Charlie Munger Passes at 99

[nafregnum]

The Audible Plus catalog has Charlie's biography, "Damn Right!" so anyone can listen to it for free if you've got an Audible account at the Premium Plus level.  

 

I think I'm going to re-read my copy of Poor Charlie's too, this time with my almost-grown-up kids.  They've been asking me about getting started with investing, and Charlie's generosity at mentoring others is making me feel ashamed that I haven't shared more about the topic, especially with them.

 

 

[gfp]

The WSJ has some cool pictures of Charlie from September with his value line investment survey binders -

 

https://www.wsj.com/finance/investing/investor-charlie-munger-interview-2b636dc5?mod=hp_lead_pos8

[SharperDingaan]

Managed to get hold of a signed first edition of poor charlie's almanac for this years family meeting; plus had a couple of his better quotes printed and framed. Our mum always gets a good chuckle from the old guy, as some of his quotes work far better when applied 'to friends in low places'. Which ones .. to remain anonymous!

 

SD

 

[UK]

On 12/2/2023 at 1:04 AM, Munger_Disciple said:

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?

 

https://www.cnbc.com/2023/11/30/full-transcript-from-cnbcs-charlie-munger-a-life-of-wit-and-wisdom-.html

 

Yeah, but not like Warren. More than half of Munger money has already been passed to the descendants. So I made exactly the opposite, it’s a smaller amount of money, but I made exactly the opposite decision for the majority of our money. The majority of his money he gave away. And now he didn’t exactly give it away. It goes to Buffett Foundations that go on for another 100 years.

 

Perhaps this timeframe he mentioned relates to only part / foundations run by children?

[Munger_Disciple]

3 hours ago, UK said:

 

https://www.cnbc.com/2023/11/30/full-transcript-from-cnbcs-charlie-munger-a-life-of-wit-and-wisdom-.html

 

Yeah, but not like Warren. More than half of Munger money has already been passed to the descendants. So I made exactly the opposite, it’s a smaller amount of money, but I made exactly the opposite decision for the majority of our money. The majority of his money he gave away. And now he didn’t exactly give it away. It goes to Buffett Foundations that go on for another 100 years.

 

Perhaps this timeframe he mentioned relates to only part / foundations run by children?

 

Thanks for the transcript. It seemed contrary to what Buffett used to say about his Berkshire stake in the past; that 100% of it would be distributed to charity within 10 years of his passing. If it is indeed the case that Buffett charities would keep operating for 100 more years, it may actually work out better for shareholders post Buffett given that there are now two Buffett children on the board. 

[UK]

4 minutes ago, Munger_Disciple said:

 

Thanks for the transcript. It seemed contrary to what Buffett used to say about his Berkshire stake in the past; that 100% of it would be distributed to charity within 10 years of his passing. If it is indeed the case that Buffett charities would keep operating for 100 more years, it may actually work out better for shareholders post Buffett given that there are now two Buffett children on the board. 

 

But from the recent release: https://www.berkshirehathaway.com/news/nov2123.pdf

 

"The testamentary trust will be self-liquidating after a decade or so and operate with a lean staff."

 

"In the short-term, Berkshire’s distinctive characteristics and behavior will be supported by my large Berkshire holdings. Before long, however, Berkshire will earn whatever reputation it then deserves."

 

So my guess this long horizon he talks about maybe relates only to foundations run by children or a small part of total distributions?

 

 

 

[Munger_Disciple]

4 minutes ago, UK said:

 

But from the recent release: https://www.berkshirehathaway.com/news/nov2123.pdf

 

"The testamentary trust will be self-liquidating after a decade or so and operate with a lean staff."

 

"In the short-term, Berkshire’s distinctive characteristics and behavior will be supported by my large Berkshire holdings. Before long, however, Berkshire will earn whatever reputation it then deserves."

 

So my guess this long horizon he talks about maybe relates only to foundations run by children or a small part of total distributions?

 

 

 

 

Who knows? 

[spartansaver]

https://dcs.megaphone.fm/CLS7328362599.mp3?key=b0b0433f893f6ae8ab6d13100e55a786&request_event_id=e1869b0d-8ab2-4455-82e8-6f7c17973372&source=3
 

Interview from last year just released. Funny stuff about transdigm. He’s in his prime here 

[CassiusKing1]

Excellent Interview! 

 

Thanks for posting @spartansaver!

[Munger_Disciple]

During Collison's interview, Charlie recommends evaluating investment managers using per dollar-year returns & to avoid using time weighted returns. Does anyone know what Munger meant?  

Edited December 7, 2023 by Munger_Disciple

[CorpRaider]

I believe the more commonly used term is "dollar-weighted returns." 

Edited December 8, 2023 by CorpRaider

[Munger_Disciple]

1 hour ago, CorpRaider said:

I believe the more commonly used term is "dollar-weighted returns." 

 

Yes thanks. @gfp clarified it for me on the general Berkshire board as well. It is also known as IRR or internal rate of return which is a more common terminology. 

Edited December 8, 2023 by Munger_Disciple

[backtothebeach]

Today Charlie would have celebrated his 100th birthday. I don’t know if he is celebrating somewhere else, but I’m sure many people are thinking of him and celebrating him in their minds today.