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We Study Billionaires - The Investor’s Podcast Network

TIP598: A Tribute to Charlie Munger

We Study Billionaires - The Investor’s Podcast Network

Stig Brodersen

Education, Investing, Business

4.63.6K Ratings

🗓️ 5 January 2024

⏱️ 56 minutes

🧾️ Download transcript

Summary

On today’s episode, Clay shares a tribute to Charlie Munger since we just crossed what would have been his 100th birthday on January 1st, 2024. Charlie Munger was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. Buffett described Munger as his closest partner and right-hand man. At the time of his death, Munger had an estimated net worth of $2.6 billion. Charlie has had an enormous impact on the value-investing community, and this episode is dedicated to him to honor his contributions to the community and his worldly wisdom. IN THIS EPISODE, YOU’LL LEARN: 00:00 - Intro. 02:11 - The importance of simplicity in investing and life. 03:17 - The three foundational principles to how Buffett and Munger invest. 08:27 - Why Charlie focused on minimizing standard stupidities to win in life. 14:37 - Munger’s lessons on living a meaningful and fulfilling life. 20:02 - How Munger used his setbacks in life as opportunities to learn and grow as an individual. 23:43 - Munger’s thoughts on the shortcomings of GAAP accounting. 26:23 - The tremendous importance of incentives. 33:26 - How Charlie helped Warren Buffett become a better investor. 42:48 - An overview of Charlie’s investment in Costco and his admiration for the business. 52:12 - The top investment lessons from studying Charlie Munger. Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences. BOOKS AND RESOURCES Join the exclusive TIP Mastermind Community to engage in meaningful stock investing discussions with Stig, Clay, Kyle, and the other community members. Check out What I Learned About Investing From Darwin. Learn more about the Berkshire Summit by clicking here or emailing Clay at [email protected]. Check out the books mentioned in the podcast here. William Green’s podcast interview with Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis. | Youtube Video. Related Episode - TIP494: The Worldly Wisdom of Charlie Munger | YouTube Video. Related Episode - TIP571: Charlie Munger & The Psychology of Human Misjudgment. | YouTube Video. Related Episode - TIP492: The Best Investor You've Never Heard Of (Nick Sleep) | YouTube Video. Related Episode - TIP569: An Investor's Guide to Clear Thinking w/ Chris Mayer. | YouTube Video. Follow Clay on Twitter. Check out the books mentioned in the podcast here. NEW TO THE SHOW? Check out our We Study Billionaires Starter Packs. Browse through all our episodes (complete with transcripts) here. Try our tool for picking stock winners and managing our portfolios: TIP Finance Tool. Enjoy exclusive perks from our favorite Apps and Services. Stay up-to-date on financial markets and investing strategies through our daily newsletter, We Study Markets. Learn how to better start, manage, and grow your business with the best business podcasts. SPONSORS Support our free podcast by supporting our sponsors: River Glengoyne Whisky NetSuite Shopify Toyota Babbel Salesforce Fundrise Fidelity Vacasa HELP US OUT! Help us reach new listeners by leaving us a rating and review on Apple Podcasts! It takes less than 30 seconds, and really helps our show grow, which allows us to bring on even better guests for you all! Thank you – we really appreciate it! Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

You're listening to TIP.

0:03.0

The Game of Life is the game of everlasting learning.

0:06.0

At least it is if you want to win.

0:09.0

Charlie Munger.

0:11.0

This concept of lifelong learning has carried over into the work we do here at TIP.

0:16.4

For nearly the past 10 years, we've been creating content originally starting with weekly episodes

0:21.6

back in 2014 and transitioning to create more

0:24.8

content as President Stig brought on William Green, Kyle Grieve, and myself on

0:29.6

board at We Study billionaires. On today's episode I wanted to share a tribute to Charlie Munger since we just crossed

0:36.1

what would have been his 100th birthday on January 1st.

0:40.1

I wanted to break this episode more generally into two different segments.

0:44.0

The first half will be life advice I found to be most impactful from Charlie Munger.

0:48.6

In the second half I wanted to talk more about his investment approach.

0:52.2

I think both areas are very interesting and important,

0:55.4

and this episode will serve as a tribute to his contributions to the value investing community.

1:00.3

My co-host William Green also shared an episode with clips of many of his guests

1:04.7

talking about their learnings from Munger and then William also shares some insights

1:08.8

in his own personal interactions with Munger such as when he interviewed him for his book, Richard Wiser Happier.

1:14.8

That episode is number 37 on the Rich or Wiser Happier show, which is on this feed and it was released

1:20.3

back on December 10th. During this episode, some of the things I'm going to touch on include the power of

1:25.8

simplicity in investing in life, inverting problems to minimize standard stupidities,

1:31.9

Kalmonger used his setbacks in life as opportunities to learn

...

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