Acquired Charlie Munger
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Oct 30, 2023 
Join legendary investor Charlie Munger, known for his groundbreaking partnership with Warren Buffett at Berkshire Hathaway, in a rare and insightful conversation. He shares reflections on his nearly 50-year career and offers timeless investment advice. Munger discusses the similarities between gambling and trading, critiques algorithmic practices, and emphasizes long-term investment strategies with companies like Costco. The wisdom he imparts highlights the importance of trust in luxury brands and the value of patience in recognizing profitable opportunities.
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Investing vs. Gambling
- Avoid short-term gambling in the stock market.
- Focus on understanding companies, not price fluctuations.
Algorithmic Trading Insights
- Renaissance Technologies' initial algorithm was simple, exploiting short-term trends.
- They profited by front-running index funds and using high leverage.
Munger's Introduction to Costco
- Charlie Munger learned about Price Club from Rod Hills, who knew Sol Price.
- Munger visited the store and spoke with Price, recognizing his intelligence.
