Charlie Munger Passes at 99

[lnofeisone]

RIP Charlie. He owns some of the funniest and truest statements. Lived life to the fullest despite all the challenges. Really showed what the polar opposite of victim mentality is all about. 

[Ghost]

RIP Charlie

 

“The big money is not in the buying or selling, but in the waiting.” - Munger

[Blugolds11]

RIP Charlie, 

 

I’ve literally never given a celebrity death a second thought, but then again none of them have ever truly impacted my life, certainly not in a positive way. 

 

I agree with the quotes above, Charlie contributed to me having a better life and that is the greatest compliment one can give another. 

 

The last time in my life when I felt like I had witnessed the end of an era that I thought I was lucky to have experienced/witnessed was the Chicago Bulls, and “Felt something” when I knew I would never see Jordan wear the red 23 again. 

 

I was a spectator, and somehow now, as a BRK shareholder, it felt more like we were teammates, watching the interviews, seeing him in Omaha, reading books, his wit/wisdom will be missed and I consider myself fortunate to have benefited from being alive in his era. 

[skanjete]

I had even more respect for Charlie than for Warren... RIP 

 

"It's not supposed to be easy. Anyone who finds it easy is stupid"

[Charlie]

Rest in peace Charlie Munger,

 

"When there is no reason not to do it, than do it."

 

„It´s all about having a series of models in your head and running reality against the models...."

“You array knowledge on a bunch of models that are basically answers to the question why, why, why.“

„You have to know how the models interact.“

“Acquire worldly wisdom and adjust your behavior accordingly.“

 

"If you are good at reading and thinking, you don´t have to do much else."

 

"You should be so lucky." (to the Berkshire Shareholders)

Edited November 29, 2023 by Charlie

[Dave86ch]

RIP Charlie.

 

“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.”

[formthirteen]

 

He has already been cloned to some degree and accuracy by AI, both voice and writing, as in these examples from ChatGPT:

 

Quote

 

Charlie Munger: The Man Who Knew Too Much, But Not Enough About Immortality

Charlie Munger, the legendary investor, lawyer, philanthropist, and unofficial philosopher, who spent decades playing Sancho Panza to Warren Buffett's Don Quixote, has finally decided to check out the only market he couldn't predict – the afterlife.

Munger, known for his quick wit and even quicker intellect, often said, "The first rule of compounding: Never interrupt it unnecessarily." It seems, however, that nature had other plans, interrupting his compounding at the ripe age of [age at passing].

Born in Omaha, Nebraska, a place more famous for steaks than stock market sages, Munger turned investing into a form of intellectual combat. He wasn't just good with numbers; he had a relationship with them. He understood them, coaxed them, and at times, it seemed like he could make them dance to the tune of his folksy wisdom.

As the right-hand man of Warren Buffett at Berkshire Hathaway, Munger was known for his 'Mungerisms' – pithy sayings that combined common sense, uncommon wisdom, and a dash of humor. He often quipped, “I try to avoid being stupid. I have a way of handling big troubles better than small ones.” True to form, Munger handled the biggest trouble – life itself – with a remarkable blend of humility, humor, and grace.

Charlie was as famous for his love of See's Candies as he was for his investment acumen. Some say his sweet tooth was as sharp as his investment strategy. He also had a notorious disdain for anything that didn't make sense to him, particularly Bitcoin, to which he once famously referred as "rat poison squared." Whether he's discussing markets or munchies, Munger always delivered a zinger.

In his twilight years, Munger often reflected on the ironies of aging, remarking, “It’s nice to have a lot of money, but you know, you don't want to keep it around forever. I prefer buying things. Otherwise, it's like saving sex for your old age.”

Munger leaves behind a legacy of extraordinary investment wisdom, a multitude of grateful investors, and a world that's a little less colorful without his sharp commentary. He's now off to the great boardroom in the sky, probably to advise the angels on their cloud allocations.

In lieu of flowers, Charlie would have probably preferred you read a good book, invest wisely, and for heaven's sake, avoid foolishness at all costs.

