Squawk Pod Remembering Charlie Munger: A Life of Wit and Wisdom Part 2 5/2/25
May 2, 2025
Charlie Munger, the Vice Chairman of Berkshire Hathaway and Warren Buffett's right-hand man, shares his candid reflections just weeks before his passing. He discusses the childhood experiences that shaped his investment philosophy and the vital lessons learned from both successes and failures, including a noteworthy misstep with Alibaba. Munger emphasizes the importance of self-awareness, friendships, and resilience in navigating life's chaos, while offering a thoughtful look at current geopolitical issues and leadership in challenging times.
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Avoid Risks That Can Kill You
- Don't let an off day destroy your financial stability or peace of mind.
- Avoid leverage and overreaching to manage risks of bad outcomes.
Stick to Your Expertise
- Know and stick to your circle of competence to avoid competition in areas you're weak.
- Avoid entering industries where others have superior skills or advantages.
Origin of Munger-Buffett Partnership
- Charlie Munger first met Warren Buffett through family friends, the Davises, in Omaha.
- Their instant rapport grew into a lifelong friendship and business partnership starting from 1959.