A Conversation with Charlie Munger & John Collison - [Invest Like the Best, REPLAY]

Invest Like the Best with Patrick O'Shaughnessy

Colossus

Investing, Business, Technology

4.8 • 2.4K Ratings

🗓️ 20 August 2024

⏱️ 101 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Today, we’re replaying a conversation between John Collison and Charlie Munger that we first aired on 5 December 2023. Charlie said, “The best thing a human being can do is to help another human being know more.” He does just that in this interview. Please enjoy, and may Charlie Rest in Peace. For the full show notes, transcript, and links to mentioned content, check out the episode page here. ----- This episode is brought to you by Ridgeline. Ridgeline has built a complete, real-time, modern operating system for investment managers. It handles trading, portfolio management, compliance, customer reporting, and much more through an all-in-one real-time cloud platform. I think this platform will become the standard for investment managers, and if you run an investing firm, I highly recommend you find time to speak with them. Head to ridgelineapps.com to learn more about the platform. — This episode is brought to you by Tegus, where we're changing the game in investment research. Step away from outdated, inefficient methods and into the future with our platform, proudly hosting over 100,000 transcripts – with over 25,000 transcripts added just this year alone. Our platform grows eight times faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry. Plus, with 75% of private market transcripts available exclusively on Tegus, we offer insights you simply can't find elsewhere. See the difference a vast, quality-driven transcript library makes. Unlock your free trial at tegus.com/patrick. ----- Invest Like the Best is a property of Colossus, LLC. For more episodes of Invest Like the Best, visit joincolossus.com/episodes. Follow us on Twitter: @patrick_oshag | @JoinColossus Show Notes (00:00:00) Welcome to Invest Like the Best (00:03:52) The fixation on evaluating business quality (00:05:58) Learning the big ideas across various disciplines (00:10:03) The issue of adverse selection in legal services (00:11:42) Societal solutions for the opioid crisis (00:17:34) Reasons for not investing in Amazon (00:20:38) Explaining Costco's model (00:29:08) Discussing the increasing challenges in investing (00:32:08) Ingredients for long-term success in business (00:33:18) Debating cryptocurrency (00:37:37) Offering guidance for navigating a potential recession (00:38:56) Reflecting on the state of American society (00:45:20) Sharing a passion for architecture (00:54:13) “Win-win” business (00:57:53) Countering arguments against capitalism (00:60:42) The origins of Poor Charlie's Almanack (01:05:14) Building a productive partnership (01:08:55) Opining on the SEC (01:12:22) Highlighting investment concerns (01:16:31) Reasons for optimism about China (01:32:14) The unique aspects of Berkshire Hathaway

Transcript

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0:00.0	This episode is brought to you by Ridge Line.
0:02.4	During my days at O-Sam, I was dying for a product like Ridge Line, a single cloud platform that could power our entire firm.
0:09.1	We once spent years on an operational project with the goal of getting our traders set up earlier in the morning.
0:14.3	It was grueling and incredibly impactful, but took years.
0:17.2	If Ridgeline had been around then, it would have been solved instantly and provided an even better solution.
0:22.1	Ridgeline has solutions to not just save time, but to open more opportunities to make money.
0:27.0	With real-time visibility into positions, outstanding trades, and the cash balances,
0:31.0	you have an intrad day book of record.
0:33.2	That means less cash drag and more opportunity to drive Alpha.
0:36.6	By collecting data from various systems and consolidating into one place,
0:40.7	Ridgeline simplifies the process. Trade settlements happen faster and therefore your team can put money to work faster.
0:47.0	I'm confident in saying that if you run an investment firm, you should find time to speak with them to be sure your position to perform to the best
0:53.6	of your firm's abilities. To learn more check out Ridgline apps.com that's Ridgline APs
0:59.7	dot com or click the link in the show notes.
1:05.0	This episode is brought to you by Teagus,
1:07.0	where we're changing the game in investment research.
1:09.0	Step away from outdated, inefficient methods and into the future
1:12.0	with our platform, proudly
1:13.7	hosting over 100,000 transcripts with over 25,000 transcripts added just this year alone.
1:19.4	What sets Stegis apart? It's not just the sheer volume, it's the unmatched speed at which our library
1:24.3	expands consistently outstripping competitors. Our platform grows eight times
1:28.6	faster and adds twice as much monthly content as our competitors, putting us at the forefront of the industry.
	...

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