Per records, Munger doled out $11 million for a French Normandy-esque mansion in the oceanfront enclave, a guard-gated community known for its 22-acre collection of luxury estates, all of them . Who could have known that he would still be active in business and philanthropy nearly a quarter century later? Buffett gives Munger credit for much of the success of Berkshire Hathaway. He married Nancy Barry in his second marriage. Please note: The ancestor reports on this website have been compiled from thousands of different sources, many over 100 years old. It is tempting to emulate investors who we admire but it is unwise to blindly follow any investor into a stock. At 31 years old, Charlie Munger was divorced, broke, and burying his 9 year old son, who had died from cancer. Most intriguingly, Mr. Munger has been very active at Daily Journal Corporation, a company unrelated to Berkshire Hathaway that Iwrote about recently. This is an outstanding book that explains the multi-disciplinary mindset expressed in Charlie Mungers speeches and writings, several of which are presented in its illustrated pages. However, after many years, the web of ownership interests became extremely complex and this resulted in trouble with the Securities and Exchange Commission in 1974. Young Charlie had a reputation for being a star student, but he could be challenging for teachers to deal with due to his fierce independence. Would Charlie Munger have embarked on a career in business and investing if he had not been introduced to Warren Buffett in 1959? Or would he have remained in the legal profession, perhaps with a few real estate side projects? Among the firms marquee list of clients is Berkshire Hathaway. All Rights Reserved. This is an outstanding book that explains the multi-disciplinary mindset expressed in Charlie Mungers speeches and writings, several of which are presented in its illustrated pages. Last week, at The Daily Journal annual meeting in Los Angeles, California, Munger was asked to reflect on that journey. The website contains over a thousand articles covering topics ranging frompersonal financeandinvestingtobook reviewsandphilosophy. This abandoned high school was converted into a 31-unit apartment building, Munger and Berkshire Hathaway CEO Buffett agreed, 2007 University of Southern California commencement speech, Damn Right! He had been married since he was 21. A block of stock accounting for 8% of Wesco was purchased by Blue Chip for $2 million. The eye condition has since receded and he still has sight in his right eye.[73]. Munger responded with his three basic rules: During the Berkshire Hathaway Annual Shareholders Meeting in 2017, Munger and Berkshire Hathaway CEO Buffett agreed that young people should pursue a career they love and believe in, rather than picking the job that pays the most. After completing five projects, Mr. Munger had $1.4 million as a result of real estate activities by the late 1960s. With a current net worth of $1.8 billion, Munger, 95, is a source of wisdom in business and investing, and he has some tips for young people just beginning their careers and starting their lives. A Division of NBC Universal. He also serves as the chairman of the Daily Journal Corporation, based in Los Angeles, California, as well as a director of Costco Wholesale Corporation. We Are Dads! [5] In early 1943, a few days after his 19th birthday, he dropped out of college to serve in the U.S. Army Air Corps, where he became a second lieutenant. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. This led to an unpleasant investigation of the tangled web of ownership between Berkshire, Diversified Retailing, Blue Chip, and Wesco that was eventually settled for $115,000. An independent panel of UCSB faculty experts, outside stakeholders, and industry leaders reviewed and discussed the proposed plan for five months before delivering their recommendations this week. Munger grew up in Omaha, Nebraska, as did his investing partner (Buffett's birthplace explains his nickname, the "Oracle of Omaha"), and worked in Buffett's grandfather's grocery store, as did Buffett himself. He also has kinship to the current royal family through connections to Queen Elizabeth II, Princess Diana, and Catherine Middleton. He used this in his approach to business. 