Tribute to Charlie Munger, The Man Who Taught Warren Buffett How to Invest

Afford Anything

Paula Pant | Cumulus Podcast Network

Entrepreneurship, Business, Investing

4.6 • 3.4K Ratings

🗓️ 1 December 2023

⏱️ 26 minutes

🔗️ Recording | iTunes | RSS

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Summary

#475: Born in 1924, Charlie Munger was raised during the Great Depression. At the time of his death on Tuesday, his net worth was estimated at $2.6 billion. But Munger’s greatest achievement wasn’t merely the scorecard of his net worth. His wit and wisdom, which Munger shared with the world through his book, Poor Charlie’s Almanack, which made him one of the most respected investors of the last century. Munger is the man who taught Warren Buffet how to invest. He’s lauded as the moral compass of Berkshire Hathaway, the company where he has served as vice chairman since 1984. He’s the man who famously said, "In the short run, the market is a voting machine. But in the long run, it is a weighing machine." Munger and Buffett met each other in Omaha, their shared hometown, at a lunch at the local Omaha Club, where they were introduced by mutual friends. They instantly connected. Buffett was an unknown at the time, but Munger saw his potential. Munger’s wife once asked him, “Why are you paying so much attention to [Buffett]?,” and Munger replied, “You don’t understand. That is no ordinary human being.” Their business partnership and friendship has lasted for more than 50 years, and Munger played a key role in many of Buffett’s investing decisions. He passed away on November 28, 2023, at age 99. In today’s First Friday bonus episode, we pay homage to the late investing legend Charlie Munger. For more information, visit the show notes at https://affordanything.com/episode475 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	One of the most important investors of the last hundred years a man who is known not so much for his wealth but for his wisdom
0:11.0	Charlie Munger has passed We're going to in this episode take a look at
0:15.8	his life as well as talk about what's happening in our economy right now including
0:20.4	two Fed governors releasing contradictory statements about what may be happening
0:26.6	with interest rates moving forward and news about home prices, which spoiler alert have gone up 6.1% year to date.
0:36.1	We'll be covering all of that and more in today's first Friday bonus episode.
0:40.1	So welcome to the Afford Anything Podcast,
0:42.3	the show that understands you can afford anything but not everything.
0:45.6	Every choice that you make is a trade-off against something else.
0:49.0	And that doesn't just apply to your money, that applies to your time, your focus, your energy, your
0:54.0	attention to any limited resource that you need to manage. So what matters most to
0:59.4	you and how do you make choices accordingly?
1:03.0	Those are the two questions that this podcast is here to explore.
1:07.2	My name is Paula Pan, I'm the host of the Afford Anything podcast.
1:11.0	Normally we're a weekly show, air every Wednesday is but once a month on
1:16.0	the first Friday of the month we air a first Friday bonus episode so welcome
1:20.9	to the December 23, year-end 2023, first Friday bonus episode.
1:29.0	Let's dive right in with a reflection on the life of an absolutely remarkable individual whose impact
1:37.8	extends so far beyond the world of finance. Charlie Munger was born in
1:44.1	1924 in Omaha Nebraska and he played a crucial role in shaping the world of
1:51.2	investments as we know it. He was the right-hand man, the business partner,
1:57.7	the best friend to Warren Buffett.
	...

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