Munger Dies at 99

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2023-11-29

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

2023-11-29

After Munger's Death, Berkshire Succession Comes into Focus

2023-11-29

Final Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error

User Discussion

maricel

2023-12-05

Fun fact - Both of his wives are have the same name Nancy You know, I know what that means hahaha

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

setia100

2023-11-29

Don't over react. Die rich or die poor, all ends up 6 feet underground & won't take along a single cent ❗ Enjoy life to the fullest when still alive is more meaningful 😜

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

FAIM Capital

2023-11-29

I will missed him dearly...

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

Black83black

2023-11-29

RIP

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

AdelGYS

2023-11-29

My condolences to his family 🙏

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

Billytoh

2023-11-29

RIP

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

Invest7u

2023-11-29

Great summary by the team !

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

CashPetty

2023-11-29

RIP 🙏

Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life

Mkoh

2023-11-29

He left Berkshire in great shape. Up to Abel and Jain to prove their worth

After Munger's Death, Berkshire Succession Comes into Focus

ocean_wave

2023-11-29

RIP

After Munger's Death, Berkshire Succession Comes into Focus

7mate34

2023-11-29

I'm confident there would be another "Munger" somewhere out there. Meantime, thanks Charlie for all your down to earth advice and one liner answer - Rest in Peace, sir.

After Munger's Death, Berkshire Succession Comes into Focus

Dave Fu

2023-11-29

We lost another great wise man .RIP...

Final Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error

Arin1

2023-11-29

RIP what a legend

Charlie Munger, Buffett’s Right Hand Man, Dies at 99

Apdo77

2023-11-29

RIP bro ... See you someday in another world ! Till then take care!

Final Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error

Joyce31

2023-11-29

Rip

Charlie Munger, Buffett’s Right Hand Man, Dies at 99

JohnL

2023-11-29

Rip legend

Charlie Munger, Buffett’s Right Hand Man, Dies at 99

Targarean

2023-11-29

RIP, Charlie 🙏

Charlie Munger, Buffett’s Right Hand Man, Dies at 99

HapInvest198

2023-11-29

He is the legend.