 

 

 

Quote

 

I'm sorry to hear about the passing of Charlie Munger. Here's a summarized bullet-point list of "The Psychology of Human Misjudgment," a famous lecture by Munger:

 

1. Reward and Punishment Superresponse Tendency: People are strongly influenced by incentives and disincentives.
2. Liking/Loving Tendency: Affection influences thoughts and actions, often leading to bias towards loved ones or associated items.
3. Disliking/Hating Tendency: Negative emotions towards something or someone can cloud judgment and decision-making.
4. Doubt-Avoidance Tendency: The desire to quickly remove doubt can lead to hasty decisions without thorough analysis.
5. Inconsistency-Avoidance Tendency: People resist change and often stick to their initial beliefs and strategies.
6. Curiosity Tendency: Natural curiosity leads to exploration and learning, driving human behavior.
7. Kantian Fairness Tendency: People often make decisions based on perceived fairness, even if it's not in their best interest.
8. Envy/Jealousy Tendency: Envy can lead to irrational behavior and decisions.
9. Reciprocation Tendency: The urge to reciprocate favors and actions can influence decisions and behavior.
10. Influence-from-Mere-Association Tendency: Associations, even when irrelevant, can heavily influence thoughts and decisions.
11. Simple, Pain-Avoiding Psychological Denial: Denial of reality to avoid pain can lead to irrational behavior.
12. Excessive Self-Regard Tendency: Overestimating one's abilities and contributions can lead to flawed decision-making.
13. Over-Optimism Tendency: Unwarranted optimism can lead to risky behavior and overlooking potential problems.
14. Deprival-Superreaction Tendency: Fear of loss often leads to irrational decision-making.
15. Social-Proof Tendency: People tend to follow the crowd, especially in uncertain situations.
16. Contrast-Misreaction Tendency: Judgments are often influenced by contrast to recent experiences, not absolute standards.
17. Stress-Influence Tendency: Under stress, people can make poor decisions due to altered mental state.
18. Availability-Misweighing Tendency: Overweighing information that is readily available can lead to skewed perception and decision-making.
19. Use-It-or-Lose-It Tendency: Skills and knowledge not regularly used tend to deteriorate over time.
20. Drug-Misinfluence Tendency: Drug use can significantly impair judgment and decision-making.
21. Senescence-Misinfluence Tendency: Age-related decline can affect decision-making and judgment.
22. Authority-Misinfluence Tendency: Authority figures can unduly influence individuals' decisions and beliefs.
23. Twaddle Tendency: People often engage in and are influenced by meaningless talk or information.
24. Reason-Respecting Tendency: People are more likely to comply with requests or follow instructions if reasons are provided.
25. Lollapalooza Effect: Multiple psychological tendencies can combine to produce extremely irrational behavior.

 

Each of these points reflects a specific cognitive bias or psychological tendency that Munger believed could lead to misjudgments and errors in human

 

 

 

Edited November 29, 2023 by formthirteen

[JAK]

Rest in Peace Charlie. You'll be sorely missed. So many learned so much from you! 

Was hoping he would make it to 100, my grandmother passed away a few months short of her 100th as well. Kind of strange, but considered Warren and Charlie as wise old grandparents in a way. Dispensing wisdom from their armchairs. Grew up listening to them, and learned as much about life from them as I did about investing. 

Never made it to Omaha, but sent him a thank you letter last year. Didn't get a response, but very happy that I sent it now that he's gone. 
 

"The best armour of old age is a well-spent life preceding it."

 

"The best thing a human being can do is to help another human being know more."

[Viking]

RIP Charlie. The wisdom that Warren and Charlie shared over the years has been life changing for me and my family. I will not forget Charlie. 
 

My wife, who does not follow investing, knows who Charlie Munger is/was. The man touched so many lives - and in such a positive way.

[hasilp89]

From his essay in poor Charlie’s on old age, self learning and keeping at it. With another message in there about who he wanted and was able to be.
 

Cicero, learned man that he was, believed in self-improvement so long as breath lasts. He commends Socrates for learning to play the fiddle late in life and another Roman for mastering Greek when old. Indeed, according to Cicero, the deaths of others that hurt the most are the ones of people you are learning from. And so at one point he has Cato say of Quintus Fabius Maximus: "I was so fond of hearing him speak [that] I ... feared that when he was taken from us, I should never find another [such] man to improve by." And Cicero twice quotes with relish what was often said of Solon, the great man of early Athens: "Daily learning something, he grew old."