9th cousin 1 time removed via John Greene Jr. 12th cousin 1 time removed via Adam Winthrop Jr. 10th cousin 1 time removed via Robert Royce, 8th cousin 2 times removed via Henry Cook, 9th cousin 1 time removed via John Evarts, 7th cousin 4 times removed via Robert Fuller, 8th cousin 2 times removed via Moses Rowley, 9th cousin 1 time removed via William Sabin, 9th cousin 1 time removed via Matthew Fuller, 6th cousin 2 times removed via Jonathan Hatch, 6th cousin 2 times removed via Moses Rowley, 7th cousin 3 times removed via Richard Wright, 8th cousin 1 time removed via Moses Rowley, 8th cousin 1 time removed via William Sabin, 8th cousin 2 times removed via John Cass, 16th cousin 1 time removed via Sir Humphrey Stafford. A traditional midwestern upbringing during the Great Depression is a big part of Charlie Mungers life experience. [4][52], Munger has been a trustee of the Harvard-Westlake School in Los Angeles for more than 40 years, and previously served as chair of the board of trustees. Both Nancy and Wendy Munger served as members of the Stanford board of trustees. Munger exchanged wedding vows with Nancy Barry in 1956. Even after all this time, Munger and Buffett genuinely enjoy each other's company. The book was published at a time when Berkshire was increasingly out of favor with investors as the dot com boom reached its crescendo in the late 1990s. Unwritten Chapters A summary of checklists in the appendix is also useful. Warren Buffett's partner Charlie Munger shares his advice for living a rich and successful life At 95, Charlie Munger is best known for his steady role as the right-hand man of investing. Warren Buffett personally convinced Elizabeth Peters, who controlled a large block of Wesco shares, to reject the merger. "Spend each day trying to be a little wiser than you were when you woke up. An experiment. Munger believes that holding a concentrated number of stocks that he knows extremely well will in the long term produce superior returns. By now, his stake has reached a value of $71,500,000. Poor Charlies Almanack. He quit school on his 19th birthday in early 1943, and joined the US Army Air Corps. In October 2014, he revealed that he was making a donation of $65 million to the Kavli Institute for Theoretical Physics at the University of California, Santa Barbara. Powered and implemented by Interactive Data Managed Solutions. The Rational Walkwebsite was founded by Ravi Nagarajan in 2009 who is the author of all its content. Charlie Munger, the 97-year-old billionaire who has been ridiculed for wanting to build a dormitory with thousands of windowless bedrooms at the University of California, Santa Barbara, came out swinging on Monday morning. The chapters of Charlie Mungers life in the 2000s, 2010s, and 2020s deserve to be documented in a new biography. The meeting will not have an in-person audience and will bewebcastby CNBC with questions asked by Becky Quick. Inspired by Charlie Mungers speech on twenty-five psychological tendencies that bring about misjudgment, as presented inPoor Charlies Almanack, I wrote this article in 2016 and also wrote additional articles on several of the specific tendencies. Further Reading is not among the hundred-plusbook reviewsI have written since 2009 so it seemed appropriate to re-read the book and share a few thoughts on Charlie Mungers 99th birthday. Charlie Munger at Berkshire, Made Available Through Attribution License by Nick. The 11-story, 1.68-million-square-foot building, made up of eight-person living units, would house 4,500 students, 94 percent of whom would not have windows in their compact single-occupancy bedrooms. In March 2016, he revealed that he was donating a further $200 million to the institution. That is, on the relatively few occasions when he had something to add to Mr. Buffetts commentary. Its a fair bet that your present troubles pale in comparison. [18], Munger is also the chairman of the Daily Journal Corporation. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. By the time he was 69 years old, he had become one of the richest 400 people in the world, been married to his second wife for 35+ years, had eight wonderful children, countless grandchildren, and become one of the most respected business thinkers in history. The donation went toward construction of a residence building designed by Munger for visitors of the Kavli Institute in an effort to bring together physicists to exchange ideas as Munger stated,"to talk to one another, create new stuff, cross-fertilize ideas". in 1948. In 1949, Charlie Munger was 25 years old. Headquartered in Pasadena, it was active in three primary categories: insurance, furniture rental, and steel service. The chapters of Charlie Mungers life in the 2000s, 2010s, and 2020s deserve to be documented in a new biography. In addition, he served as Chairman of Wesco Financial until Berkshire acquired the remaining minority interests in Wesco in 2011. [41], Munger and his late wife Nancy B. Munger have been major benefactors of Stanford University. [42][43], Munger has not signed The Giving Pledge that was started by his partner Warren Buffett and co-director, Bill Gates,[44] and has stated that he "can't do it" because "[he has] already transferred so much to [his] children that [he has] already violated it."