All Rights Reserved. All rights reserved. In 2000, Janet Lowe publishedDamn Right!, the only book about Mr. Munger that can be called a traditional biography. "[28], Munger is critical of cryptocurrencies, referring to Bitcoin in particular as "noxious poison. After posting a 73.2% return in 1975, the partnership shut down. [35], Munger is a major benefactor of the University of Michigan. [60], On February 6, 2010, Munger's second wife Nancy Barry Munger died at home at age 86. [1] His father, Alfred Case Munger, was a lawyer. In 1973, Wesco announced plans to merge with another savings and loan on terms that appeared to be unfavorable. Munger also acknowledges life can be "brutally hard" in "Poor Charlie's Almanack" and offers three things he found helpful when times get tough: Munger gets through life day by day, step by step. 1999 was the last year that Berkshire disclosed Sees results as a separate business segment. Though Munger has no formal architectural training, he has contributed heavily to numerous building designs, including dormitories at Stanford University and the University of Michigan, as well as his current home. In addition, he served as Chairman of Wesco Financial until Berkshire acquired the remaining minority interests in Wesco in 2011. By 1959, Mr. Munger was back on his feet but had significant expenses given his large and growing family. Shortly after the divorce, Charlie learned that his son, Teddy, had leukemia. [36][37][38][39], In 1997, the Mungers donated $1.8 million to the Marlborough School in Los Angeles, of which Nancy Munger was an alumna. [46][47] He has donated to universities on the precondition that the universities follow his architectural blueprints exactly. The broad contours of this part of the story are quite well known. Thoughts on Business, Politics, and Life from a Private Investor. During World War II, he did his military service with the US Army Air Corps. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. in January 2001, no doubt as a gift, although I cannot recall who I gave the book to. 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. In 1955, Teddy died at the age of nine leaving Mr. Munger devastated by his loss. https://www.youtube.com/watch?v=peUrLZ24GfM, https://www.youtube.com/watch?v=MsAzifTfM7w, https://www.youtube.com/watch?v=8MUAz1mqNCQ, https://www.youtube.com/watch?v=gLPJHTlYZxI, https://www.youtube.com/watch?v=tf6PQBkXGxY. Damn Right!,page 4 : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. The men quickly connected and realised that they both had been employed as teenagers by Buffetts grandfather at his grocery store. Of course you can't. Charlie Munger was born on the 1st of January, 1924. is that it is now quite outdated. However, readers ofDamn Right! It makes no sense to engage in short term relationships with investments, but it is also hazardous to fall in love with a company or its management. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $29,851 in inflation-adjusted dollars as of 2010. So why would you take it on?" Janet Lowe does an admirable job of explaining the various entities that Warren Buffett, Charlie Munger, and other close associates used to acquire control of different businesses during the 1960s and 1970s. 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. Janet Lowes access to the Munger family provided much insight into Charlie Mungers personality from the perspective of his wife, children, grandchildren, and friends. At Harvard, he was a member of the Harvard Legal Aid Bureau. [17] Meeting notes have been posted on the Futile Finance? This was despite the fact that the 1973-74 bear market was brutal for the partnership with a loss of 31.9% in 1973 and 31.5% in 1974, far in excess of the DJIAs decline of 13.1% and 23.1%, respectively. Lowe describes this episode in considerable detail and explains how it led to the untangling of the complex web. In the decade after meeting Warren Buffett, Charlie Munger became a participant in a series of meetings with disciples of Benjamin Graham. Fr nhere Informationen zur Nutzung Ihrer Daten lesen Sie bitte unsere Datenschutzerklrung und Cookie-Richtlinie. Those include: adding operable windows to each multi-bedroom suite and as many bedrooms as possible, increasing the size of single bedrooms to match their current size of other singles within the universitys existing housing, and reducing the building mass and population density. [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. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control. The secret is "easy, because it's so simple," Munger told Quick. [64] From his second marriage with Nancy Barry, daughter of David Noble Barry Jr. and Emilie Hevener Barry,[65] he has four childrenphysicist and Republican activist Charles T. Munger Jr., Emilie Munger Ogden, Barry A. Munger and Philip R. Mungerand two stepchildren: William Harold Borthwick and David Borthwick. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Munger finds close friends and family to be very important. Janet Lowe's access to the Munger family provided much insight into Charlie Munger's personality from the perspective of his wife, children, grandchildren, and friends. Since Wesco meetings ended, the Daily Journal annual meeting has grown in importance, as investors flock to the meeting to listen to him speak at length. He married Nancy Barry in his second marriage. The biography had atransformational effecton my life but the focus of the book was not on Charlie Munger. However, the team said that modifications to the design based on feedback represent a meaningful challenge and will require thoughtful consideration.. [34], As of January 2021, Munger has an estimated net worth of $1.9 billion according to Forbes. Dubbed Dormzilla, the project was intended to solve the universitys housing crisis driven by an increase in enrollment, and a lack of funding. The meeting will not have an in-person audience and will bewebcastby CNBC with questions asked by Becky Quick. Introduction His family did not experience poverty, but poverty was visible everywhere. The two immediately became friends. He had $1,500 in savings, equal to $13,570 now. He used this in his approach to business. 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). Further Reading Its such a simple idea. Three rules for a career: 1) Don't sell anything you wouldn't buy yourself; 2) Don't work for anyone you don't respect and admire; and 3) Work only with people you enjoy. At 31 years old, Charlie Munger was divorced, broke, and burying his 9 year old son, who had died from cancer. After Munger's divorce, he remarried within a couple of years. He is often referred to as Buffetts right-hand man. In 1959, Charlie Munger and Warren Buffett were introduced by mutual friends at a dinner party. Subscribe here. []Going back to go is a reference to theMonopolyboard game, first released in 1935, where bad luck can send a player back to go where the player must start their travel around the board all over again. Their three children were Wendy, Molly, and Teddy. In the Tupperware party, you have reciprocation, consistency and commitment tendency, and social proof. 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. Our new weekly Impact Report newsletter examines how ESG news and trends are shaping the roles and responsibilities of todays executives. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena. 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. Subscribe to CNBC Make It on YouTube! website, but no updates exist beyond 2011. Seeking Wisdomcontains a great deal of content on human misjudgment and provides guidelines for better thinking. Sie knnen Ihre Einstellungen jederzeit ndern. Charlie Munger's age is 98. Warren Buffett personally convinced Elizabeth Peters, who controlled a large block of Wesco shares, to reject the merger. Although not known for extravagance, the Munger family has long enjoyed reuniting for summer vacations at a family compound at Star Island which is situated in a lake in northern Minnesota. []The law firm isMunger, Tolles & Olsonwhich offers a wide array of services across multiple disciplines. [66], On July 22, 2002, Munger's first wife Nancy Huggins Freeman died of cancer at age 76. The seven year age difference between the two men left them growing up in different social circles despite Charlie Munger working at the Buffett family grocery store during the 1930s. Weight, Hair color A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. 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. 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