384 - From the Vault: Best Munger Quotes

InvestED: The Rule #1 Investing Podcast

Phil Town & Danielle Town

Investing, Business

4.6 • 1.6K Ratings

🗓️ 31 August 2022

⏱️ 32 minutes

🔗️ Recording | iTunes | RSS

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Summary

“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.” — Charlie Munger Munger is the Vice Chairman of the world’s greatest compound interest machine: Berkshire Hathaway, Inc. During the time of his and Warren Buffett’s reign as the leaders of Berkshire, the company has returned roughly 2,000,000% on its initial value. It’s safe to say we can all learn a lot from Charlie Munger. Today’s episode of InvestED is a favorite from the vault, where Phil and Danielle explain some of their favorite Charlie Munger quotes and cover how so many Rule #1 principles are based on his teachings. Get inspired to invest like some of the world's greatest investors, Charlie Munger and Warren Buffett, with this free guide: https://bit.ly/3wGZz3T Topics Discussed: Charlie Munger Rule #1 Investing Principles For show notes and more information visit www.investedpodcast.com Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Hey everybody, this is Phil Town and this is Daniel Town.
0:08.3	Welcome to the invested podcast where we are diving deep into munger and buffet and
0:14.3	what everybody calls value investing but which they say is just investing.
0:17.9	That's right.
0:18.9	Which we totally agree with.
0:21.8	Everybody else is what the fish that the gamblers are hooking, is that right?
0:27.3	Everybody else is the fish that the gamblers are hooking, just making sure I got my gambling
0:32.6	analogy.
0:33.6	It's a really good point that every other, all good investing is value investing.
0:39.1	Essentially, you're not investing if you have risk that you're not going to get your
0:44.4	money back.
0:46.2	That's not investing.
0:47.2	Well, there's always some risk that you're not going to get your money back, but minimizing
0:54.8	that as much as possible in terms of confidence in your own mind.
1:00.4	Well, yes, and the confidence in your own mind, I think, comes from an objective criteria
1:05.6	rather than a subjective criteria.
1:08.8	That is, you have to be quite confident that you have estimated its future value to some
1:16.0	degree.
1:17.0	Even if it's just, it'll be more than today.
1:20.8	That'll be fine for our purposes.
1:24.1	And then you have a margin of safety on today's price.
1:29.0	And we've talked about this endlessly, but it is the essence of investing that you're
	...

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