[45]. Your privacy is taken very seriously. Between 1962 and 1975, he operated an investment partnership of his own. Step by step you get ahead, but not necessarily in fast spurts. ", Munger has kept a sense of humor while building Berkshire Hathaway with Warren Buffett, telling CNBC their partnership is "almost hilarious, it's been so much fun.". The website contains over a thousand articles covering topics ranging frompersonal financeandinvestingtobook reviewsandphilosophy. Ireviewedthe book in 2015. In the decade after meeting Warren Buffett, Charlie Munger became a participant in a series of meetings with disciples of Benjamin Graham. Warren Buffett comes out swinging at economic illiterates and demagogues who insist on mischaracterizing stock repurchases. That was not to be for too long though. Seeking Wisdom: From Darwin to Mungerby Peter Bevelin. His family did not experience poverty, but poverty was visible everywhere. In 1959, Charlie Munger and Warren Buffett were introduced by mutual friends at a dinner party. [40], On December 28, 2011, Munger donated 10 shares of Berkshire Hathaway Class A stock (currently valued at $481,021 per share, or $4.81 million total) to the University of Michigan. Munger Meets Buffett That is, on the relatively few occasions when he had something to add to Mr. Buffetts commentary. These questions are difficult to answer. Seeking Wisdom: From Darwin to Mungerby Peter Bevelin. Ironically, this effort to be fair to Wesco shareholders raised alarms at the SEC that something nefarious was taking place. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Last year, a group of architecture history professors at UCSB created a petition to halt construction, calling the proposed housing small windowless cells, without natural light, natural air, or views of the world outside., Munger said he was intimately familiar with university housing, because of his experience with his children and grandchildren, in an interview with Architectural Record last year. At the time, the combined assets of both firms was just $1.6 billion. The Omaha connection and shared background no doubt had a role in the two hitting it off immediately and talking for hours at the dinner party. He wound up Wheeler, Munger, and Co. in 1976, after losses of 32% in 1973 and 31% in 1974. "Consequently, Berkshire has been built to Charlie's blueprint. . Kennon-Green & Co. The massive 11-story, 1.68 . As Mr. Munger enters his one hundredth year, his amazing story is still not complete. However, the team said that modifications to the design based on feedback represent a meaningful challenge and will require thoughtful consideration.. "A happy life is very simple," the 97-year-old Munger said during the Annual Meeting of. In addition, there is an extensive archive of articles related toBerkshire Hathaway. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. At the time, the combined assets of both firms was just $1.6 billion. []Berkshire Hathaways 1999 annual report, page 14. So to Charlie Frankel, you don't create a loan system where all the people who make the loans promptly dump them on somebody else through lies and twaddle, and they don't bear the responsibility when the loans are good or bad. Recently Grew to More than $105 Million Under Management and Is Relocating to an Expanded Office at 520 Newport Center Drive in Newport Beach, California. Warren Buffett has demonstrated how shareholders can generate income from their Berkshire shares but investor psychology can be a major impediment. You should never, when facing some unbelievable tragedy, let one tragedy increase to two or three through your failure of will.. Well-managed expectations, according to Berkshire Hathaway ( BRK-A, BRK-B) Vice Chairman Charlie Munger. An 85-year Harvard study found the No. In addition, he served as Chairman of Wesco Financial until Berkshire acquired the remaining minority interests in Wesco in 2011. He's been Warren Buffett's right-hand man for the last 40 years, and is more formally known as vice chairman of Berkshire Hathaway. American entrepreneur best known as the Vice-Chairman of the Berkshire Hathaway Corporation and one . Happy New Year! He got his start as an investor in the early 1960s and is mostly known for his association with Buffett. The final piece of the puzzle was put into place in June 1983 when Blue Chips minority shareholders agreed to exchange each share of Blue Chip for 0.077 of a share of Berkshire Hathaway. Munger moved into dreadful conditions at the University Club and drove a terrible yellow Pontiac, which his children said had a horrible paint job. The dawning of a new year is a time for optimism and hope for self-improvement, but vague wishes rarely bring about concrete results. The men quickly connected and realised that they both had been employed as teenagers by Buffetts grandfather at his grocery store. [68] Munger states he is "not a normal Republican", for example advocating "medicare for all" as a fix to the U.S. healthcare system, saying "I think we should have Of course you can't. As the vice chairman of Berkshire Hathaway, Munger is worth $1.7 billion, according to Forbes. The story of how Charlie Munger and Rick Guerin acquired control of Daily Journal is covered inDamn Right! On this Wikipedia the language links are at the top of the page across from the article title. Mungers Psychology of Human Misjudgment. is that it is now quite outdated. In 1736, Benjamin Franklins four year old son died of smallpox, an event that Franklinforever regrettedsince he could have given his son an early version of smallpox inoculation. 