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.
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