Charlie Munger, famed investor and business partner of Warren Buffett, and John Collison, co-founder of Stripe, engage in an enlightening conversation covering topics such as multi-disciplinary thinking, investment strategies, gold vs. cryptocurrency, societal implications, the beauty of capitalism, merging entities, unethical behavior in the financial industry, Berkshire's anti-bureaucracy culture, managing cash and share issuance, and making logical decisions. The podcast offers valuable insights from two successful individuals in the world of business and investing.

Renowned investor Warren Buffett and successful investor Charlie Munger discuss their remarkable ability to simplify issues, focus on timeless truths, and make rapid decisions. They highlight the importance of embracing mistakes, practicing prevention, and gaining wisdom. They also discuss the dangers of multitasking, the power of focus, and the significance of saving money. The conversation touches on the importance of learning, changing behavior, and learning from the experiences of others. They end with a discussion on Warren Buffett's approach to buying businesses and Berkshire's commitment to providing a great home for acquired businesses.

Charlie Munger, an incredible conversation on Invest Like The Best with John Collison. They cover practical wisdom, trust in economics, focusing on great businesses with moats, flourishing in a niche, advantages of scale, importance of hiring in startups, and creating an impactful work environment.

Investor and business partner of Warren Buffett, Charlie Munger, discusses the importance of rationality and patience in investing, the rise of Korea and the inspiring story of Chungju Young, sacrificing everything for success, the power and importance of a good brand, and Charlie Munger's three rules for a successful career.

Li Lu, a remarkable investor and entrepreneur, shares insights shaped by the philosophies of Charlie Munger and Warren Buffett. He emphasizes the importance of curiosity, due diligence, and independent thinking in investment success. Li discusses the critical lessons learned from Sam Walton, highlighting resilience and deep business understanding. The conversation also explores navigating market challenges while seeking out unique investment opportunities, underlining discipline and continuous learning as key to long-term success.

We sit down with the legendary Charlie Munger in the only dedicated longform podcast interview that he has done in his 99 years on Earth. We’ve gotten to have some special conversations on Acquired over the years, but this one truly takes the cake. Over dinner at his Los Angeles home, Charlie reflected with us on his own career and his nearly 50-year partnership at Berkshire Hathaway with Warren Buffett. He offered lessons and advice for investors today, and of course he shared his speech on the virtues of Costco once again (among other favorite investments). We’re so glad that we got the opportunity to record and share this with you all — break out your notebooks, tune in, and enjoy the singular wit and wisdom of Charlie Munger.A transcript is available here.Sponsor:Special thanks to Tiny for being the exclusive sponsor of this episode. You can get in touch with them here (just tell them Ben & David sent you), and order your very own bronze Charlie bust here.More Acquired!:Get email updates with hints on next episode and follow-ups from recent episodesJoin the SlackSubscribe to ACQ2ACQ Merch Store!© Copyright 2023 ACQ, LLC‍Note: Acquired hosts and guests may hold assets discussed in this episode. This podcast is not investment advice, and is intended for informational and entertainment purposes only. You should do your own research and make your own independent decisions when considering any financial transactions.

Explore the wisdom of Charles T. Munger, the success of Wal-Mart, and the power of inverting problems. Learn about Munger's early influences, overcoming personal struggles, and mastering cognitive limitations. Discover the importance of continuous learning, strategic thinking, and navigating thoughts and behaviors.

Renowned investor Charlie Munger's wisdom is discussed by the hosts, who share personal anecdotes about his teachings. They touch on topics such as deserving success, understanding both sides of an argument, avoiding stupidity, and the importance of patience. They also discuss Munger's writing technique, longevity secrets, and the possibility of Warren Buffett's successor.

Renowned investor Charlie Munger is the guest in this episode. The speaker highlights Munger's impact on their life and business, emphasizing the importance of borrowing ideas from successful entrepreneurs. Topics discussed include learning as changing behavior, Munger's perspective on troubles, fast decision-making, building Berkshire, finding great businesses with great people, and the upcoming release of a new version of Poor Charlie's Almanack.