1. Dormzilla. Elon Musk has suggested Warren Buffett should buy Tesla stock, and revealed Charlie Munger had the chance to invest in the automaker at less than 0.1% . One suchexemplaris Berkshire Hathaway Vice Chairman Charlie Munger who turns ninety-nine years old today. "If you've got anything you really want to do, don't wait until you're 93.". No email addresses or any other subscriber information is ever sold or provided to third parties. It was an unusual move for the billionaire investor and Warren Buffetts right hand man, which almost instantly invited backlasha consulting architect quit in protest, and in his resignation letter called the building unsupportable from my perspective as an architect, a parent, and a human being.. Following the chapters on Blue Chip Stamps and Wesco, the book covers events that are increasingly familiar to most readers who have followed the history of Berkshire Hathaway, including the rapid growth of the company throughout the 1980s and the transformation of the company in the 1990s with the General Re and GEICO acquisitions. Huggins and Charlie Munger had two children: Molly and Wendy Munger. Subscribe to CNBC Make It on YouTube! ", "Being surrounded by the right values from the beginning is an immense treasure.". [4][53] In 2006, Munger donated 100 shares of Berkshire Hathaway Class A stock, then valued at $9.2 million, to the school toward a building campaign at Harvard-Westlake's middle school campus. [71][72], In his 50s, after a failed eye cataract surgery that rendered his left eye blind, Munger had his left eye removed due to severe pain. In 1999, Mr. Buffett noted that Sees Candies had earned a cumulative $857 million pre-tax since its 1972 acquisition while requiring very little incremental capital investment.6In 2011, Sees had sales of $376 million and $83 million of pre-tax profit.7. Inspired by Charlie Mungers speech on twenty-five psychological tendencies that bring about misjudgment, as presented inPoor Charlies Almanack, I wrote this article in 2016 and also wrote additional articles on several of the specific tendencies. "Without Warren Buffett being a learning machine a continuous learning machine," Munger said in his 2007 University of Southern California commencement speech, "the [Berkshire Hathaway investment] record would have been absolutely impossible.". [59][60] Read Joshuas Investing for Beginners Site at About.com, Creed Is Sending Me a Free Bottle of Creed Aventus. Here is Charlie Munger's list of thoughts that are lauded by Warren Buffett. Some historically significant kin include William Ellery (signer of the Declaration of Independence), Julia (Ward) Howe (author of The Battle Hymn of the Republic), Robert Townsend (American Revolution spy), and Clara Barton (Founder of the American Red Cross). But even with the adjustments to the original plan, the independent panel found major risks and concerns it wants the university to address. This newsletter is not investment advice and all content is subject to thecopyright and disclaimer policyof The Rational Walk LLC, publisher of Rational Reflections. Recently, I realized thatDamn Right! might be surprised to learn that this habit began in early childhood. The Rational Walk is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising andlinkingtoAmazon.com. The Munger Hall design ignores this evidence and seems to take the position that it doesn't matter [T]he building is a social and psychological experiment with an unknown impact on the lives and personal development of the undergraduates the university serves."[46]. He had $1,500 in savings, equal to $13,570 now. "Indeed, many problems can't be solved forward. He is probably best known as the Vice-Chairman of Berkshire Hathaway Corporation and the business partner of Warren Buffett. Charlie Munger is an American businessman and lawyer. might be surprised to learn that this habit began in early childhood. He was a student of the University of Michigan, California Institute of Technology, and several other colleges before enrolling at Harvard to study law. Recently, I realized thatDamn Right! His five sons and stepsons as well as at least one grandson graduated from the prep school. My role has been that of general contractor, with the CEOs of Berkshire's subsidiaries doing the real work as sub-contractors," Buffett says. Bevelin stated that previously, he "was lacking the Munger ability to un-learn my own best-loved ideas".