Charlie Munger, Buffett’s Right Hand Man, Dies at 99

Sandyboy

2023-11-29

Sad to hear that. RIP

Charlie Munger, Buffett’s Right Hand Man, Dies at 99

投资一族

2023-11-29

Rip

Charlie Munger, Buffett’s Right Hand Man, Dies at 99

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He was 99.He d","content":"<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-29 18:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139614756","content_text":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”Beyond ValueBuffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.“At what price would you be comfortable?” Buffett asked.“Probably at a lower price than you,” Munger parried.Cardboard CutoutFrom Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.Wesco ‘Groupies’Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett & Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.Nome to HarvardIn 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles & Hills, and, in 1962, started an investment partnership, Wheeler, Munger & Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for Buffett: The Making of an American Capitalist, published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”1959 IntroductionHis fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.China BullIn recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo & Co. during the depths of the 2008-2009 financial crisis.Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":472,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246750703349824,"gmtCreate":1701263172269,"gmtModify":1701264682476,"author":{"id":"3567852837945728","authorId":"3567852837945728","name":"setia100","avatar":"https://community-static.tradeup.com/news/5d07af59743ad001196b7aca5f1726d7","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Don't over react. Die rich or die poor, all&nbsp;ends up 6 feet underground &amp; won't take along a single cent&nbsp;❗ Enjoy life to the fullest when still alive is more meaningful 😜","listText":"Don't over react. Die rich or die poor, all&nbsp;ends up 6 feet underground &amp; won't take along a single cent&nbsp;❗ Enjoy life to the fullest when still alive is more meaningful 😜","text":"Don't over react. Die rich or die poor, all ends up 6 feet underground & won't take along a single cent ❗ Enjoy life to the fullest when still alive is more meaningful 😜","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246750703349824","repostId":"1139614756","repostType":4,"repost":{"id":"1139614756","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1701255545,"share":"https://www.laohu8.com/m/news/1139614756?lang=&edition=full","pubTime":"2023-11-29 18:59","market":"us","language":"en","title":"Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life","url":"https://stock-news.laohu8.com/highlight/detail?id=1139614756","media":"Tiger Newspress","summary":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He d","content":"<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-29 18:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139614756","content_text":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”Beyond ValueBuffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.“At what price would you be comfortable?” Buffett asked.“Probably at a lower price than you,” Munger parried.Cardboard CutoutFrom Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.Wesco ‘Groupies’Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett & Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.Nome to HarvardIn 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles & Hills, and, in 1962, started an investment partnership, Wheeler, Munger & Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for Buffett: The Making of an American Capitalist, published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”1959 IntroductionHis fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.China BullIn recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo & Co. during the depths of the 2008-2009 financial crisis.Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":275,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246737512665248,"gmtCreate":1701260134036,"gmtModify":1701260139066,"author":{"id":"3555123778137376","authorId":"3555123778137376","name":"FAIM Capital","avatar":"https://static.tigerbbs.com/659b1a8d517635366c69d3e6c439b9a5","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"I will missed him dearly...&nbsp;","listText":"I will missed him dearly...&nbsp;","text":"I will missed him dearly...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246737512665248","repostId":"1139614756","repostType":2,"repost":{"id":"1139614756","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1701255545,"share":"https://www.laohu8.com/m/news/1139614756?lang=&edition=full","pubTime":"2023-11-29 18:59","market":"us","language":"en","title":"Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life","url":"https://stock-news.laohu8.com/highlight/detail?id=1139614756","media":"Tiger Newspress","summary":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He d","content":"<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-29 18:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139614756","content_text":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”Beyond ValueBuffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.“At what price would you be comfortable?” Buffett asked.“Probably at a lower price than you,” Munger parried.Cardboard CutoutFrom Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.Wesco ‘Groupies’Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett & Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.Nome to HarvardIn 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles & Hills, and, in 1962, started an investment partnership, Wheeler, Munger & Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for Buffett: The Making of an American Capitalist, published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”1959 IntroductionHis fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.China BullIn recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo & Co. during the depths of the 2008-2009 financial crisis.Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246723204030624,"gmtCreate":1701256640716,"gmtModify":1701256644735,"author":{"id":"3576542985729070","authorId":"3576542985729070","name":"Black83black","avatar":"https://community-static.tradeup.com/news/dc5940f5fefb9966b35345e7dd1aa9b8","crmLevel":8,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"RIP","listText":"RIP","text":"RIP","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246723204030624","repostId":"1139614756","repostType":4,"repost":{"id":"1139614756","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1701255545,"share":"https://www.laohu8.com/m/news/1139614756?lang=&edition=full","pubTime":"2023-11-29 18:59","market":"us","language":"en","title":"Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life","url":"https://stock-news.laohu8.com/highlight/detail?id=1139614756","media":"Tiger Newspress","summary":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He d","content":"<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-29 18:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139614756","content_text":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”Beyond ValueBuffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.“At what price would you be comfortable?” Buffett asked.“Probably at a lower price than you,” Munger parried.Cardboard CutoutFrom Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.Wesco ‘Groupies’Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett & Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.Nome to HarvardIn 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles & Hills, and, in 1962, started an investment partnership, Wheeler, Munger & Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for Buffett: The Making of an American Capitalist, published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”1959 IntroductionHis fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.China BullIn recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo & Co. during the depths of the 2008-2009 financial crisis.Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":108,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246722807857200,"gmtCreate":1701256540878,"gmtModify":1701256544822,"author":{"id":"3581174525648411","authorId":"3581174525648411","name":"AdelGYS","avatar":"https://static.tigerbbs.com/6147c611984619a69630f877f8238a7a","crmLevel":6,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"My condolences to his family 🙏","listText":"My condolences to his family 🙏","text":"My condolences to his family 🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246722807857200","repostId":"1139614756","repostType":4,"repost":{"id":"1139614756","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1701255545,"share":"https://www.laohu8.com/m/news/1139614756?lang=&edition=full","pubTime":"2023-11-29 18:59","market":"us","language":"en","title":"Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life","url":"https://stock-news.laohu8.com/highlight/detail?id=1139614756","media":"Tiger Newspress","summary":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He d","content":"<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-29 18:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139614756","content_text":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”Beyond ValueBuffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.“At what price would you be comfortable?” Buffett asked.“Probably at a lower price than you,” Munger parried.Cardboard CutoutFrom Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.Wesco ‘Groupies’Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett & Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.Nome to HarvardIn 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles & Hills, and, in 1962, started an investment partnership, Wheeler, Munger & Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for Buffett: The Making of an American Capitalist, published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”1959 IntroductionHis fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.China BullIn recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo & Co. during the depths of the 2008-2009 financial crisis.Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":236,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246721704751240,"gmtCreate":1701256206231,"gmtModify":1701256311906,"author":{"id":"3576900307336083","authorId":"3576900307336083","name":"Billytoh","avatar":"https://static.tigerbbs.com/b40af7b5de7255ac9603c1ba878617e6","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"RIP","listText":"RIP","text":"RIP","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246721704751240","repostId":"1139614756","repostType":2,"repost":{"id":"1139614756","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1701255545,"share":"https://www.laohu8.com/m/news/1139614756?lang=&edition=full","pubTime":"2023-11-29 18:59","market":"us","language":"en","title":"Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life","url":"https://stock-news.laohu8.com/highlight/detail?id=1139614756","media":"Tiger Newspress","summary":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He d","content":"<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-29 18:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139614756","content_text":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”Beyond ValueBuffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.“At what price would you be comfortable?” Buffett asked.“Probably at a lower price than you,” Munger parried.Cardboard CutoutFrom Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.Wesco ‘Groupies’Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett & Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.Nome to HarvardIn 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles & Hills, and, in 1962, started an investment partnership, Wheeler, Munger & Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for Buffett: The Making of an American Capitalist, published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”1959 IntroductionHis fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.China BullIn recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo & Co. during the depths of the 2008-2009 financial crisis.Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":338,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246721567334432,"gmtCreate":1701256047543,"gmtModify":1701256051658,"author":{"id":"3575214354775471","authorId":"3575214354775471","name":"Invest7u","avatar":"https://static.tigerbbs.com/4dff2c6a06166049b642040db1407632","crmLevel":2,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Great summary by the team !","listText":"Great summary by the team !","text":"Great summary by the team !","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246721567334432","repostId":"1139614756","repostType":2,"repost":{"id":"1139614756","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1701255545,"share":"https://www.laohu8.com/m/news/1139614756?lang=&edition=full","pubTime":"2023-11-29 18:59","market":"us","language":"en","title":"Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life","url":"https://stock-news.laohu8.com/highlight/detail?id=1139614756","media":"Tiger Newspress","summary":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He d","content":"<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-29 18:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139614756","content_text":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”Beyond ValueBuffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.“At what price would you be comfortable?” Buffett asked.“Probably at a lower price than you,” Munger parried.Cardboard CutoutFrom Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.Wesco ‘Groupies’Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett & Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.Nome to HarvardIn 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles & Hills, and, in 1962, started an investment partnership, Wheeler, Munger & Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for Buffett: The Making of an American Capitalist, published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”1959 IntroductionHis fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.China BullIn recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo & Co. during the depths of the 2008-2009 financial crisis.Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":165,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246720686534792,"gmtCreate":1701255957643,"gmtModify":1701255973620,"author":{"id":"4152655739033302","authorId":"4152655739033302","name":"CashPetty","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"RIP 🙏","listText":"RIP 🙏","text":"RIP 🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246720686534792","repostId":"1139614756","repostType":2,"repost":{"id":"1139614756","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1701255545,"share":"https://www.laohu8.com/m/news/1139614756?lang=&edition=full","pubTime":"2023-11-29 18:59","market":"us","language":"en","title":"Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life","url":"https://stock-news.laohu8.com/highlight/detail?id=1139614756","media":"Tiger Newspress","summary":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He d","content":"<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Berkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nBerkshire Hathaway's Charles Munger Passes Away: a Look Back at His Life\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-11-29 18:59</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.</p><p style=\"text-align: start;\">He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&amp;P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.</p><p>Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.</p><p style=\"text-align: start;\">At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.</p><p style=\"text-align: start;\">“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.</p><p style=\"text-align: start;\">For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”</p><h3 id=\"id_276028324\" style=\"text-align: start;\">Beyond Value</h3><p style=\"text-align: start;\">Buffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.</p><p>“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.</p><p style=\"text-align: start;\">That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.</p><p>The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”</p><p style=\"text-align: start;\">At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.</p><p style=\"text-align: start;\">“At what price would you be comfortable?” Buffett asked.</p><p style=\"text-align: start;\">“Probably at a lower price than you,” Munger parried.</p><h3 id=\"id_1055707859\" style=\"text-align: start;\">Cardboard Cutout</h3><p style=\"text-align: start;\">From Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”</p><p>Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”</p><p>“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”</p><p style=\"text-align: start;\">Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.</p><p style=\"text-align: start;\">But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.</p><p style=\"text-align: start;\">With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.</p><h3 id=\"id_1545626341\" style=\"text-align: start;\">Wesco ‘Groupies’</h3><p style=\"text-align: start;\">Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.</p><p>He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.</p><p style=\"text-align: start;\">At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”</p><p style=\"text-align: start;\">Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.</p><p>Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett &amp; Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.</p><p style=\"text-align: start;\">Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.</p><h3 id=\"id_2417683429\" style=\"text-align: start;\">Nome to Harvard</h3><p style=\"text-align: start;\">In 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.</p><p>Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, <em>Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger</em>. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.</p><p>With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)</p><p style=\"text-align: start;\">Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles &amp; Hills, and, in 1962, started an investment partnership, Wheeler, Munger &amp; Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.</p><p style=\"text-align: start;\">“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for <em>Buffett: The Making of an American Capitalist,</em> published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”</p><h3 id=\"id_3804965469\" style=\"text-align: start;\">1959 Introduction</h3><p style=\"text-align: start;\">His fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.</p><p>Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.</p><p style=\"text-align: start;\">A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.</p><p style=\"text-align: start;\">Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.</p><p style=\"text-align: start;\">In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.</p><p>The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.</p><h3 id=\"id_1080936549\" style=\"text-align: start;\">China Bull</h3><p style=\"text-align: start;\">In recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo &amp; Co. during the depths of the 2008-2009 financial crisis.</p><p>Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.</p><p style=\"text-align: start;\">Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.</p><p style=\"text-align: start;\">It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.</p><p style=\"text-align: start;\">“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1139614756","content_text":"Charles Munger, the alter ego, sidekick and foil to Warren Buffett for almost 60 years as they transformed Berkshire Hathaway Inc. from a failing textile maker into an empire, has died. He was 99.He died on Tuesday at a California hospital, the company said in a statement. He was a longtime resident of Los Angeles. “Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said in the statement.A lawyer by training, Munger (rhymes with “hunger”) helped Buffett, who was seven years his junior, craft a philosophy of investing in companies for the long term. Under their management, Berkshire averaged an annual gain of 20% from 1965 through 2022 — roughly twice the pace of the S&P 500 Index. Decades of compounded returns made the pair billionaires and folk heroes to adoring investors.Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion. His overall net worth was about $2.6 billion, according to Forbes.At the company’s annual meetings in Omaha, Nebraska, where he and Buffett had both grown up, Munger was known for his roles as straight man and scold of corporate excesses. As Buffett’s fame and wealth grew — depending on Berkshire’s share price, he was on occasion the world’s richest man — Munger’s value as a reality check increased as well.“It’s terrific to have a partner who will say, ‘You’re not thinking straight,’” Buffett said of Munger, seated next to him, at Berkshire’s 2002 meeting. (“It doesn’t happen very often,” Munger interjected.) Too many CEOs surround themselves with “a bunch of sycophants” disinclined to challenge their conclusions and biases, Buffett added.For his part, Munger said Buffett benefited from having “a talking foil who knew something. And I think I’ve been very useful in that regard.”Beyond ValueBuffett credited Munger with broadening his approach to investing beyond mentor Benjamin Graham’s insistence on buying stocks at a fraction of the value of their underlying assets. With Munger’s help, he began assembling the insurance, railroad, manufacturing and consumer goods conglomerate that posted nearly $29 billion of operating profit in the first nine months of this year.“Charlie has always emphasized, ‘Let’s buy truly wonderful businesses,’” Buffett told the Omaha World-Herald in 1999.That meant businesses with strong brands and pricing power. Munger nudged Buffett into acquiring California confectioner See’s Candies Inc. in 1972. The success of that deal — Buffett came to view See’s as “the prototype of a dream business” — inspired Berkshire’s $1 billion investment in Coca-Cola Co. stock 15 years later.The acerbic Munger so often curbed Buffett’s enthusiasm that Buffett jokingly referred to him as “the abominable no-man.”At Berkshire’s 2002 meeting, Buffett offered a three-minute answer to the question of whether the company might buy a cable company. Munger said he doubted one would be available for an acceptable price.“At what price would you be comfortable?” Buffett asked.“Probably at a lower price than you,” Munger parried.Cardboard CutoutFrom Los Angeles, Munger spoke frequently by phone with Buffett in Omaha. Even when they couldn’t connect, Buffett claimed he knew what Munger would think. When Munger missed a special meeting of Berkshire shareholders in 2010, Buffett brought a cardboard cutout of his partner on stage and mimicked Munger saying, “I couldn’t agree more.”Munger was an outspoken critic of corporate misbehavior, faulting as “demented” and “immoral” the compensation packages given to some chief executives. He called Bitcoin “noxious poison,” defined cryptocurrency generally as “partly fraud and partly delusion” and warned that much of banking had become “gambling in drag.”“I love his ability to just cut to the heart of things and not care how he says it,” said Cole Smead, CEO of Smead Capital Management, a longtime Berkshire investor. “In today’s society, that’s a really unique thing.”Though Munger aligned with the US Republican Party, and Buffett sided with Democrats, the two often found common ground on issues like the desirability of universal health care and the need for government oversight of the financial system.But while Buffett would tour the world urging billionaires to embrace charity, Munger said a private company like Costco Wholesale Corp. — he served on its board for more than two decades — did more good for society than big-name philanthropic foundations.With his own donations, Munger promoted abortion rights and education. He served as chairman of Good Samaritan Hospital in Los Angeles. Multimillion-dollar bequests to the University of Michigan and the University of California at Santa Barbara for new housing facilities gave him an opportunity to indulge a passion for architecture — though his vision for a 4,500-person dormitory on the Santa Barbara campus drew howls of protest in 2021 because the vast majority of bedrooms were to have no windows.Wesco ‘Groupies’Though he never rivaled Buffett in terms of worldwide celebrity, Munger’s blunt manner of speaking earned him a following in his own right.He used the term “groupies” to refer to his fans, often numbering in the hundreds, who gathered to see him without Buffett. Hosting the annual meetings of Wesco Financial Corp., a Berkshire unit, in Pasadena, California, Munger expounded on his philosophy of life and investing.At the 2011 meeting, the last before Berkshire took complete control of Wesco, Munger told his audience, “You all need a new cult hero.”Charles Thomas Munger was born on Jan. 1, 1924, in Omaha, the first of three children of Alfred Munger and the former Florence Russell, who was known as Toody. His father, the son of a federal judge, had earned a law degree at Harvard University before returning to Omaha, where his clients included the Omaha World-Herald newspaper.Munger’s initial brush with the Buffett family came through his work on Saturdays at Buffett & Son, the Omaha grocery store run by Ernest Buffett, Warren’s grandfather. But the two future partners wouldn’t meet until years later.Munger entered the University of Michigan at age 17 with plans to study math, mostly because it came so easily. “When I was young I could get an A in any mathematics course without doing any work at all,” he said in a 2017 conversation at Michigan’s Ross Business School.Nome to HarvardIn 1942, during his sophomore year, he enlisted in the Army Air Corps, soon to become the Air Force. He was sent to the California Institute of Technology to learn meteorology before being posted to Nome, Alaska. It was during this period, in 1945, that he married his first wife, Nancy Huggins.Lacking an undergraduate degree, Munger applied to Harvard Law School before his Army discharge in 1946. He was admitted only after a family friend and former dean of the school intervened, according to Janet Lowe’s 2000 book, Damn Right! Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Munger worked on the Harvard Law Review and in 1948 was one of 12 in the class of 335 to graduate magna cum laude.With his wife and their son, Teddy, Munger moved to California to join a Los Angeles law firm. They added two daughters to their family before divorcing in 1953. In 1956, Munger married Nancy Barry Borthwick, a mother of two, and over time they expanded their blended family by having four more children. (Teddy, Munger’s first-born, had died of leukemia in 1955.)Not satisfied with the income potential of his legal career, Munger began working on construction projects and real estate deals. He founded a new law office, Munger, Tolles & Hills, and, in 1962, started an investment partnership, Wheeler, Munger & Co., modeled on the ones Buffett had set up with his earliest investors in Omaha.“Like Warren, I had a considerable passion to get rich,” Munger told Roger Lowenstein for Buffett: The Making of an American Capitalist, published in 1995. “Not because I wanted Ferraris — I wanted independence. I desperately wanted it. I thought it was undignified to have to send invoices to other people.”1959 IntroductionHis fateful introduction to Buffett had come during a 1959 visit home to Omaha. Though the precise venue of their first meeting was the subject of lore, it was clear they hit it off right away. In short order they were talking on the telephone almost daily and investing in the same companies and securities.Their investments in Berkshire Hathaway began in 1962, when the company made men’s suit linings at textile mills in Massachusetts. Buffett took a controlling stake in 1965. Though the mills closed, Berkshire stuck around as the corporate vehicle for Buffett’s growing conglomerate of companies.A crucial joint discovery was a company called Blue Chip Stamps, which ran popular redemption games offered by grocers and other retailers. Because stores paid for the stamps up front, and prizes were redeemed much later, Blue Chip at any given time was sitting on a stack of money, much like a bank does.Using that pool of capital, Buffett and Munger bought controlling shares in See’s Candies, the Buffalo Evening News and Wesco Financial, the company Munger would lead.In 1975, the US Securities and Exchange Commission alleged that Blue Chip Stamps had manipulated the price of Wesco because Buffett and Munger had persuaded its management to drop a merger plan. Blue Chip resolved the dispute by agreeing to pay former investors in Wesco a total of about $115,000, with no admission of guilt.The ordeal underscored the risks in Buffett and Munger having such complicated and overlapping financial interests. A years-long effort to simplify matters culminated in 1983 with Blue Chip Stamps merging into Berkshire. Munger, whose Berkshire stake rose to 2%, became Buffett’s vice chairman.China BullIn recent years, Munger’s fans continued to travel to Los Angeles to ask him questions at annual meetings of Daily Journal Corp., a publishing company he led as chairman. He displayed his knack for investing by plowing the company’s money into temporarily beaten-down stocks like Wells Fargo & Co. during the depths of the 2008-2009 financial crisis.Munger was for many years more bullish than Buffett when it came to investing in China. Berkshire became the biggest shareholder of Chinese automaker BYD Co., for instance, years after Munger began buying its stock, though Berkshire began trimming that stake in 2022.Munger started sharing his vice chairman title at Berkshire in 2018 with two next-generation senior executives, Greg Abel and Ajit Jain, who were named to the board in a long-awaited sign of Buffett’s succession plans. Buffett subsequently identified Abel as his likely successor.It was Munger who, three years earlier, had signaled the likely promotion of Abel and Jain with praise delivered in his signature fashion: with a backhanded swipe at the boss.“In some important ways,” he wrote of the pair in 2015, “each is a better business executive than Buffett.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246715628183584,"gmtCreate":1701254597556,"gmtModify":1701254602150,"author":{"id":"3548734971517314","authorId":"3548734971517314","name":"Mkoh","avatar":"https://static.tigerbbs.com/c6226aeb6486c19c00455145eb533f98","crmLevel":5,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"He left Berkshire in great shape. Up to Abel and Jain to prove their worth&nbsp;","listText":"He left Berkshire in great shape. Up to Abel and Jain to prove their worth&nbsp;","text":"He left Berkshire in great shape. Up to Abel and Jain to prove their worth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246715628183584","repostId":"2387610666","repostType":4,"repost":{"id":"2387610666","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1701244800,"share":"https://www.laohu8.com/m/news/2387610666?lang=&edition=full","pubTime":"2023-11-29 16:00","market":"us","language":"en","title":"After Munger's Death, Berkshire Succession Comes into Focus","url":"https://stock-news.laohu8.com/highlight/detail?id=2387610666","media":"Reuters","summary":"By Jonathan Stempel      Nov 29 (Reuters) - The death of Berkshire Hathaway's  Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate's lone investing legend and shining ","content":"<html><head></head><body><p>Nov 29 (Reuters) - The death of Berkshire Hathaway&#39;s Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate&#39;s lone investing legend and shining the spotlight on managers who have largely operated in their shadow.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate&#39;s chairman and vice chairman.</p><p>Munger&#39;s death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett&#39;s top advisers and sounding boards.</p><p>They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire&#39;s annual meetings, and will have bigger boots to fill than at almost any other company.</p><p>Managers have said Abel fully embraces Berkshire&#39;s culture, which includes an extreme decentralization that gives business units broad autonomy.</p><p>That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.</p><p>But Abel and Jain have different styles from Buffett and Munger.</p><p>At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.</p><p>&#34;There is no question that the relationship Warren has with Charlie is unique and it&#39;s not going to be duplicated,&#34; Jain said. &#34;We don&#39;t interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.&#34;</p><p>Abel said he and Jain regularly consulted with <a href=\"https://laohu8.com/S/AONE.U\">one</a> another, and in particular when something unusual was happening at one of Berkshire&#39;s businesses.</p><p>Investors say they have faith.</p><p>&#34;I can’t imagine investors haven&#39;t thought about what happens when Buffett is gone as well,&#34; said Bill Stone, chief investment officer at Glenview Trust. &#34;You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.&#34;</p><p>Berkshire did not immediately respond to a request for comment outside business hours.</p><h2 id=\"id_3329674046\">CEO-DESIGNATE</h2><p>Berkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.</p><p>Munger inadvertently signaled during Berkshire&#39;s 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.</p><p>Jain, 72, would retain oversight of insurance operations.</p><p>Buffett has praised both executives, calling Abel &#34;a first-class human being&#34; in a 2013 video message and referring to Jain as a &#34;superstar.&#34;</p><p>A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.</p><p>Abel became MidAmerican&#39;s chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.</p><p>Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.</p><p>Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.</p><p>Besides the two top executives, Berkshire&#39;s plan also calls for Buffett&#39;s eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire&#39;s culture.</p><p>Todd Combs and Ted Weschler, who help Buffett run Berkshire&#39;s $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.</p><p>&#34;Berkshire has talented people there that will help with the stock picking,&#34; said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. &#34;But it will never be the same.&#34;</p><h2 id=\"id_2595446648\">LOSS OF LEGACY</h2><p>For shareholders, a signature in Berkshire&#39;s universe is its annual meeting, a pilgrimage known as &#34;Woodstock for Capitalists,&#34; where Buffett and Munger would answer more than five hours of shareholder questions.</p><p>It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.</p><p>Many shareholders, especially local, have said they will continue going, but others have been less sure.</p><p>&#34;What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,&#34; said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.</p><p>In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn&#39;t attend.</p><p>&#34;It particularly doesn&#39;t feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,&#34; Buffett said. &#34;I think most of the people who come to our meeting really come to listen to Charlie.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After Munger's Death, Berkshire Succession Comes into Focus</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter Munger's Death, Berkshire Succession Comes into Focus\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-11-29 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Nov 29 (Reuters) - The death of Berkshire Hathaway&#39;s Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate&#39;s lone investing legend and shining the spotlight on managers who have largely operated in their shadow.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate&#39;s chairman and vice chairman.</p><p>Munger&#39;s death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett&#39;s top advisers and sounding boards.</p><p>They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire&#39;s annual meetings, and will have bigger boots to fill than at almost any other company.</p><p>Managers have said Abel fully embraces Berkshire&#39;s culture, which includes an extreme decentralization that gives business units broad autonomy.</p><p>That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.</p><p>But Abel and Jain have different styles from Buffett and Munger.</p><p>At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.</p><p>&#34;There is no question that the relationship Warren has with Charlie is unique and it&#39;s not going to be duplicated,&#34; Jain said. &#34;We don&#39;t interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.&#34;</p><p>Abel said he and Jain regularly consulted with <a href=\"https://laohu8.com/S/AONE.U\">one</a> another, and in particular when something unusual was happening at one of Berkshire&#39;s businesses.</p><p>Investors say they have faith.</p><p>&#34;I can’t imagine investors haven&#39;t thought about what happens when Buffett is gone as well,&#34; said Bill Stone, chief investment officer at Glenview Trust. &#34;You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.&#34;</p><p>Berkshire did not immediately respond to a request for comment outside business hours.</p><h2 id=\"id_3329674046\">CEO-DESIGNATE</h2><p>Berkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.</p><p>Munger inadvertently signaled during Berkshire&#39;s 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.</p><p>Jain, 72, would retain oversight of insurance operations.</p><p>Buffett has praised both executives, calling Abel &#34;a first-class human being&#34; in a 2013 video message and referring to Jain as a &#34;superstar.&#34;</p><p>A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.</p><p>Abel became MidAmerican&#39;s chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.</p><p>Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.</p><p>Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.</p><p>Besides the two top executives, Berkshire&#39;s plan also calls for Buffett&#39;s eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire&#39;s culture.</p><p>Todd Combs and Ted Weschler, who help Buffett run Berkshire&#39;s $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.</p><p>&#34;Berkshire has talented people there that will help with the stock picking,&#34; said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. &#34;But it will never be the same.&#34;</p><h2 id=\"id_2595446648\">LOSS OF LEGACY</h2><p>For shareholders, a signature in Berkshire&#39;s universe is its annual meeting, a pilgrimage known as &#34;Woodstock for Capitalists,&#34; where Buffett and Munger would answer more than five hours of shareholder questions.</p><p>It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.</p><p>Many shareholders, especially local, have said they will continue going, but others have been less sure.</p><p>&#34;What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,&#34; said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.</p><p>In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn&#39;t attend.</p><p>&#34;It particularly doesn&#39;t feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,&#34; Buffett said. &#34;I think most of the people who come to our meeting really come to listen to Charlie.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4170":"电脑硬件、储存设备及电脑周边","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4554":"元宇宙及AR概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","BK4592":"伊斯兰概念","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","BK4553":"喜马拉雅资本持仓","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0251142724.SGD":"Fidelity America A-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4527":"明星科技股","BK4501":"段永平概念","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BRK.A":"伯克希尔","BK4588":"碎股","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BRK.B":"伯克希尔B","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4574":"无人驾驶","BK4573":"虚拟现实","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","AAPL":"苹果","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4505":"高瓴资本持仓","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","BK4581":"高盛持仓","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387610666","content_text":"Nov 29 (Reuters) - The death of Berkshire Hathaway's Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate's lone investing legend and shining the spotlight on managers who have largely operated in their shadow.Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate's chairman and vice chairman.Munger's death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett's top advisers and sounding boards.They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire's annual meetings, and will have bigger boots to fill than at almost any other company.Managers have said Abel fully embraces Berkshire's culture, which includes an extreme decentralization that gives business units broad autonomy.That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.But Abel and Jain have different styles from Buffett and Munger.At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.\"There is no question that the relationship Warren has with Charlie is unique and it's not going to be duplicated,\" Jain said. \"We don't interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.\"Abel said he and Jain regularly consulted with one another, and in particular when something unusual was happening at one of Berkshire's businesses.Investors say they have faith.\"I can’t imagine investors haven't thought about what happens when Buffett is gone as well,\" said Bill Stone, chief investment officer at Glenview Trust. \"You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.\"Berkshire did not immediately respond to a request for comment outside business hours.CEO-DESIGNATEBerkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.Munger inadvertently signaled during Berkshire's 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.Jain, 72, would retain oversight of insurance operations.Buffett has praised both executives, calling Abel \"a first-class human being\" in a 2013 video message and referring to Jain as a \"superstar.\"A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.Abel became MidAmerican's chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.Besides the two top executives, Berkshire's plan also calls for Buffett's eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire's culture.Todd Combs and Ted Weschler, who help Buffett run Berkshire's $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.\"Berkshire has talented people there that will help with the stock picking,\" said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. \"But it will never be the same.\"LOSS OF LEGACYFor shareholders, a signature in Berkshire's universe is its annual meeting, a pilgrimage known as \"Woodstock for Capitalists,\" where Buffett and Munger would answer more than five hours of shareholder questions.It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.Many shareholders, especially local, have said they will continue going, but others have been less sure.\"What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,\" said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn't attend.\"It particularly doesn't feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,\" Buffett said. \"I think most of the people who come to our meeting really come to listen to Charlie.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":214,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246697019543632,"gmtCreate":1701250066988,"gmtModify":1701250071130,"author":{"id":"3578971018458145","authorId":"3578971018458145","name":"ocean_wave","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":3,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"RIP","listText":"RIP","text":"RIP","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246697019543632","repostId":"2387610666","repostType":2,"repost":{"id":"2387610666","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1701244800,"share":"https://www.laohu8.com/m/news/2387610666?lang=&edition=full","pubTime":"2023-11-29 16:00","market":"us","language":"en","title":"After Munger's Death, Berkshire Succession Comes into Focus","url":"https://stock-news.laohu8.com/highlight/detail?id=2387610666","media":"Reuters","summary":"By Jonathan Stempel      Nov 29 (Reuters) - The death of Berkshire Hathaway's  Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate's lone investing legend and shining ","content":"<html><head></head><body><p>Nov 29 (Reuters) - The death of Berkshire Hathaway&#39;s Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate&#39;s lone investing legend and shining the spotlight on managers who have largely operated in their shadow.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate&#39;s chairman and vice chairman.</p><p>Munger&#39;s death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett&#39;s top advisers and sounding boards.</p><p>They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire&#39;s annual meetings, and will have bigger boots to fill than at almost any other company.</p><p>Managers have said Abel fully embraces Berkshire&#39;s culture, which includes an extreme decentralization that gives business units broad autonomy.</p><p>That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.</p><p>But Abel and Jain have different styles from Buffett and Munger.</p><p>At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.</p><p>&#34;There is no question that the relationship Warren has with Charlie is unique and it&#39;s not going to be duplicated,&#34; Jain said. &#34;We don&#39;t interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.&#34;</p><p>Abel said he and Jain regularly consulted with <a href=\"https://laohu8.com/S/AONE.U\">one</a> another, and in particular when something unusual was happening at one of Berkshire&#39;s businesses.</p><p>Investors say they have faith.</p><p>&#34;I can’t imagine investors haven&#39;t thought about what happens when Buffett is gone as well,&#34; said Bill Stone, chief investment officer at Glenview Trust. &#34;You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.&#34;</p><p>Berkshire did not immediately respond to a request for comment outside business hours.</p><h2 id=\"id_3329674046\">CEO-DESIGNATE</h2><p>Berkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.</p><p>Munger inadvertently signaled during Berkshire&#39;s 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.</p><p>Jain, 72, would retain oversight of insurance operations.</p><p>Buffett has praised both executives, calling Abel &#34;a first-class human being&#34; in a 2013 video message and referring to Jain as a &#34;superstar.&#34;</p><p>A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.</p><p>Abel became MidAmerican&#39;s chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.</p><p>Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.</p><p>Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.</p><p>Besides the two top executives, Berkshire&#39;s plan also calls for Buffett&#39;s eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire&#39;s culture.</p><p>Todd Combs and Ted Weschler, who help Buffett run Berkshire&#39;s $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.</p><p>&#34;Berkshire has talented people there that will help with the stock picking,&#34; said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. &#34;But it will never be the same.&#34;</p><h2 id=\"id_2595446648\">LOSS OF LEGACY</h2><p>For shareholders, a signature in Berkshire&#39;s universe is its annual meeting, a pilgrimage known as &#34;Woodstock for Capitalists,&#34; where Buffett and Munger would answer more than five hours of shareholder questions.</p><p>It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.</p><p>Many shareholders, especially local, have said they will continue going, but others have been less sure.</p><p>&#34;What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,&#34; said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.</p><p>In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn&#39;t attend.</p><p>&#34;It particularly doesn&#39;t feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,&#34; Buffett said. &#34;I think most of the people who come to our meeting really come to listen to Charlie.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After Munger's Death, Berkshire Succession Comes into Focus</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter Munger's Death, Berkshire Succession Comes into Focus\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-11-29 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Nov 29 (Reuters) - The death of Berkshire Hathaway&#39;s Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate&#39;s lone investing legend and shining the spotlight on managers who have largely operated in their shadow.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate&#39;s chairman and vice chairman.</p><p>Munger&#39;s death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett&#39;s top advisers and sounding boards.</p><p>They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire&#39;s annual meetings, and will have bigger boots to fill than at almost any other company.</p><p>Managers have said Abel fully embraces Berkshire&#39;s culture, which includes an extreme decentralization that gives business units broad autonomy.</p><p>That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.</p><p>But Abel and Jain have different styles from Buffett and Munger.</p><p>At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.</p><p>&#34;There is no question that the relationship Warren has with Charlie is unique and it&#39;s not going to be duplicated,&#34; Jain said. &#34;We don&#39;t interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.&#34;</p><p>Abel said he and Jain regularly consulted with <a href=\"https://laohu8.com/S/AONE.U\">one</a> another, and in particular when something unusual was happening at one of Berkshire&#39;s businesses.</p><p>Investors say they have faith.</p><p>&#34;I can’t imagine investors haven&#39;t thought about what happens when Buffett is gone as well,&#34; said Bill Stone, chief investment officer at Glenview Trust. &#34;You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.&#34;</p><p>Berkshire did not immediately respond to a request for comment outside business hours.</p><h2 id=\"id_3329674046\">CEO-DESIGNATE</h2><p>Berkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.</p><p>Munger inadvertently signaled during Berkshire&#39;s 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.</p><p>Jain, 72, would retain oversight of insurance operations.</p><p>Buffett has praised both executives, calling Abel &#34;a first-class human being&#34; in a 2013 video message and referring to Jain as a &#34;superstar.&#34;</p><p>A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.</p><p>Abel became MidAmerican&#39;s chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.</p><p>Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.</p><p>Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.</p><p>Besides the two top executives, Berkshire&#39;s plan also calls for Buffett&#39;s eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire&#39;s culture.</p><p>Todd Combs and Ted Weschler, who help Buffett run Berkshire&#39;s $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.</p><p>&#34;Berkshire has talented people there that will help with the stock picking,&#34; said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. &#34;But it will never be the same.&#34;</p><h2 id=\"id_2595446648\">LOSS OF LEGACY</h2><p>For shareholders, a signature in Berkshire&#39;s universe is its annual meeting, a pilgrimage known as &#34;Woodstock for Capitalists,&#34; where Buffett and Munger would answer more than five hours of shareholder questions.</p><p>It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.</p><p>Many shareholders, especially local, have said they will continue going, but others have been less sure.</p><p>&#34;What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,&#34; said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.</p><p>In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn&#39;t attend.</p><p>&#34;It particularly doesn&#39;t feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,&#34; Buffett said. &#34;I think most of the people who come to our meeting really come to listen to Charlie.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4170":"电脑硬件、储存设备及电脑周边","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4554":"元宇宙及AR概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","BK4592":"伊斯兰概念","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","BK4553":"喜马拉雅资本持仓","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0251142724.SGD":"Fidelity America A-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4527":"明星科技股","BK4501":"段永平概念","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BRK.A":"伯克希尔","BK4588":"碎股","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BRK.B":"伯克希尔B","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4574":"无人驾驶","BK4573":"虚拟现实","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","AAPL":"苹果","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4505":"高瓴资本持仓","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","BK4581":"高盛持仓","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387610666","content_text":"Nov 29 (Reuters) - The death of Berkshire Hathaway's Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate's lone investing legend and shining the spotlight on managers who have largely operated in their shadow.Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate's chairman and vice chairman.Munger's death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett's top advisers and sounding boards.They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire's annual meetings, and will have bigger boots to fill than at almost any other company.Managers have said Abel fully embraces Berkshire's culture, which includes an extreme decentralization that gives business units broad autonomy.That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.But Abel and Jain have different styles from Buffett and Munger.At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.\"There is no question that the relationship Warren has with Charlie is unique and it's not going to be duplicated,\" Jain said. \"We don't interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.\"Abel said he and Jain regularly consulted with one another, and in particular when something unusual was happening at one of Berkshire's businesses.Investors say they have faith.\"I can’t imagine investors haven't thought about what happens when Buffett is gone as well,\" said Bill Stone, chief investment officer at Glenview Trust. \"You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.\"Berkshire did not immediately respond to a request for comment outside business hours.CEO-DESIGNATEBerkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.Munger inadvertently signaled during Berkshire's 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.Jain, 72, would retain oversight of insurance operations.Buffett has praised both executives, calling Abel \"a first-class human being\" in a 2013 video message and referring to Jain as a \"superstar.\"A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.Abel became MidAmerican's chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.Besides the two top executives, Berkshire's plan also calls for Buffett's eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire's culture.Todd Combs and Ted Weschler, who help Buffett run Berkshire's $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.\"Berkshire has talented people there that will help with the stock picking,\" said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. \"But it will never be the same.\"LOSS OF LEGACYFor shareholders, a signature in Berkshire's universe is its annual meeting, a pilgrimage known as \"Woodstock for Capitalists,\" where Buffett and Munger would answer more than five hours of shareholder questions.It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.Many shareholders, especially local, have said they will continue going, but others have been less sure.\"What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,\" said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn't attend.\"It particularly doesn't feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,\" Buffett said. \"I think most of the people who come to our meeting really come to listen to Charlie.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":219,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246692671225904,"gmtCreate":1701249183302,"gmtModify":1701249188255,"author":{"id":"4116046903655472","authorId":"4116046903655472","name":"7mate34","avatar":"https://community-static.tradeup.com/news/e464589bf0fa038b72a6b8628440cef2","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"I'm confident&nbsp;there would be another \"Munger\" somewhere out there.&nbsp; Meantime, thanks&nbsp; Charlie for all your down to earth advice and one liner answer&nbsp;- Rest&nbsp;in Peace, sir.","listText":"I'm confident&nbsp;there would be another \"Munger\" somewhere out there.&nbsp; Meantime, thanks&nbsp; Charlie for all your down to earth advice and one liner answer&nbsp;- Rest&nbsp;in Peace, sir.","text":"I'm confident there would be another \"Munger\" somewhere out there. Meantime, thanks Charlie for all your down to earth advice and one liner answer - Rest in Peace, sir.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246692671225904","repostId":"2387610666","repostType":2,"repost":{"id":"2387610666","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1701244800,"share":"https://www.laohu8.com/m/news/2387610666?lang=&edition=full","pubTime":"2023-11-29 16:00","market":"us","language":"en","title":"After Munger's Death, Berkshire Succession Comes into Focus","url":"https://stock-news.laohu8.com/highlight/detail?id=2387610666","media":"Reuters","summary":"By Jonathan Stempel      Nov 29 (Reuters) - The death of Berkshire Hathaway's  Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate's lone investing legend and shining ","content":"<html><head></head><body><p>Nov 29 (Reuters) - The death of Berkshire Hathaway&#39;s Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate&#39;s lone investing legend and shining the spotlight on managers who have largely operated in their shadow.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate&#39;s chairman and vice chairman.</p><p>Munger&#39;s death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett&#39;s top advisers and sounding boards.</p><p>They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire&#39;s annual meetings, and will have bigger boots to fill than at almost any other company.</p><p>Managers have said Abel fully embraces Berkshire&#39;s culture, which includes an extreme decentralization that gives business units broad autonomy.</p><p>That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.</p><p>But Abel and Jain have different styles from Buffett and Munger.</p><p>At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.</p><p>&#34;There is no question that the relationship Warren has with Charlie is unique and it&#39;s not going to be duplicated,&#34; Jain said. &#34;We don&#39;t interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.&#34;</p><p>Abel said he and Jain regularly consulted with <a href=\"https://laohu8.com/S/AONE.U\">one</a> another, and in particular when something unusual was happening at one of Berkshire&#39;s businesses.</p><p>Investors say they have faith.</p><p>&#34;I can’t imagine investors haven&#39;t thought about what happens when Buffett is gone as well,&#34; said Bill Stone, chief investment officer at Glenview Trust. &#34;You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.&#34;</p><p>Berkshire did not immediately respond to a request for comment outside business hours.</p><h2 id=\"id_3329674046\">CEO-DESIGNATE</h2><p>Berkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.</p><p>Munger inadvertently signaled during Berkshire&#39;s 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.</p><p>Jain, 72, would retain oversight of insurance operations.</p><p>Buffett has praised both executives, calling Abel &#34;a first-class human being&#34; in a 2013 video message and referring to Jain as a &#34;superstar.&#34;</p><p>A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.</p><p>Abel became MidAmerican&#39;s chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.