 

 

Edited November 29, 2023 by hasilp89

[CGJB]

Some people are around so long that, without realizing it, you think they're going to be around forever. And then the day comes when they're not. Rest in peace, Mr. Munger.

[cubsfan]

12 hours ago, Blugolds11 said:

I’ve literally never given a celebrity death a second thought, but then again none of them have ever truly impacted my life, certainly not in a positive way. 

 

Could not have been better said!

[Munger_Disciple]

I love this quote from Charlie: I think life is a whole series of opportunity costs. You know, you got to marry the best person who is convenient to find who will have you. Investment is much the same sort of a process.

 

I feel a sense of deep loss but then Charlie left us so much wisdom that he will forever be with us.

[Xerxes]

I enjoyed reading most/all of the comments here. 
 

That said, i must say the “business media” idea of remembering Charlie Munger is fg&&;ing lame. They talk about See Candies and helping Buffett “pivot” and BYD. Are you serious …. is that the only thing they can come up with. 
 

It is like trying to remember Napoleon, and talking about Austerlitz, Borodino and Wagram. “Oh yeah he took some scalps there, didn’t he”. Instead of macro earthquake that he was. 

[CassiusKing1]

All I can do is think of the 2022 Berk Shareholders Meeting Film.  The Breaking Bad skit, where at the end Charlie leans back in his office chair wearing a jacket covered in dollar signs and says: "Brittle, bitches!"

Always brings a smile to my face.

 

The man was so much.  Investor, lawyer, architect, constant learner, etc.  I will continue to learn from him for the remainder of my life.  RIP Charlie!

[Vish_ram]

Munger taught us how to invest, how to think about investing, how to live a happy life, how to handle success & failure, understand human psychology...

 

What more one can ask for?

[Parsad]

What's amazing about both Buffett & Munger is that for such old men, they have the most uncanny comic timing with younger people, and can make the most rational ideas starkly apparent to laymen. 

 

That's a rare gift...to be able to teach people while entertaining them, and hopefully make them better human beings at the end of it!  Cheers!

[LongHaul]

Charlie Munger was a bottomless well of wisdom.  

What a great man in thought, words and action.  

 

I was reading Charlie's Almanack again ~10 years after I first read it and it was so deep and relevant and I was able to make more connections with more life experience.  

 

I will be eternally grateful for the wisdom he shared as I think it made many of us better human beings.  

 

“Always take the high road, it's far less crowded.”

― Charlie Munger

[UK]

https://www.wsj.com/finance/investing/charlie-munger-life-money-ae3853ad?mod=hp_trending_now_article_pos5

 

It’s 1931, and a boy and girl, both about seven years old, are playing on a swing set on N. 41st St. in Omaha. A stray dog appears and, without warning, charges. The children try to fight the dog off. Somehow, the boy is unscathed, but the dog bites the girl. She contracts rabies and, not long after, dies. The boy lives. His name? Charles Thomas Munger. Charlie Munger, the brilliant investing billionaire who died on Tuesday in a California hospital 34 days before his 100th birthday, told me that story when I interviewed him last month. I’d asked the vice chairman of Warren Buffett’s Berkshire Hathaway BRK.B -0.38%decrease; red down pointing triangle: What do you think of people who attribute their success solely to their own brilliance and hard work? “I think that’s nonsense,” Munger snapped, then told his story, which I can’t recall him ever publicly recounting. “That damn dog wasn’t 3 inches from me,” he said. “All my life I’ve wondered: Why did it bite her instead of me? It was sheer luck that I lived and she died.” He added: “The records of people and companies that are outliers are always a mix of a reasonable amount of intelligence, hard work and a lot of luck.”