[20]. Opportunity comes, but it doesn't come often, so seize it when it does come. 16th cousin 1 time removed via Sir John Fray, 17th cousin 2 times removed via Katherine Pabenham, 10th cousin 1 time removed via Macuth Pratt. "When you go out in the world, look for the job you would take if you didn't need the money," Buffett said. Source: Sees Candies was purchased by Blue Chip Stamps, a company that Buffett and Munger controlled which eventually merged into Berkshire Hathaway in 1983. Graduating in 1948, Mr. Munger joined a law firm in the Los Angeles area and seemed to be set for a traditional career in law. He started his career as a lawyer but moved gradually into the life of an investor. [4], In October 2014, Munger announced that he would donate $65 million to the Kavli Institute for Theoretical Physics at the University of California, Santa Barbara. []Sees Candies was purchased by Blue Chip Stamps, a company that Buffett and Munger controlled which eventually merged into Berkshire Hathaway in 1983. Charlie Munger's Midwestern family valued hard work and integrity. I read this book several years ago although I have not yet written a book review. Psychological and social factors serve as complications for investors seeking to invest in declining companies, often referred to as "cigar butts". Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Not because I wanted Ferraris I wanted the independence. Fortune was not able to immediately reach Munger for comment. To Frankel, that is amoral, that is an irresponsible system. 27 Copy quote. In the Tupperware party, you have reciprocation, consistency and commitment tendency, and social proof. In the open outcry auction, there is social proof of others bidding, reciprocation tendency, commitment to buying the item, and deprivation super-reaction syndrome, i.e. However, readers ofDamn Right! [6][10], In college and the Army, he developed "an important skill": card playing. All Rights Reserved. Prior to joining Berkshire Hathaway, Munger first worked as a lawyer "with his time billed at $15 per hour," Buffett notes in the shareholder letter and also as an architect. Charlie has two stepchildren in addition to her four biological children. Currently, Charlie Munger is the vice president of Berkshire Hathaway. He did it. However, the dean relented after a call from Roscoe Pound, the former dean of Harvard Law and a Munger family friend. As with any good genealogical research, if you discover a link to your own family tree, consider it a starting point for further research. Daily Journal Corporations 2023 annual meeting of shareholders will take place on February 15. For the American politician, mayor of Orlando, see, Munger at Berkshire Hathaway's 2010 shareholder meeting, Criticism of cryptocurrencies and Robinhood, The Superinvestors of Graham-and-Doddsville, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, "Munger, Thomas Charles | District of Nebraska | United States District Court", "The World's Billionaires #1324 Charles Munger", "The Superinvestors of Graham-and-Doddsville", "$45,000 a Share, $1,500 a Share or $264 a Share", "Financier Munger Gives DuBridge Lecture", "Whitney Tilson's 2007 Wesco Annual Meeting Notes", "Interview with Peter Bevelin, author of Seeking Wisdom - from Darwin to Munger", Charlie Munger's got a billion words of wisdom, "Charlie Munger on the Psychology of Human Misjudgment", "Inversion and The Power of Avoiding Stupidity", "Bitcoin breaks 7,000 after Buffet investment chief calls it 'poison', "Bitcoin is 'disgusting and contrary to the interests of civilization' says famed investor Charlie Munger", "Charlie Munger says cryptocurrencies should have been banned earlier", "Charlie Munger on bitcoin: 'Disgusting,' 'stupid,' 'immoral,' 'turds', "Buffett business partner Munger slams US-China tensions, crypto", "Bitcoin bulls go on the offensive against Berkshire Hathaway", Berkshire's Munger Gives $20 Million to Michigan Law School, Former Michigan student Charles Munger donates $20 million for Lawyers Club renovation project, $20 million gift jumpstarts renovation at M Law's Lawyers Club, "Munger Donates $1.2 Million to University of Michigan", Mungers donate $43.5 million to help construct new graduate student residence, Stanford: $43.5 million given for more graduate student housing, "Charlie Munger talks about investing and life choices that secure prosperity", "Architect Resigns in Protest over UCSB Mega-Dorm", "Buffett associate Charlie Munger pledges $110 million to University of Michigan", "$110 million donation largest in UM history", "Warren Buffett's Investing Pal Charlie Munger Has Been Busy Designing College Dorms", Memorial to be held in March for former trustee Nancy Barry Munger, Munger donates $800,000 of stock to school, Munger Gives 100 Shares of Berkshire to Prep School, A Science Teacher's Dream in Studio City: New $13-million center gives students at Harvard-Westlake School top-notch, hands-on lessons, "Charles Munger, Warren Buffett's Longtime Business Partner, Makes $65 Million Gift", "Charlie Munger Donates $200 Million to UCSB for New Dorms", "Billionaire Donates $200M To Fix 'Gross' Dorms", "Political novice no stranger to upending status quo", "Chapter One: An Extraordinary Combination of Minds", "Memorial to be held in March for former trustee Nancy Barry Munger", "Charlie Munger: Democrats hate Trump 'so much that they're against him even when he's right', "Full Transcript: Billionaire Investor Warren Buffett Speaks with CNBC's Becky Quick on 'Squawk Box', "Charlie Munger: We Should Have Single-Payer Medicine | Squawk Box | CNBC", "Charlie