</p><p>Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.</p><p>Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.</p><p>Besides the two top executives, Berkshire&#39;s plan also calls for Buffett&#39;s eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire&#39;s culture.</p><p>Todd Combs and Ted Weschler, who help Buffett run Berkshire&#39;s $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.</p><p>&#34;Berkshire has talented people there that will help with the stock picking,&#34; said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. &#34;But it will never be the same.&#34;</p><h2 id=\"id_2595446648\">LOSS OF LEGACY</h2><p>For shareholders, a signature in Berkshire&#39;s universe is its annual meeting, a pilgrimage known as &#34;Woodstock for Capitalists,&#34; where Buffett and Munger would answer more than five hours of shareholder questions.</p><p>It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.</p><p>Many shareholders, especially local, have said they will continue going, but others have been less sure.</p><p>&#34;What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,&#34; said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.</p><p>In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn&#39;t attend.</p><p>&#34;It particularly doesn&#39;t feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,&#34; Buffett said. &#34;I think most of the people who come to our meeting really come to listen to Charlie.&#34;</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>After Munger's Death, Berkshire Succession Comes into Focus</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAfter Munger's Death, Berkshire Succession Comes into Focus\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2023-11-29 16:00</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Nov 29 (Reuters) - The death of Berkshire Hathaway&#39;s Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate&#39;s lone investing legend and shining the spotlight on managers who have largely operated in their shadow.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/e28561eee93a34a6bbe0f6902c6352c4\" tg-width=\"750\" tg-height=\"7019\"/></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/6e9b2b17d384ca31804cd6a434c7935c\" tg-width=\"750\" tg-height=\"2579\"/></p><p>Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate&#39;s chairman and vice chairman.</p><p>Munger&#39;s death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett&#39;s top advisers and sounding boards.</p><p>They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire&#39;s annual meetings, and will have bigger boots to fill than at almost any other company.</p><p>Managers have said Abel fully embraces Berkshire&#39;s culture, which includes an extreme decentralization that gives business units broad autonomy.</p><p>That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.</p><p>But Abel and Jain have different styles from Buffett and Munger.</p><p>At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.</p><p>&#34;There is no question that the relationship Warren has with Charlie is unique and it&#39;s not going to be duplicated,&#34; Jain said. &#34;We don&#39;t interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.&#34;</p><p>Abel said he and Jain regularly consulted with <a href=\"https://laohu8.com/S/AONE.U\">one</a> another, and in particular when something unusual was happening at one of Berkshire&#39;s businesses.</p><p>Investors say they have faith.</p><p>&#34;I can’t imagine investors haven&#39;t thought about what happens when Buffett is gone as well,&#34; said Bill Stone, chief investment officer at Glenview Trust. &#34;You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.&#34;</p><p>Berkshire did not immediately respond to a request for comment outside business hours.</p><h2 id=\"id_3329674046\">CEO-DESIGNATE</h2><p>Berkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.</p><p>Munger inadvertently signaled during Berkshire&#39;s 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.</p><p>Jain, 72, would retain oversight of insurance operations.</p><p>Buffett has praised both executives, calling Abel &#34;a first-class human being&#34; in a 2013 video message and referring to Jain as a &#34;superstar.&#34;</p><p>A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.</p><p>Abel became MidAmerican&#39;s chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.</p><p>Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.</p><p>Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.</p><p>Besides the two top executives, Berkshire&#39;s plan also calls for Buffett&#39;s eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire&#39;s culture.</p><p>Todd Combs and Ted Weschler, who help Buffett run Berkshire&#39;s $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.</p><p>&#34;Berkshire has talented people there that will help with the stock picking,&#34; said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. &#34;But it will never be the same.&#34;</p><h2 id=\"id_2595446648\">LOSS OF LEGACY</h2><p>For shareholders, a signature in Berkshire&#39;s universe is its annual meeting, a pilgrimage known as &#34;Woodstock for Capitalists,&#34; where Buffett and Munger would answer more than five hours of shareholder questions.</p><p>It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.</p><p>Many shareholders, especially local, have said they will continue going, but others have been less sure.</p><p>&#34;What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,&#34; said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.</p><p>In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn&#39;t attend.</p><p>&#34;It particularly doesn&#39;t feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,&#34; Buffett said. &#34;I think most of the people who come to our meeting really come to listen to Charlie.&#34;</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4170":"电脑硬件、储存设备及电脑周边","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0109391861.USD":"富兰克林美国机遇基金A Acc","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0082616367.USD":"摩根大通美国科技A（dist）","BK4554":"元宇宙及AR概念","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","BK4592":"伊斯兰概念","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","BK4553":"喜马拉雅资本持仓","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","IE00BBT3K403.USD":"LEGG MASON CLEARBRIDGE TACTICAL DIVIDEND INCOME \"A(USD) ACC","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU0251142724.SGD":"Fidelity America A-SGD","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","BK4527":"明星科技股","BK4501":"段永平概念","LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","BRK.A":"伯克希尔","BK4588":"碎股","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","BRK.B":"伯克希尔B","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","BK4574":"无人驾驶","BK4573":"虚拟现实","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","AAPL":"苹果","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4505":"高瓴资本持仓","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","BK4581":"高盛持仓","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","IE00BLSP4452.SGD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis SGD-H Plus","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","IE00BLSP4239.USD":"Legg Mason ClearBridge - Tactical Dividend Income A Mdis USD Plus","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387610666","content_text":"Nov 29 (Reuters) - The death of Berkshire Hathaway's Charlie Munger heralds the end of an era, leaving Warren Buffett as the conglomerate's lone investing legend and shining the spotlight on managers who have largely operated in their shadow.Few companies have been so closely associated with their leaders as Berkshire has with Buffett and Munger, who knew each other for more than six decades, the last 45 years as the Omaha, Nebraska-based conglomerate's chairman and vice chairman.Munger's death on Tuesday, five weeks shy of his 100th birthday, leaves Berkshire Vice Chairmen Greg Abel and Ajit Jain, who respectively oversee its non-insurance and insurance businesses, as the 93-year-old Buffett's top advisers and sounding boards.They became vice chairmen in 2018, started taking a more prominent public role only at the most recent of Berkshire's annual meetings, and will have bigger boots to fill than at almost any other company.Managers have said Abel fully embraces Berkshire's culture, which includes an extreme decentralization that gives business units broad autonomy.That means big units such as the BNSF railroad and Geico car insurer, each with tens of thousands of employees, and small units such as Borsheims jewelry, with about 142 employees, can run without interference from Berkshire headquarters, which employs only about 26 people.But Abel and Jain have different styles from Buffett and Munger.At the 2021 annual meeting, Jain was asked how he and Abel interact with each other.\"There is no question that the relationship Warren has with Charlie is unique and it's not going to be duplicated,\" Jain said. \"We don't interact with each other as often as Warren and Charlie do. But every quarter we will talk to each other about our respective businesses.\"Abel said he and Jain regularly consulted with one another, and in particular when something unusual was happening at one of Berkshire's businesses.Investors say they have faith.\"I can’t imagine investors haven't thought about what happens when Buffett is gone as well,\" said Bill Stone, chief investment officer at Glenview Trust. \"You don’t need them to be as good as Buffett or Munger to make Berkshire a good company and arguably a great company.\"Berkshire did not immediately respond to a request for comment outside business hours.CEO-DESIGNATEBerkshire has had a succession plan since at least 2006 when Buffett, then 75, told shareholders the company he has run since 1965 would be prepared for his departure.Munger inadvertently signaled during Berkshire's 2021 annual meeting that Abel, a 61-year-old Edmonton, Alberta, native who spent a quarter century at what is now Berkshire Hathaway Energy, was the CEO designate.Jain, 72, would retain oversight of insurance operations.Buffett has praised both executives, calling Abel \"a first-class human being\" in a 2013 video message and referring to Jain as a \"superstar.\"A lifelong hockey fan, Abel graduated in 1984 from the University of Alberta, worked at PricewaterhouseCoopers and energy firm CalEnergy and joined the company, then known as MidAmerican Energy, in 1992, which Berkshire took over in 2000.Abel became MidAmerican's chief in 2008 and benefited from its ability, unusual in the utility industry, to retain earnings rather than pay dividends. That freed him to make acquisitions, and expand into renewable energy.Investors will have to wait until Abel takes over to see his willingness to shed businesses that are underperforming or have mediocre outlooks - his predecessors liked to buy and hold businesses forever - or whether Berkshire might pay its first dividend since 1967.Jain, who was born in the Indian state of Odisha, has specialized in pricing for risk, especially large risks such as natural catastrophes. He joined Berkshire in 1986.Besides the two top executives, Berkshire's plan also calls for Buffett's eldest son Howard Buffett to become non-executive chairman, charged mainly with preserving Berkshire's culture.Todd Combs and Ted Weschler, who help Buffett run Berkshire's $300 billion-plus common stock portfolio - about half of which is in one stock, Apple - appear in line to take over all of it.\"Berkshire has talented people there that will help with the stock picking,\" said Bill Smead, chief investment officer at Smead Capital Management in Phoenix. \"But it will never be the same.\"LOSS OF LEGACYFor shareholders, a signature in Berkshire's universe is its annual meeting, a pilgrimage known as \"Woodstock for Capitalists,\" where Buffett and Munger would answer more than five hours of shareholder questions.It is a weekend of shopping, investor conferences and events that draws tens of thousands of people to Omaha in early May, even though fans can watch it streamed on their home computers or smartphones.Many shareholders, especially local, have said they will continue going, but others have been less sure.\"What really glued us to these men was their advice on living a full life by instructing people how to think clearly, to be honest with oneself, to learn from mistakes and to avoid calamities,\" said Whitney Tilson, an investor who previously ran T2 Partners and Kase Capital and has attended many meetings.In May 2020, at the height of the pandemic, Buffett held the meeting virtually from Omaha. Munger didn't attend.\"It particularly doesn't feel like an annual meeting because my partner of 60 years, Charlie Munger, is not sitting up here,\" Buffett said. \"I think most of the people who come to our meeting really come to listen to Charlie.\"","news_type":1},"isVote":1,"tweetType":1,"viewCount":105,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246638599294992,"gmtCreate":1701235951376,"gmtModify":1701235956805,"author":{"id":"3582630305022272","authorId":"3582630305022272","name":"Dave Fu","avatar":"https://community-static.tradeup.com/news/7a2df364abb41de8f63f90de07d486d5","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"We lost another great wise man .RIP...","listText":"We lost another great wise man .RIP...","text":"We lost another great wise man .RIP...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246638599294992","repostId":"2387171329","repostType":4,"repost":{"id":"2387171329","pubTimestamp":1701224781,"share":"https://www.laohu8.com/m/news/2387171329?lang=&edition=full","pubTime":"2023-11-29 10:26","market":"us","language":"en","title":"Final Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error","url":"https://stock-news.laohu8.com/highlight/detail?id=2387171329","media":"Morning star","summary":"Charlie Munger,who died on Tuesday at age 99, was best known asWarren Buffett’s sidekick, though he was a formidable investor and investment thinker in his own right.Munger first met Buffett in 1959 t","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f23cc3574df2b1c3b9116cf04ba71d79\" tg-width=\"1024\" tg-height=\"683\"/></p><p>Charlie Munger, who died on Tuesday at age 99, was best known as Warren Buffett’s sidekick, though he was a formidable investor and investment thinker in his own right.</p><p>Munger first met Buffett in 1959 through a mutual friend. Edwin Davis, a doctor in their hometown of Omaha, Nebraska, told Buffett in 1957 that he trusted him to manage money because Buffett reminded him of someone called Charlie Munger. “Well, I don’t know who Charlie Munger is, but I like him,” Buffett responded to Davis. Two years later, Davis arranged for the pair to meet, and they hit it off right away.</p><p>Munger was originally a lawyer by trade. He started his own investment firm in 1962 and went on to crush the market over the following 13 years, compounding his portfolio at 19.8% per year compared with the Dow Jones Industrial Average’s 5.0%.</p><p>In 1978, Munger became Vice Chairman of Berkshire Hathaway (BRK.A BRK.B). Munger is credited for helping change Buffett’s investment approach from buying cheap, often low-quality companies, to purchasing great companies at reasonable prices.</p><p>Munger was known for his sharp mind and wit. He gave a rare interview to the <em>Acquired</em> podcast in October and offered some great insights on a range of investment topics.</p><h2 id=\"id_2758548408\">Munger and Buffett’s Investment Approaches</h2><p>Buffett got his first taste of investing as a young man at the racetrack. Munger was asked about this, and his response gives a key insight into the way that Buffett approaches the stock market:</p><p><em>“Warren never gambled. He was only a patron of them [the racetracks]. Warren wants the odds in his favor, not somebody else. It’s just so simple if you’re Warren. You want to be the house, not the punter.”</em></p><p>There are many famous investors who started out as gamblers—Edward Thorp, Bill Gross, and Jeff Yass come to mind. Buffett is also in this bracket. He took the mindset of an expert gambler—betting when the odds are overwhelmingly in your favor—and parlayed that into investing.</p><p>On his own investment approach, Munger gave a surprising answer. Though he was known for liking stocks that earn high returns on capital over long periods, Munger acknowledged that’s not the only way he invested:</p><p><em>“I only study two kinds of companies. I’m enough of a big Ben Graham follower … so if something is really cheap, even though it’s a crappy company, I’m willing to consider buying it. For a while anyway. I do that occasionally. I’ve done it with great success a time or two, but unlike Howard Marks, I’ve only done it once or twice in my lifetime for big gains, and that’s it. It’s not like I’ve done it a hundred times. It isn’t a bit easy. A hundred times easy money is almost nonexistent.</em></p><p><em>… Great brand companies, of course, are good. Getting the right price … the whole trick is getting them on a few rare occasions when they’re really cheap. Buying Costco at its present price … it may work out all right … but, again, it’s getting hard.”</em></p><h2 id=\"id_2657564278\">Buffett’s Big Costco Error</h2><p>In 1997, Costco (COST) offered Buffett a seat on the board, which he declined. Buffett suggested that Costco ask Munger instead, and Munger accepted. He remained on the board until his death.</p><p>Munger tried to convince Buffett to invest in Costco early, though it didn’t work. The reason: “Warren doesn’t like retailing.” Apparently, Buffett had seen many retailers come and go, including big department stores like Sears, and thought it a difficult business to make money from.</p><p>Munger thought differently and recognized early on that Costco had an incredible business model:</p><p><em>“They really did sell cheaper than anybody else in America and they did it in big, efficient stores. The parking spaces were 10 feet wide instead of eight or nine feet or whatever they normally are. They did it all right and they had a lot of parking spaces. They kept out of their stores. All these people didn’t do big volumes, and they gave special benefits to the people who did come to the stores in the way of reward points.”</em></p><h2 id=\"id_1827049133\">What Makes a Great Retailer</h2><p>Munger said Home Depot (HD) took the Costco business model and applied it to home improvements. “They copied everything,” he said.</p><p>Munger believed there was a more modern Costco imitator in a smaller company called Floor &amp; Decor (FND). As the name suggests, the business sells flooring, offering a huge selection via large warehouses, and with cheap prices to boot.</p><p>Munger was asked about whether he’d ever looked at Nike (NKE) as a business, and he said he had, though he rejected it because it’s a “style company.” Munger didn’t elaborate on this, though I suspect what he was alluding to is that with “style companies,” future prospects and earnings are difficult to forecast and that is not the type of business that he liked to invest in.</p><p>Munger preferred capital-light retailers with predictable earnings and pricing power:</p><p><em>“… we were lucky enough to buy See’s Candies for $20 million as our first acquisition. We found out fairly quickly that we could raise the price every year 10% and nobody cared. We didn’t make the volumes go up or anything like that. Just made the profits go up. We’ve been raising the price by 10% a year for all these 40 years or so. It’s been a very satisfactory company.</em></p><p><em>It didn’t require any new capital. That’s what was good about it: very little new capital. It had two big kitchens and a bunch of rental stores when we bought it, and now it’s got two big kitchens and a bunch of rental stores.”</em></p><h2 id=\"id_1552794459\">Berkshire’s Investment in Apple</h2><p>Buffett’s most high-profile recent investment is in Apple (AAPL). Berkshire first purchased a stake in 2016, and it’s since been a home run. Apple accounts for close to 50% of Berkshire’s stock portfolio.</p><p>Munger’s take on the lessons from Berkshire’s investment is intriguing:</p><p><em>“What everybody has learned is that everybody needs some significant participation in the 12 companies that do better than everybody else. You need two or three of them, at least. If you have that mindset. Apple was the logical candidate to be on the list of which you’re going to select your companies. It’s not very hard to come up with an idea that it may be OK.”