What I learned from reading Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary by David ClarkHow is it that Charlie—who trained as a meteorologist and a lawyer and never took a single college course in economics, marketing, finance, or accounting—became one of the greatest business and investing geniuses of the twentieth and twenty-first centuries? Therein lies the mystery. [0:44]Charlie Munger was learning this important investment skill while playing poker with his army buddies. That’s where he learned to fold his hand when the odds were against him and bet heavy when the odds were with him, a strategy he later adapted to investing. [11:12] Charlie thought a lot about business during that time. He made a habit of asking people what was the best business they knew of. He longed to join the rich elite clientele his silk-stocking law firm served. He decided that each day he would devote one hour of his time at the office to work on his own real estate projects, and by doing so he completed five. He has said that the first million dollars he put together was the hardest money he ever earned. It was also during that period that he realized he would never become really rich practicing law; he’d have to find something else. [12:18]Warren, in summing up Charlie’s impact on his investment style over the last fifty-seven years, said, “Charlie shoved me in the direction of not just buying bargains, as Ben Graham had taught me. This was the real impact that he had on me. It took a powerful force to move me on from Graham’s limiting view. It was the power of Charlie’s mind.” [15:33]Knowing what you don’t know is more useful than being brilliant. [17:39]“People are trying to be smart—all I am trying to do is not to be idiotic, but it’s harder than most people think.” [17:58]All good things in life come from compounding. [19:34]This important investment philosophy assumes that one is better off buying a business with exceptional business economics working in its favor and holding it for many years than engaging in a lot of buying and selling. [19:42]Charlie knows that time is a good friend to a business that has exceptional economics working in its favor, but for a mediocre business time can be a curse. [20:25]Andrew Carnegie says in his autobiography you should study how the great fortunes are made. It's not a scattershot approach. They identified the best business possible and they put all their energy and effort into it. That's certainly what Andrew Carnegie did. [22:39]Charlie makes the point that Berkshire Hathaway probably has the most successful investment record in humanity. That is a hell of a statement and he is probably right. [26:10]Charlie advocates keeping $10 million in cash, and Berkshire keeps $72 billion sitting around in cash, waiting for the right deal to show up. The lousy return their cash balances are getting is a trade-off—poor initial rate of return in exchange for years of high returns from finding excellent businesses selling at a fair price. This is an element of the Munger investment equation that is almost always misunderstood. Why? Because most investors cannot image that sitting on a large pool of cash year after year, waiting for the right investment, could possibly be a winning investment strategy, let alone one that would make them superrich. [27:11]“I think that, every time you see the word EBITDA, you should substitute the word ‘bullshit earnings.’ ” [28:52]You have to wait for the right company—one with a durable competitive advantage—that is selling at the right price. And when Charlie says wait, he means wait as long as it takes, which can mean years. Warren got out of the stock market in the late 1960s, and he waited five years before he found anything he was interested in buying. [31:10]When Charlie and Warren say that they intend to hold an investment forever, they mean forever! Who on Wall Street would ever make such a statement? That’s one of the reasons Charlie and Warren have never worried about anyone mimicking their investment style—because no other institution or individual has the discipline or patience to wait as long as they can. [31:46] Charlie and Warren’s theory is that a company with a durable competitive advantage has business economics that will expand the underlying value of the business over time, and the more time passes, the more the company’s value will expand. Thus, once the purchase is made, it is wisest to sit on the investment as long as possible, because the longer we own the company, the more it grows in value, and the more it grows in value, the richer we become. [34:48]“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. There must be some wisdom in the folk saying: ‘It’s the strong swimmers who drown.’ ” [36:14] One is actually better off reading a hundred business biographies than a hundred books on investing. Why? Because if we learn the history of a hundred different business models, we learn when the businesses had tough times and how they got through them; we also learn what made them great, or not so great. [38:44]“In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables—like the discount warehouses of Costco.” [41:53]“If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get compared to the people who do have the temperament, who can be more philosophical about these market fluctuations.” [46:23] “Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Slug it out one inch at a time, day by day. At the end of the day—if you live long enough—most people get what they deserve.” [48:42]He implemented a self-education regime for one hour a day to learn such things as real estate development and stock investing. It was slow going at first, but after a great number of years and thousands of books read, he started to see how different areas of knowledge interplay with each other and how knowledge, like money, can compound, making one more and more aware of the world in which he or she lives. He has often said that he is a much better investor at ninety than he was at fifty, a fact he attributes to the compounding effect of knowledge. [49:09]There is another point that I’ve noticed with men and women who truly excel at their craft or profession: they keep on learning and improving themselves long after most people would have retired. [54:02]“Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading. If you want wisdom, you’ll get it sitting on your ass. That’s the way it comes.” [54:16] “In my whole life, I have known no wise people who didn’t read all the time—none, zero. You’d be amazed at how much Warren reads—and how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.” [55:04]“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up, and boy, does that help, particularly when you have a long run ahead of you.” [55:22]A list of all the books featured on Founders Podcast ----Founders Notes gives you the ability to tap into the collective knowledge of history's greatest entrepreneurs on demand. Use it to supplement the decisions you make in your work.  Get access to Founders Notes here. ----“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — GarethBe like Gareth. Buy a book: All the books featured on Founders Podcast