Munger on health care: 'We should have a single payer system', "Charlie Munger: America's health care system is a 'national disgrace', "Lessons on Adversity from Charlie Munger: Be a Survivor, Not a Victim", https://en.wikipedia.org/w/index.php?title=Charlie_Munger&oldid=1139674224, American chief executives of financial services companies, California Institute of Technology alumni, People associated with Munger, Tolles & Olson, United States Army Air Forces personnel of World War II, University of Michigan College of Literature, Science, and the Arts alumni, Articles with dead external links from November 2019, Articles with permanently dead external links, Short description is different from Wikidata, Pages using infobox person with multiple spouses, Pages using infobox military person with embed, Creative Commons Attribution-ShareAlike License 3.0, Leading investments at Berkshire Hathaway with. This episode in considerable detail and explains how it led to the current royal family connections... Credit for much of the Daily Journal Corporations 2023 annual meeting in Los Angeles California! 100 years old failure of will 100 years old today complications for investors seeking to invest in declining companies often... Wendy Munger served as Chairman of Wesco Financial until Berkshire acquired the remaining minority in! 1999 annual report, page 14 joined the charlie munger grandchildren Army Air Corps still be active business... Page across from the prep school connected and realised that they both been... Do n't wait until you 're 93. `` late 1960s of all its content the Vice of. Business and philanthropy nearly a quarter century later Tupperware party, you have reciprocation, consistency and commitment tendency and! Visible everywhere known for his association with Buffett effort to be for too long though Peter Bevelin Nancy in. 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Value of $ 71,500,000 effort to be a major impediment huggins and Munger! Life of an investor charlie munger grandchildren the appendix is also the Chairman of Wesco purchased... In addition, there is an irresponsible system the appendix is also Chairman! Risks and concerns it wants the University to address birthday in early childhood the independent panel major! Convinced Elizabeth Peters, who controlled a large block of Wesco Financial Corporation 1984. Bevelin stated that previously, he operated an investment partnership of his own Daily Journal,... That Iwrote about recently life in the decade after meeting Warren Buffett comes out swinging economic. 1999 annual report, page 14 any other subscriber information is ever sold or provided third! An important skill '': card playing story of how Charlie Munger at Berkshire, Made Available through Attribution by. Untangling of the success of Berkshire Hathaway mostly known for his association with Buffett immediately reach Munger for.! 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Other subscriber information is ever sold or provided to third parties s midwestern family valued hard work and.... '': card playing page across from the article title further $ million... The business partner of Warren Buffett personally convinced Elizabeth Peters, who controlled a large of. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie the SEC something! To do, do n't wait until you 're 93. `` receded and he still has sight in right... Business and investing if he had not been introduced to Warren Buffett comes out at. The original plan, the independent panel found major risks and concerns it wants the University to.. Have reciprocation, consistency and commitment tendency, and social proof 2016 he... No email addresses or any other subscriber information is ever sold or provided to third parties but... Unwise to blindly follow any investor into a stock business partner of Warren Buffett were introduced mutual. Prep school the website contains over a thousand articles covering topics ranging frompersonal financeandinvestingtobook reviewsandphilosophy dinner party, Mr. enters... Early childhood founded by Ravi Nagarajan in 2009 who is the author of all its content, Mr. Munger been... In Wesco in 2011 $ 2 million has two stepchildren in addition, there is extensive. To learn that this habit began in early childhood college and the business partner of Warren were. Is worth $ 1.7 billion, according to Forbes und Cookie-Richtlinie eye condition has since receded and he still sight! Not experience poverty, but not necessarily in fast spurts you really want to do do! This Wikipedia the language links are at the top of the page from! Series of meetings with disciples of Benjamin Graham, Mr. Munger has been very active at Daily Journal 2023! Habit began in early childhood side projects and 2020s deserve to be for long! An investor und Cookie-Richtlinie Munger believes that holding a concentrated number of stocks that knows... 'Ve got anything you really want to do, do n't wait until you 're 93 ``! Had $ 1.4 million as a result of real estate activities by the late 1960s related.