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RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

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Dec 10, 2023

In this heartfelt tribute, Mohnish Pabrai, a hedge fund manager and mentee of Charlie Munger, alongside Tom Gaynor, CEO of Markel Corporation, and Chris Davis, of Davis Advisors, share personal stories and insights about the investing legend. They explore Munger's unique reading habits, the significance of trust in relationships, and the invaluable lessons he imparted on overcoming mistakes. The conversation delves into Munger's complex character, revealing his blend of toughness and sensitivity, while emphasizing the importance of integrity and collaboration in achieving success.

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ANECDOTE

First Encounter with Munger

William Green recounts his first encounter with Charlie Munger.
He flew to California for a 10-minute interview, feeling both excited and intimidated.

INSIGHT

Stupidity Reduction

Charlie Munger's focus is on reducing standard stupidities, not just seeking brilliance.
This "backward" approach simplifies problem-solving by inverting the question.

ANECDOTE

Munger's Wit

William Green shares anecdotes illustrating Munger's bluntness and wit.
One involves a DMV clerk, the other a charity lunch with Warren Buffett.

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In this special tribute, William Green celebrates the life & legacy of investing legend Charlie Munger. He shares personal anecdotes about his own interactions with Charlie & showcases an array of rich insights about Charlie from four famed investors: Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis. They share some of Charlie’s most valuable lessons about investing, business, & life while also conveying what made him such an inspiring & idiosyncratic character.

IN THIS EPISODE, YOU’LL LEARN:

00:00 - Intro

03:18 - What it was like for William Green to interview Charlie Munger.

10:07 - What William learned from Charlie about trying to be less stupid.

37:14 - How Charlie’s friendship changed Mohnish Pabrai’s life.

4:48 - What was distinctive about Charlie’s reading habits.

55:59 - How his hard, brusque exterior concealed a soft, sensitive interior.

1:04:50 - Why it’s a huge competitive advantage to be trustworthy.

1:22:50 - How Warren Buffett & Charlie Munger surpassed General Electric.

1:33:36 - Why it’s invaluable to have a partner who challenges your beliefs.

1:37:17 - What Charlie taught Chris Davis about how to learn from our mistakes.

1:49:17 - How to succeed by structuring your life to avoid your weaknesses.

1:55:30 - How Charlie was different from Warren.

Disclaimer: Slight discrepancies in the timestamps may occur due to podcast platform differences.

BOOKS AND RESOURCES

Poor Charlie’s Almanack by Charles T. Munger & Peter D. Kaufman
Listen to William Green’s podcast interview with Mohnish Pabrai or watch the video.
Tune in to William Green’s podcast interview with Tom Gayner or watch the video.
Listen to William Green’s podcast interview with Chris Davis or watch the video.
Tune in to William Green’s podcast interview with Joel Greenblatt or watch the video.
William Green’s book, “Richer, Wiser, Happier” – read the reviews of this book
Follow William Green on X (AKA Twitter)
Check out the books mentioned in the podcast here.

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RWH037: Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis

First Encounter with Munger

Stupidity Reduction

Munger's Wit

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