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Acquired
Charlie Munger
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.
01:06:46
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Quick takeaways
- Costco's success lies in its ability to offer high-quality products at low prices through efficient operations.
- Munger emphasizes the importance of patience, discipline, and avoiding excessive risk-taking in investment.
Deep dives
Charlie Munger shares insights from his interview with Andrew Marks
During an interview with Andrew Marks, Charlie Munger discussed his unique experience visiting Charlie's home in Los Angeles. Munger emphasizes the importance of executing good business models like Costco, which has thrived due to its low-cost, high-quality products and efficient operations. Munger also praises companies like Berkshire Hathaway for their long-term investment approach and cautions against the allure of easy money in venture capital. He shares his thoughts on the challenges of finding attractive investment opportunities today and highlights the significance of having patience and conviction in making investment decisions. Munger advises young people to surround themselves with good partners, work hard, and maintain a good reputation. He offers insights into his investment in BYD, a Chinese electric vehicle manufacturer, and emphasizes the importance of good execution in business. Munger concludes by reflecting on his past and the joy he finds in his current endeavors.
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Discover
highlights
Listen to the best highlights from the podcasts you love and dive into the full episode