</em></p><p>This seems to be a recognition that when you’re a big investor like Berkshire, you must be invested in some of these great technology companies or risk underperformance.</p><p>As for why Berkshire picked Apple, Munger said it was valuation, as the company got down to around 10 times earnings when Berkshire bought in.</p><h2 id=\"id_3408520693\">Buffett’s Investment in Japan Trading Companies</h2><p>Buffett’s other recent investment success has come from the unlikely place of Japan. Berkshire first started investing in Japanese trading companies in 2020 and retains stakes in five of them: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo.</p><p>Munger implied that there was leverage involved in the purchases. He says that at the time, you could borrow in Japan at 0.5% for 10 years, and these stocks had cheap assets and dividend yields of 5%, making them “no-brainer” investments:</p><p><em>“It took him [Buffett] forever to get $10 billion invested. It was like God just opening a chest and just pouring money. It’s awfully easy money.”</em></p><h2 id=\"id_1569812884\">Why Munger Liked China</h2><p>Munger had been a longtime investor in China. He persuaded Buffett to invest in automaker BYD in 2008. Munger has since called this one of the best decisions that he’s ever made.</p><p>Munger claimed that BYD founder Wang Chuanfu is a genius and said he’s better at making things than Elon Musk.</p><p>In the interview, Munger didn’t address his more recent investment in online retailer Alibaba (BABA), which hasn’t worked out thus far.</p><p>On China itself, Munger remained a believer:</p><p><em>“My position in China has been that: (1) the Chinese economy has better future prospects over the next 20 years than almost any other big economy. That’s number one. (2) The leading companies of China are stronger and better than practically any other leading companies anywhere, and they’re available at a much cheaper price.</em></p><p><em>So naturally, I’m willing to have some China risk in the Munger portfolio. How much China risk? Well, that’s not a scientific subject, but I don’t mind whatever it is, 18% or something.”</em></p><h2 id=\"id_1518081945\">Choice Words</h2><p>Munger was known for his blunt manner, and he didn’t hold back on a few subjects. One such subject is U.S. billionaire John Malone, who owns Formula One and the Atlanta Braves baseball team, among other things. Malone is credited with the rise of EBITDA (earnings before interest, tax, depreciation, and amortization) as a financial term among corporations, a term that Munger long abhorred. Munger said he’s never liked Malone’s “extreme manipulations,” including his famous methods of minimizing tax at his listed companies.</p><p>Munger also said he was uncomfortable with investors who principally use algorithms like the famous hedge fund Renaissance Technologies. He says these funds essentially front-run investors. And Munger believed that they’re making smaller profits with more volume, and the only way that they’re still making good returns is through using greater and greater leverage, “which I would not run myself.”</p></body></html>","source":"morningstar_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Final Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFinal Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 10:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.morningstar.hk/hk/news/243260/final-thoughts-from-charlie-munger-on-warren-buffett-china-and-the-big-costco-error.aspx><strong>Morning star</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, who died on Tuesday at age 99, was best known as Warren Buffett’s sidekick, though he was a formidable investor and investment thinker in his own right.Munger first met Buffett in 1959...</p>\n\n<a href=\"https://www.morningstar.hk/hk/news/243260/final-thoughts-from-charlie-munger-on-warren-buffett-china-and-the-big-costco-error.aspx\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.morningstar.hk/hk/news/243260/final-thoughts-from-charlie-munger-on-warren-buffett-china-and-the-big-costco-error.aspx","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387171329","content_text":"Charlie Munger, who died on Tuesday at age 99, was best known as Warren Buffett’s sidekick, though he was a formidable investor and investment thinker in his own right.Munger first met Buffett in 1959 through a mutual friend. Edwin Davis, a doctor in their hometown of Omaha, Nebraska, told Buffett in 1957 that he trusted him to manage money because Buffett reminded him of someone called Charlie Munger. “Well, I don’t know who Charlie Munger is, but I like him,” Buffett responded to Davis. Two years later, Davis arranged for the pair to meet, and they hit it off right away.Munger was originally a lawyer by trade. He started his own investment firm in 1962 and went on to crush the market over the following 13 years, compounding his portfolio at 19.8% per year compared with the Dow Jones Industrial Average’s 5.0%.In 1978, Munger became Vice Chairman of Berkshire Hathaway (BRK.A BRK.B). Munger is credited for helping change Buffett’s investment approach from buying cheap, often low-quality companies, to purchasing great companies at reasonable prices.Munger was known for his sharp mind and wit. He gave a rare interview to the Acquired podcast in October and offered some great insights on a range of investment topics.Munger and Buffett’s Investment ApproachesBuffett got his first taste of investing as a young man at the racetrack. Munger was asked about this, and his response gives a key insight into the way that Buffett approaches the stock market:“Warren never gambled. He was only a patron of them [the racetracks]. Warren wants the odds in his favor, not somebody else. It’s just so simple if you’re Warren. You want to be the house, not the punter.”There are many famous investors who started out as gamblers—Edward Thorp, Bill Gross, and Jeff Yass come to mind. Buffett is also in this bracket. He took the mindset of an expert gambler—betting when the odds are overwhelmingly in your favor—and parlayed that into investing.On his own investment approach, Munger gave a surprising answer. Though he was known for liking stocks that earn high returns on capital over long periods, Munger acknowledged that’s not the only way he invested:“I only study two kinds of companies. I’m enough of a big Ben Graham follower … so if something is really cheap, even though it’s a crappy company, I’m willing to consider buying it. For a while anyway. I do that occasionally. I’ve done it with great success a time or two, but unlike Howard Marks, I’ve only done it once or twice in my lifetime for big gains, and that’s it. It’s not like I’ve done it a hundred times. It isn’t a bit easy. A hundred times easy money is almost nonexistent.… Great brand companies, of course, are good. Getting the right price … the whole trick is getting them on a few rare occasions when they’re really cheap. Buying Costco at its present price … it may work out all right … but, again, it’s getting hard.”Buffett’s Big Costco ErrorIn 1997, Costco (COST) offered Buffett a seat on the board, which he declined. Buffett suggested that Costco ask Munger instead, and Munger accepted. He remained on the board until his death.Munger tried to convince Buffett to invest in Costco early, though it didn’t work. The reason: “Warren doesn’t like retailing.” Apparently, Buffett had seen many retailers come and go, including big department stores like Sears, and thought it a difficult business to make money from.Munger thought differently and recognized early on that Costco had an incredible business model:“They really did sell cheaper than anybody else in America and they did it in big, efficient stores. The parking spaces were 10 feet wide instead of eight or nine feet or whatever they normally are. They did it all right and they had a lot of parking spaces. They kept out of their stores. All these people didn’t do big volumes, and they gave special benefits to the people who did come to the stores in the way of reward points.”What Makes a Great RetailerMunger said Home Depot (HD) took the Costco business model and applied it to home improvements. “They copied everything,” he said.Munger believed there was a more modern Costco imitator in a smaller company called Floor & Decor (FND). As the name suggests, the business sells flooring, offering a huge selection via large warehouses, and with cheap prices to boot.Munger was asked about whether he’d ever looked at Nike (NKE) as a business, and he said he had, though he rejected it because it’s a “style company.” Munger didn’t elaborate on this, though I suspect what he was alluding to is that with “style companies,” future prospects and earnings are difficult to forecast and that is not the type of business that he liked to invest in.Munger preferred capital-light retailers with predictable earnings and pricing power:“… we were lucky enough to buy See’s Candies for $20 million as our first acquisition. We found out fairly quickly that we could raise the price every year 10% and nobody cared. We didn’t make the volumes go up or anything like that. Just made the profits go up. We’ve been raising the price by 10% a year for all these 40 years or so. It’s been a very satisfactory company.It didn’t require any new capital. That’s what was good about it: very little new capital. It had two big kitchens and a bunch of rental stores when we bought it, and now it’s got two big kitchens and a bunch of rental stores.”Berkshire’s Investment in AppleBuffett’s most high-profile recent investment is in Apple (AAPL). Berkshire first purchased a stake in 2016, and it’s since been a home run. Apple accounts for close to 50% of Berkshire’s stock portfolio.Munger’s take on the lessons from Berkshire’s investment is intriguing:“What everybody has learned is that everybody needs some significant participation in the 12 companies that do better than everybody else. You need two or three of them, at least. If you have that mindset. Apple was the logical candidate to be on the list of which you’re going to select your companies. It’s not very hard to come up with an idea that it may be OK.”This seems to be a recognition that when you’re a big investor like Berkshire, you must be invested in some of these great technology companies or risk underperformance.As for why Berkshire picked Apple, Munger said it was valuation, as the company got down to around 10 times earnings when Berkshire bought in.Buffett’s Investment in Japan Trading CompaniesBuffett’s other recent investment success has come from the unlikely place of Japan. Berkshire first started investing in Japanese trading companies in 2020 and retains stakes in five of them: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo.Munger implied that there was leverage involved in the purchases. He says that at the time, you could borrow in Japan at 0.5% for 10 years, and these stocks had cheap assets and dividend yields of 5%, making them “no-brainer” investments:“It took him [Buffett] forever to get $10 billion invested. It was like God just opening a chest and just pouring money. It’s awfully easy money.”Why Munger Liked ChinaMunger had been a longtime investor in China. He persuaded Buffett to invest in automaker BYD in 2008. Munger has since called this one of the best decisions that he’s ever made.Munger claimed that BYD founder Wang Chuanfu is a genius and said he’s better at making things than Elon Musk.In the interview, Munger didn’t address his more recent investment in online retailer Alibaba (BABA), which hasn’t worked out thus far.On China itself, Munger remained a believer:“My position in China has been that: (1) the Chinese economy has better future prospects over the next 20 years than almost any other big economy. That’s number one. (2) The leading companies of China are stronger and better than practically any other leading companies anywhere, and they’re available at a much cheaper price.So naturally, I’m willing to have some China risk in the Munger portfolio. How much China risk? Well, that’s not a scientific subject, but I don’t mind whatever it is, 18% or something.”Choice WordsMunger was known for his blunt manner, and he didn’t hold back on a few subjects. One such subject is U.S. billionaire John Malone, who owns Formula One and the Atlanta Braves baseball team, among other things. Malone is credited with the rise of EBITDA (earnings before interest, tax, depreciation, and amortization) as a financial term among corporations, a term that Munger long abhorred. Munger said he’s never liked Malone’s “extreme manipulations,” including his famous methods of minimizing tax at his listed companies.Munger also said he was uncomfortable with investors who principally use algorithms like the famous hedge fund Renaissance Technologies. He says these funds essentially front-run investors. And Munger believed that they’re making smaller profits with more volume, and the only way that they’re still making good returns is through using greater and greater leverage, “which I would not run myself.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":172,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246636247900248,"gmtCreate":1701235337359,"gmtModify":1701236052280,"author":{"id":"4132295269232032","authorId":"4132295269232032","name":"Arin1","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"RIP what a legend&nbsp;","listText":"RIP what a legend&nbsp;","text":"RIP what a legend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246636247900248","repostId":"2387912906","repostType":2,"repost":{"id":"2387912906","pubTimestamp":1701212076,"share":"https://www.laohu8.com/m/news/2387912906?lang=&edition=full","pubTime":"2023-11-29 06:54","market":"us","language":"en","title":"Charlie Munger, Buffett’s Right Hand Man, Dies at 99","url":"https://stock-news.laohu8.com/highlight/detail?id=2387912906","media":"marketwatch","summary":"Charlie Munger, the outspoken business partner and sounding board of          Berkshire Hathaway        CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before h","content":"<html><head></head><body><p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.</p><p>Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.</p><p>“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.</p><p>As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.</p><p>Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.</p><p>“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”</p><p>Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.</p><p>Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.</p><p>Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.</p><p>Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.</p><p>The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.</p><p>Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.</p><p>He was no fan of the <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.</p><p>Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.</p><p>Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.</p><p>Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.</p><p>While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.</p><p>“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”</p><p>“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.</p><p>Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles &amp; Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.</p><p>In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&amp;P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&amp;P 500 since that meeting and now is ahead of the market over the past 10 years. </p><p>Munger observed that he and Buffett did things differently than the typical corporate executives.</p><p>“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”</p><p>Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.</p><p>In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”</p><p>Munger discussed the Berkshire way at the meeting.</p><p>“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”</p><p>Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.</p><p>Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”</p><p>It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.</p><p>One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years. </p></body></html>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charlie Munger, Buffett’s Right Hand Man, Dies at 99</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCharlie Munger, Buffett’s Right Hand Man, Dies at 99\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 06:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have ...</p>\n\n<a href=\"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0971096721.USD":"富达环球金融服务 A","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4581":"高盛持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4176":"多领域控股","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BRK.A":"伯克希尔","LU0251142724.SGD":"Fidelity America A-SGD","BRK.B":"伯克希尔B","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC"},"source_url":"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387912906","content_text":"Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.He was no fan of the Robinhood online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles & Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&P 500 since that meeting and now is ahead of the market over the past 10 years. Munger observed that he and Buffett did things differently than the typical corporate executives.“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”Munger discussed the Berkshire way at the meeting.“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":277,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246622819184720,"gmtCreate":1701231951666,"gmtModify":1701231955892,"author":{"id":"3577677710114525","authorId":"3577677710114525","name":"Apdo77","avatar":"https://community-static.tradeup.com/news/ffade35ec67cf208fd1e3b60ab9fb2b1","crmLevel":4,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"RIP bro ... See you someday in another world ! Till then take care!","listText":"RIP bro ... See you someday in another world ! Till then take care!","text":"RIP bro ... See you someday in another world ! Till then take care!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246622819184720","repostId":"2387171329","repostType":2,"repost":{"id":"2387171329","pubTimestamp":1701224781,"share":"https://www.laohu8.com/m/news/2387171329?lang=&edition=full","pubTime":"2023-11-29 10:26","market":"us","language":"en","title":"Final Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error","url":"https://stock-news.laohu8.com/highlight/detail?id=2387171329","media":"Morning star","summary":"Charlie Munger,who died on Tuesday at age 99, was best known asWarren Buffett’s sidekick, though he was a formidable investor and investment thinker in his own right.Munger first met Buffett in 1959 t","content":"<html><head></head><body><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f23cc3574df2b1c3b9116cf04ba71d79\" tg-width=\"1024\" tg-height=\"683\"/></p><p>Charlie Munger, who died on Tuesday at age 99, was best known as Warren Buffett’s sidekick, though he was a formidable investor and investment thinker in his own right.</p><p>Munger first met Buffett in 1959 through a mutual friend. Edwin Davis, a doctor in their hometown of Omaha, Nebraska, told Buffett in 1957 that he trusted him to manage money because Buffett reminded him of someone called Charlie Munger. “Well, I don’t know who Charlie Munger is, but I like him,” Buffett responded to Davis. Two years later, Davis arranged for the pair to meet, and they hit it off right away.</p><p>Munger was originally a lawyer by trade. He started his own investment firm in 1962 and went on to crush the market over the following 13 years, compounding his portfolio at 19.8% per year compared with the Dow Jones Industrial Average’s 5.0%.</p><p>In 1978, Munger became Vice Chairman of Berkshire Hathaway (BRK.A BRK.B). Munger is credited for helping change Buffett’s investment approach from buying cheap, often low-quality companies, to purchasing great companies at reasonable prices.</p><p>Munger was known for his sharp mind and wit. He gave a rare interview to the <em>Acquired</em> podcast in October and offered some great insights on a range of investment topics.