of over US$1.5 billion in companies such as Coca-Cola, Wells Fargo, Procter & Gamble, Kraft Foods, US Bancorp, and Goldman Sachs. Mr. Munger enrolled in college in the fall of 1941 shortly before the Pearl Harbor attack upended American life. 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