[Cigarbutt]

18 hours ago, UK said:

https://www.wsj.com/finance/investing/charlie-munger-life-money-ae3853ad?mod=hp_trending_now_article_pos5

 

It’s 1931, and a boy and girl, both about seven years old, are playing on a swing set on N. 41st St. in Omaha. A stray dog appears and, without warning, charges. The children try to fight the dog off. Somehow, the boy is unscathed, but the dog bites the girl. She contracts rabies and, not long after, dies. The boy lives. His name? Charles Thomas Munger. Charlie Munger, the brilliant investing billionaire who died on Tuesday in a California hospital 34 days before his 100th birthday, told me that story when I interviewed him last month. I’d asked the vice chairman of Warren Buffett’s Berkshire Hathaway BRK.B -0.38%decrease; red down pointing triangle: What do you think of people who attribute their success solely to their own brilliance and hard work? “I think that’s nonsense,” Munger snapped, then told his story, which I can’t recall him ever publicly recounting. “That damn dog wasn’t 3 inches from me,” he said. “All my life I’ve wondered: Why did it bite her instead of me? It was sheer luck that I lived and she died.” He added: “The records of people and companies that are outliers are always a mix of a reasonable amount of intelligence, hard work and a lot of luck.”

-From the role of luck to present appreciation for civilization and to the need to soldier through (with a bit of "luck"?; my children call this blind optimism)

Mr. Munger recently commented on the % success rate to treat child leukemia (from 0% to 90%+) and associated this 'progress' with civilization.

In 1931, being bit by a stray dog infected by rabies was essentially a death sentence.

The US eradication of the rabies canine variant has been a amazing success arising from civilization (collaborative effort; policies such as stray dog 'management', rational application of science etc). 

All his life, he wondered.

[oscarazocar]

37 minutes ago, Cigarbutt said:

-From the role of luck to present appreciation for civilization and to the need to soldier through (with a bit of "luck"?; my children call this blind optimism)

Mr. Munger recently commented on the % success rate to treat child leukemia (from 0% to 90%+) and associated this 'progress' with civilization.

In 1931, being bit by a stray dog infected by rabies was essentially a death sentence.

The US eradication of the rabies canine variant has been a amazing success arising from civilization (collaborative effort; policies such as stray dog 'management', rational application of science etc). 

All his life, he wondered.

 

If there is a Good Place, then Dr. Donald Pinkel has the penthouse suite.  He passed away about two years ago.  Dr. Pinkel more or less single-handedly revolutionized treatment for pediatric Acute Lymphoblastic Leukemia (ALL), pushing against many who told him it was pointless and that attempting to cure it would only give false hope to families.  At the time he started, the survival rate for pediatric ALL was 0% and it is now 95%+.  It wasn't some magic bullet, just assiduous tinkering over many years.  I believe that Teddy Munger died of ALL.

 

Here is an excellent obituary from 2022.

https://www.nytimes.com/2022/03/12/health/donald-pinkel-dead.html

[UK]

40 minutes ago, Cigarbutt said:

-From the role of luck to present appreciation for civilization and to the need to soldier through (with a bit of "luck"?; my children call this blind optimism)

Mr. Munger recently commented on the % success rate to treat child leukemia (from 0% to 90%+) and associated this 'progress' with civilization.

In 1931, being bit by a stray dog infected by rabies was essentially a death sentence.

The US eradication of the rabies canine variant has been a amazing success arising from civilization (collaborative effort; policies such as stray dog 'management', rational application of science etc). 

All his life, he wondered.

 

Thanks! Did not realised this.

[schin]

Final interview. 

 

[Cigarbutt]

40 minutes ago, oscarazocar said:

 

If there...

Here is an excellent obituary from 2022.

https://www.nytimes.com/2022/03/12/health/donald-pinkel-dead.html

"He also insisted on as much common space as possible, including a single cafeteria for all —- doctors, scientists and administrators — to encourage creative cross-pollination. He also opened the cafeteria to patients and their families, to give staff members a visual reminder of their collective mission."

Creative cross-pollination, isn't that a mental model of sorts, à la Munger, with a human (human in the civilized sense) touch?

A single cafeteria, isn't this what this Board is about (apart from making money?)?

[Munger_Disciple]

I thought I heard Munger say in his last interview that Buffett (Charitable) Trusts are going to last 100 years. Can this be true? I thought Buffett's shares are going be donated to charity within 10 years of his passing but perhaps trusts will keep the stock and keep operating for 100 years?