</p><h2 id=\"id_2758548408\">Munger and Buffett’s Investment Approaches</h2><p>Buffett got his first taste of investing as a young man at the racetrack. Munger was asked about this, and his response gives a key insight into the way that Buffett approaches the stock market:</p><p><em>“Warren never gambled. He was only a patron of them [the racetracks]. Warren wants the odds in his favor, not somebody else. It’s just so simple if you’re Warren. You want to be the house, not the punter.”</em></p><p>There are many famous investors who started out as gamblers—Edward Thorp, Bill Gross, and Jeff Yass come to mind. Buffett is also in this bracket. He took the mindset of an expert gambler—betting when the odds are overwhelmingly in your favor—and parlayed that into investing.</p><p>On his own investment approach, Munger gave a surprising answer. Though he was known for liking stocks that earn high returns on capital over long periods, Munger acknowledged that’s not the only way he invested:</p><p><em>“I only study two kinds of companies. I’m enough of a big Ben Graham follower … so if something is really cheap, even though it’s a crappy company, I’m willing to consider buying it. For a while anyway. I do that occasionally. I’ve done it with great success a time or two, but unlike Howard Marks, I’ve only done it once or twice in my lifetime for big gains, and that’s it. It’s not like I’ve done it a hundred times. It isn’t a bit easy. A hundred times easy money is almost nonexistent.</em></p><p><em>… Great brand companies, of course, are good. Getting the right price … the whole trick is getting them on a few rare occasions when they’re really cheap. Buying Costco at its present price … it may work out all right … but, again, it’s getting hard.”</em></p><h2 id=\"id_2657564278\">Buffett’s Big Costco Error</h2><p>In 1997, Costco (COST) offered Buffett a seat on the board, which he declined. Buffett suggested that Costco ask Munger instead, and Munger accepted. He remained on the board until his death.</p><p>Munger tried to convince Buffett to invest in Costco early, though it didn’t work. The reason: “Warren doesn’t like retailing.” Apparently, Buffett had seen many retailers come and go, including big department stores like Sears, and thought it a difficult business to make money from.</p><p>Munger thought differently and recognized early on that Costco had an incredible business model:</p><p><em>“They really did sell cheaper than anybody else in America and they did it in big, efficient stores. The parking spaces were 10 feet wide instead of eight or nine feet or whatever they normally are. They did it all right and they had a lot of parking spaces. They kept out of their stores. All these people didn’t do big volumes, and they gave special benefits to the people who did come to the stores in the way of reward points.”</em></p><h2 id=\"id_1827049133\">What Makes a Great Retailer</h2><p>Munger said Home Depot (HD) took the Costco business model and applied it to home improvements. “They copied everything,” he said.</p><p>Munger believed there was a more modern Costco imitator in a smaller company called Floor &amp; Decor (FND). As the name suggests, the business sells flooring, offering a huge selection via large warehouses, and with cheap prices to boot.</p><p>Munger was asked about whether he’d ever looked at Nike (NKE) as a business, and he said he had, though he rejected it because it’s a “style company.” Munger didn’t elaborate on this, though I suspect what he was alluding to is that with “style companies,” future prospects and earnings are difficult to forecast and that is not the type of business that he liked to invest in.</p><p>Munger preferred capital-light retailers with predictable earnings and pricing power:</p><p><em>“… we were lucky enough to buy See’s Candies for $20 million as our first acquisition. We found out fairly quickly that we could raise the price every year 10% and nobody cared. We didn’t make the volumes go up or anything like that. Just made the profits go up. We’ve been raising the price by 10% a year for all these 40 years or so. It’s been a very satisfactory company.</em></p><p><em>It didn’t require any new capital. That’s what was good about it: very little new capital. It had two big kitchens and a bunch of rental stores when we bought it, and now it’s got two big kitchens and a bunch of rental stores.”</em></p><h2 id=\"id_1552794459\">Berkshire’s Investment in Apple</h2><p>Buffett’s most high-profile recent investment is in Apple (AAPL). Berkshire first purchased a stake in 2016, and it’s since been a home run. Apple accounts for close to 50% of Berkshire’s stock portfolio.</p><p>Munger’s take on the lessons from Berkshire’s investment is intriguing:</p><p><em>“What everybody has learned is that everybody needs some significant participation in the 12 companies that do better than everybody else. You need two or three of them, at least. If you have that mindset. Apple was the logical candidate to be on the list of which you’re going to select your companies. It’s not very hard to come up with an idea that it may be OK.”</em></p><p>This seems to be a recognition that when you’re a big investor like Berkshire, you must be invested in some of these great technology companies or risk underperformance.</p><p>As for why Berkshire picked Apple, Munger said it was valuation, as the company got down to around 10 times earnings when Berkshire bought in.</p><h2 id=\"id_3408520693\">Buffett’s Investment in Japan Trading Companies</h2><p>Buffett’s other recent investment success has come from the unlikely place of Japan. Berkshire first started investing in Japanese trading companies in 2020 and retains stakes in five of them: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo.</p><p>Munger implied that there was leverage involved in the purchases. He says that at the time, you could borrow in Japan at 0.5% for 10 years, and these stocks had cheap assets and dividend yields of 5%, making them “no-brainer” investments:</p><p><em>“It took him [Buffett] forever to get $10 billion invested. It was like God just opening a chest and just pouring money. It’s awfully easy money.”</em></p><h2 id=\"id_1569812884\">Why Munger Liked China</h2><p>Munger had been a longtime investor in China. He persuaded Buffett to invest in automaker BYD in 2008. Munger has since called this one of the best decisions that he’s ever made.</p><p>Munger claimed that BYD founder Wang Chuanfu is a genius and said he’s better at making things than Elon Musk.</p><p>In the interview, Munger didn’t address his more recent investment in online retailer Alibaba (BABA), which hasn’t worked out thus far.</p><p>On China itself, Munger remained a believer:</p><p><em>“My position in China has been that: (1) the Chinese economy has better future prospects over the next 20 years than almost any other big economy. That’s number one. (2) The leading companies of China are stronger and better than practically any other leading companies anywhere, and they’re available at a much cheaper price.</em></p><p><em>So naturally, I’m willing to have some China risk in the Munger portfolio. How much China risk? Well, that’s not a scientific subject, but I don’t mind whatever it is, 18% or something.”</em></p><h2 id=\"id_1518081945\">Choice Words</h2><p>Munger was known for his blunt manner, and he didn’t hold back on a few subjects. One such subject is U.S. billionaire John Malone, who owns Formula One and the Atlanta Braves baseball team, among other things. Malone is credited with the rise of EBITDA (earnings before interest, tax, depreciation, and amortization) as a financial term among corporations, a term that Munger long abhorred. Munger said he’s never liked Malone’s “extreme manipulations,” including his famous methods of minimizing tax at his listed companies.</p><p>Munger also said he was uncomfortable with investors who principally use algorithms like the famous hedge fund Renaissance Technologies. He says these funds essentially front-run investors. And Munger believed that they’re making smaller profits with more volume, and the only way that they’re still making good returns is through using greater and greater leverage, “which I would not run myself.”</p></body></html>","source":"morningstar_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Final Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFinal Thoughts From Charlie Munger on Warren Buffett, China, and the Big Costco Error\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 10:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.morningstar.hk/hk/news/243260/final-thoughts-from-charlie-munger-on-warren-buffett-china-and-the-big-costco-error.aspx><strong>Morning star</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, who died on Tuesday at age 99, was best known as Warren Buffett’s sidekick, though he was a formidable investor and investment thinker in his own right.Munger first met Buffett in 1959...</p>\n\n<a href=\"https://www.morningstar.hk/hk/news/243260/final-thoughts-from-charlie-munger-on-warren-buffett-china-and-the-big-costco-error.aspx\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","BRK.A":"伯克希尔"},"source_url":"https://www.morningstar.hk/hk/news/243260/final-thoughts-from-charlie-munger-on-warren-buffett-china-and-the-big-costco-error.aspx","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387171329","content_text":"Charlie Munger, who died on Tuesday at age 99, was best known as Warren Buffett’s sidekick, though he was a formidable investor and investment thinker in his own right.Munger first met Buffett in 1959 through a mutual friend. Edwin Davis, a doctor in their hometown of Omaha, Nebraska, told Buffett in 1957 that he trusted him to manage money because Buffett reminded him of someone called Charlie Munger. “Well, I don’t know who Charlie Munger is, but I like him,” Buffett responded to Davis. Two years later, Davis arranged for the pair to meet, and they hit it off right away.Munger was originally a lawyer by trade. He started his own investment firm in 1962 and went on to crush the market over the following 13 years, compounding his portfolio at 19.8% per year compared with the Dow Jones Industrial Average’s 5.0%.In 1978, Munger became Vice Chairman of Berkshire Hathaway (BRK.A BRK.B). Munger is credited for helping change Buffett’s investment approach from buying cheap, often low-quality companies, to purchasing great companies at reasonable prices.Munger was known for his sharp mind and wit. He gave a rare interview to the Acquired podcast in October and offered some great insights on a range of investment topics.Munger and Buffett’s Investment ApproachesBuffett got his first taste of investing as a young man at the racetrack. Munger was asked about this, and his response gives a key insight into the way that Buffett approaches the stock market:“Warren never gambled. He was only a patron of them [the racetracks]. Warren wants the odds in his favor, not somebody else. It’s just so simple if you’re Warren. You want to be the house, not the punter.”There are many famous investors who started out as gamblers—Edward Thorp, Bill Gross, and Jeff Yass come to mind. Buffett is also in this bracket. He took the mindset of an expert gambler—betting when the odds are overwhelmingly in your favor—and parlayed that into investing.On his own investment approach, Munger gave a surprising answer. Though he was known for liking stocks that earn high returns on capital over long periods, Munger acknowledged that’s not the only way he invested:“I only study two kinds of companies. I’m enough of a big Ben Graham follower … so if something is really cheap, even though it’s a crappy company, I’m willing to consider buying it. For a while anyway. I do that occasionally. I’ve done it with great success a time or two, but unlike Howard Marks, I’ve only done it once or twice in my lifetime for big gains, and that’s it. It’s not like I’ve done it a hundred times. It isn’t a bit easy. A hundred times easy money is almost nonexistent.… Great brand companies, of course, are good. Getting the right price … the whole trick is getting them on a few rare occasions when they’re really cheap. Buying Costco at its present price … it may work out all right … but, again, it’s getting hard.”Buffett’s Big Costco ErrorIn 1997, Costco (COST) offered Buffett a seat on the board, which he declined. Buffett suggested that Costco ask Munger instead, and Munger accepted. He remained on the board until his death.Munger tried to convince Buffett to invest in Costco early, though it didn’t work. The reason: “Warren doesn’t like retailing.” Apparently, Buffett had seen many retailers come and go, including big department stores like Sears, and thought it a difficult business to make money from.Munger thought differently and recognized early on that Costco had an incredible business model:“They really did sell cheaper than anybody else in America and they did it in big, efficient stores. The parking spaces were 10 feet wide instead of eight or nine feet or whatever they normally are. They did it all right and they had a lot of parking spaces. They kept out of their stores. All these people didn’t do big volumes, and they gave special benefits to the people who did come to the stores in the way of reward points.”What Makes a Great RetailerMunger said Home Depot (HD) took the Costco business model and applied it to home improvements. “They copied everything,” he said.Munger believed there was a more modern Costco imitator in a smaller company called Floor & Decor (FND). As the name suggests, the business sells flooring, offering a huge selection via large warehouses, and with cheap prices to boot.Munger was asked about whether he’d ever looked at Nike (NKE) as a business, and he said he had, though he rejected it because it’s a “style company.” Munger didn’t elaborate on this, though I suspect what he was alluding to is that with “style companies,” future prospects and earnings are difficult to forecast and that is not the type of business that he liked to invest in.Munger preferred capital-light retailers with predictable earnings and pricing power:“… we were lucky enough to buy See’s Candies for $20 million as our first acquisition. We found out fairly quickly that we could raise the price every year 10% and nobody cared. We didn’t make the volumes go up or anything like that. Just made the profits go up. We’ve been raising the price by 10% a year for all these 40 years or so. It’s been a very satisfactory company.It didn’t require any new capital. That’s what was good about it: very little new capital. It had two big kitchens and a bunch of rental stores when we bought it, and now it’s got two big kitchens and a bunch of rental stores.”Berkshire’s Investment in AppleBuffett’s most high-profile recent investment is in Apple (AAPL). Berkshire first purchased a stake in 2016, and it’s since been a home run. Apple accounts for close to 50% of Berkshire’s stock portfolio.Munger’s take on the lessons from Berkshire’s investment is intriguing:“What everybody has learned is that everybody needs some significant participation in the 12 companies that do better than everybody else. You need two or three of them, at least. If you have that mindset. Apple was the logical candidate to be on the list of which you’re going to select your companies. It’s not very hard to come up with an idea that it may be OK.”This seems to be a recognition that when you’re a big investor like Berkshire, you must be invested in some of these great technology companies or risk underperformance.As for why Berkshire picked Apple, Munger said it was valuation, as the company got down to around 10 times earnings when Berkshire bought in.Buffett’s Investment in Japan Trading CompaniesBuffett’s other recent investment success has come from the unlikely place of Japan. Berkshire first started investing in Japanese trading companies in 2020 and retains stakes in five of them: Mitsubishi, Mitsui, Itochu, Marubeni, and Sumitomo.Munger implied that there was leverage involved in the purchases. He says that at the time, you could borrow in Japan at 0.5% for 10 years, and these stocks had cheap assets and dividend yields of 5%, making them “no-brainer” investments:“It took him [Buffett] forever to get $10 billion invested. It was like God just opening a chest and just pouring money. It’s awfully easy money.”Why Munger Liked ChinaMunger had been a longtime investor in China. He persuaded Buffett to invest in automaker BYD in 2008. Munger has since called this one of the best decisions that he’s ever made.Munger claimed that BYD founder Wang Chuanfu is a genius and said he’s better at making things than Elon Musk.In the interview, Munger didn’t address his more recent investment in online retailer Alibaba (BABA), which hasn’t worked out thus far.On China itself, Munger remained a believer:“My position in China has been that: (1) the Chinese economy has better future prospects over the next 20 years than almost any other big economy. That’s number one. (2) The leading companies of China are stronger and better than practically any other leading companies anywhere, and they’re available at a much cheaper price.So naturally, I’m willing to have some China risk in the Munger portfolio. How much China risk? Well, that’s not a scientific subject, but I don’t mind whatever it is, 18% or something.”Choice WordsMunger was known for his blunt manner, and he didn’t hold back on a few subjects. One such subject is U.S. billionaire John Malone, who owns Formula One and the Atlanta Braves baseball team, among other things. Malone is credited with the rise of EBITDA (earnings before interest, tax, depreciation, and amortization) as a financial term among corporations, a term that Munger long abhorred. Munger said he’s never liked Malone’s “extreme manipulations,” including his famous methods of minimizing tax at his listed companies.Munger also said he was uncomfortable with investors who principally use algorithms like the famous hedge fund Renaissance Technologies. He says these funds essentially front-run investors. And Munger believed that they’re making smaller profits with more volume, and the only way that they’re still making good returns is through using greater and greater leverage, “which I would not run myself.”","news_type":1},"isVote":1,"tweetType":1,"viewCount":36,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246588735279320,"gmtCreate":1701223746166,"gmtModify":1701223837646,"author":{"id":"4163556534366002","authorId":"4163556534366002","name":"Joyce31","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Rip","listText":"Rip","text":"Rip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246588735279320","repostId":"2387912906","repostType":2,"repost":{"id":"2387912906","pubTimestamp":1701212076,"share":"https://www.laohu8.com/m/news/2387912906?lang=&edition=full","pubTime":"2023-11-29 06:54","market":"us","language":"en","title":"Charlie Munger, Buffett’s Right Hand Man, Dies at 99","url":"https://stock-news.laohu8.com/highlight/detail?id=2387912906","media":"marketwatch","summary":"Charlie Munger, the outspoken business partner and sounding board of          Berkshire Hathaway        CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before h","content":"<html><head></head><body><p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.</p><p>Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.</p><p>“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.</p><p>As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.</p><p>Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.</p><p>“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”</p><p>Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.</p><p>Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.</p><p>Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.</p><p>Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.</p><p>The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.</p><p>Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.</p><p>He was no fan of the <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.</p><p>Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.</p><p>Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.</p><p>Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.</p><p>While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.</p><p>“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”</p><p>“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.</p><p>Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles &amp; Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.</p><p>In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&amp;P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&amp;P 500 since that meeting and now is ahead of the market over the past 10 years. </p><p>Munger observed that he and Buffett did things differently than the typical corporate executives.</p><p>“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”</p><p>Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.</p><p>In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”</p><p>Munger discussed the Berkshire way at the meeting.</p><p>“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”</p><p>Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.</p><p>Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”</p><p>It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.</p><p>One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years. </p></body></html>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charlie Munger, Buffett’s Right Hand Man, Dies at 99</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCharlie Munger, Buffett’s Right Hand Man, Dies at 99\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 06:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have ...</p>\n\n<a href=\"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0971096721.USD":"富达环球金融服务 A","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4581":"高盛持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4176":"多领域控股","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BRK.A":"伯克希尔","LU0251142724.SGD":"Fidelity America A-SGD","BRK.B":"伯克希尔B","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC"},"source_url":"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387912906","content_text":"Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.He was no fan of the Robinhood online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles & Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&P 500 since that meeting and now is ahead of the market over the past 10 years. Munger observed that he and Buffett did things differently than the typical corporate executives.“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”Munger discussed the Berkshire way at the meeting.“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":64,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246569169453088,"gmtCreate":1701218841029,"gmtModify":1701218845683,"author":{"id":"3570369418287680","authorId":"3570369418287680","name":"JohnL","avatar":"https://community-static.tradeup.com/news/20db2fa4f65cb04a8d837d400a1b5d7b","crmLevel":5,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Rip legend","listText":"Rip legend","text":"Rip legend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246569169453088","repostId":"2387912906","repostType":2,"repost":{"id":"2387912906","pubTimestamp":1701212076,"share":"https://www.laohu8.com/m/news/2387912906?lang=&edition=full","pubTime":"2023-11-29 06:54","market":"us","language":"en","title":"Charlie Munger, Buffett’s Right Hand Man, Dies at 99","url":"https://stock-news.laohu8.com/highlight/detail?id=2387912906","media":"marketwatch","summary":"Charlie Munger, the outspoken business partner and sounding board of          Berkshire Hathaway        CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before h","content":"<html><head></head><body><p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.</p><p>Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.</p><p>“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.</p><p>As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.</p><p>Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.</p><p>“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”</p><p>Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.</p><p>Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.</p><p>Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.</p><p>Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.</p><p>The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.</p><p>Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.</p><p>He was no fan of the <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.</p><p>Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.</p><p>Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.</p><p>Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.</p><p>While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.</p><p>“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”</p><p>“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.</p><p>Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles &amp; Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.</p><p>In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&amp;P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&amp;P 500 since that meeting and now is ahead of the market over the past 10 years. </p><p>Munger observed that he and Buffett did things differently than the typical corporate executives.</p><p>“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”</p><p>Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.</p><p>In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”</p><p>Munger discussed the Berkshire way at the meeting.</p><p>“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”</p><p>Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.</p><p>Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”</p><p>It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.</p><p>One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years. </p></body></html>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charlie Munger, Buffett’s Right Hand Man, Dies at 99</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCharlie Munger, Buffett’s Right Hand Man, Dies at 99\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 06:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have ...</p>\n\n<a href=\"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0971096721.USD":"富达环球金融服务 A","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4581":"高盛持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4176":"多领域控股","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BRK.A":"伯克希尔","LU0251142724.SGD":"Fidelity America A-SGD","BRK.B":"伯克希尔B","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC"},"source_url":"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387912906","content_text":"Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.He was no fan of the Robinhood online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles & Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&P 500 since that meeting and now is ahead of the market over the past 10 years. Munger observed that he and Buffett did things differently than the typical corporate executives.“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”Munger discussed the Berkshire way at the meeting.“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246566687666336,"gmtCreate":1701218428713,"gmtModify":1701218432805,"author":{"id":"3573540190522229","authorId":"3573540190522229","name":"Targarean","avatar":"https://community-static.tradeup.com/news/59de1c73df3e7e460bd84cc786850fa6","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"RIP, Charlie 🙏","listText":"RIP, Charlie 🙏","text":"RIP, Charlie 🙏","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246566687666336","repostId":"2387912906","repostType":2,"repost":{"id":"2387912906","pubTimestamp":1701212076,"share":"https://www.laohu8.com/m/news/2387912906?lang=&edition=full","pubTime":"2023-11-29 06:54","market":"us","language":"en","title":"Charlie Munger, Buffett’s Right Hand Man, Dies at 99","url":"https://stock-news.laohu8.com/highlight/detail?id=2387912906","media":"marketwatch","summary":"Charlie Munger, the outspoken business partner and sounding board of          Berkshire Hathaway        CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before h","content":"<html><head></head><body><p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.</p><p>Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.</p><p>“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.</p><p>As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.</p><p>Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.</p><p>“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”</p><p>Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.</p><p>Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.</p><p>Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.</p><p>Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.</p><p>The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.</p><p>Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.</p><p>He was no fan of the <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.</p><p>Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.</p><p>Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.</p><p>Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.</p><p>While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.</p><p>“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”</p><p>“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.</p><p>Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles &amp; Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.</p><p>In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&amp;P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&amp;P 500 since that meeting and now is ahead of the market over the past 10 years. </p><p>Munger observed that he and Buffett did things differently than the typical corporate executives.</p><p>“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”</p><p>Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.</p><p>In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”</p><p>Munger discussed the Berkshire way at the meeting.</p><p>“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”</p><p>Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.</p><p>Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”</p><p>It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.</p><p>One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years. </p></body></html>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charlie Munger, Buffett’s Right Hand Man, Dies at 99</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCharlie Munger, Buffett’s Right Hand Man, Dies at 99\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 06:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have ...</p>\n\n<a href=\"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0971096721.USD":"富达环球金融服务 A","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4581":"高盛持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4176":"多领域控股","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BRK.A":"伯克希尔","LU0251142724.SGD":"Fidelity America A-SGD","BRK.B":"伯克希尔B","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC"},"source_url":"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387912906","content_text":"Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.He was no fan of the Robinhood online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles & Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&P 500 since that meeting and now is ahead of the market over the past 10 years. Munger observed that he and Buffett did things differently than the typical corporate executives.“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”Munger discussed the Berkshire way at the meeting.“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":169,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246552587645024,"gmtCreate":1701214806279,"gmtModify":1701214810283,"author":{"id":"4115523165966952","authorId":"4115523165966952","name":"HapInvest198","avatar":"https://community-static.tradeup.com/news/389575c063a646bd740c4a4939e3e9c3","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"He is the legend.","listText":"He is the legend.","text":"He is the legend.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246552587645024","repostId":"2387912906","repostType":2,"repost":{"id":"2387912906","pubTimestamp":1701212076,"share":"https://www.laohu8.com/m/news/2387912906?lang=&edition=full","pubTime":"2023-11-29 06:54","market":"us","language":"en","title":"Charlie Munger, Buffett’s Right Hand Man, Dies at 99","url":"https://stock-news.laohu8.com/highlight/detail?id=2387912906","media":"marketwatch","summary":"Charlie Munger, the outspoken business partner and sounding board of          Berkshire Hathaway        CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before h","content":"<html><head></head><body><p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.</p><p>Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.</p><p>“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.</p><p>As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.</p><p>Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.</p><p>“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”</p><p>Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.</p><p>Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.</p><p>Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.</p><p>Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.</p><p>The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.</p><p>Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.</p><p>He was no fan of the <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.</p><p>Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.</p><p>Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.</p><p>Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.</p><p>While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.</p><p>“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”</p><p>“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.</p><p>Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles &amp; Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.</p><p>In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&amp;P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&amp;P 500 since that meeting and now is ahead of the market over the past 10 years. </p><p>Munger observed that he and Buffett did things differently than the typical corporate executives.</p><p>“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”</p><p>Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.</p><p>In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”</p><p>Munger discussed the Berkshire way at the meeting.</p><p>“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”</p><p>Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.</p><p>Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”</p><p>It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.</p><p>One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years. </p></body></html>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charlie Munger, Buffett’s Right Hand Man, Dies at 99</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCharlie Munger, Buffett’s Right Hand Man, Dies at 99\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 06:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have ...</p>\n\n<a href=\"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0971096721.USD":"富达环球金融服务 A","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4581":"高盛持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4176":"多领域控股","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BRK.A":"伯克希尔","LU0251142724.SGD":"Fidelity America A-SGD","BRK.B":"伯克希尔B","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC"},"source_url":"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387912906","content_text":"Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.He was no fan of the Robinhood online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles & Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&P 500 since that meeting and now is ahead of the market over the past 10 years. Munger observed that he and Buffett did things differently than the typical corporate executives.“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”Munger discussed the Berkshire way at the meeting.“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":148,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246548145909792,"gmtCreate":1701213708329,"gmtModify":1701213714887,"author":{"id":"4096961999981430","authorId":"4096961999981430","name":"Sandyboy","avatar":"https://static.tigerbbs.com/c04e272a035ef63569f512a7703b1fd7","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false},"themes":[],"htmlText":"Sad to hear that. RIP","listText":"Sad to hear that. RIP","text":"Sad to hear that. RIP","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246548145909792","repostId":"2387912906","repostType":4,"repost":{"id":"2387912906","pubTimestamp":1701212076,"share":"https://www.laohu8.com/m/news/2387912906?lang=&edition=full","pubTime":"2023-11-29 06:54","market":"us","language":"en","title":"Charlie Munger, Buffett’s Right Hand Man, Dies at 99","url":"https://stock-news.laohu8.com/highlight/detail?id=2387912906","media":"marketwatch","summary":"Charlie Munger, the outspoken business partner and sounding board of          Berkshire Hathaway        CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before h","content":"<html><head></head><body><p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.</p><p>Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.</p><p>“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.</p><p>As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.</p><p>Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.</p><p>“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”</p><p>Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.</p><p>Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.</p><p>Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.</p><p>Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.</p><p>The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.</p><p>Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.</p><p>He was no fan of the <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.</p><p>Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.</p><p>Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.</p><p>Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.</p><p>While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.</p><p>“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”</p><p>“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.</p><p>Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles &amp; Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.</p><p>In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&amp;P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&amp;P 500 since that meeting and now is ahead of the market over the past 10 years. </p><p>Munger observed that he and Buffett did things differently than the typical corporate executives.</p><p>“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”</p><p>Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.</p><p>In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”</p><p>Munger discussed the Berkshire way at the meeting.</p><p>“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”</p><p>Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.</p><p>Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”</p><p>It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.</p><p>One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years. </p></body></html>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charlie Munger, Buffett’s Right Hand Man, Dies at 99</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCharlie Munger, Buffett’s Right Hand Man, Dies at 99\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 06:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have ...</p>\n\n<a href=\"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0971096721.USD":"富达环球金融服务 A","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4581":"高盛持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4176":"多领域控股","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BRK.A":"伯克希尔","LU0251142724.SGD":"Fidelity America A-SGD","BRK.B":"伯克希尔B","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC"},"source_url":"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387912906","content_text":"Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.He was no fan of the Robinhood online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles & Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&P 500 since that meeting and now is ahead of the market over the past 10 years. Munger observed that he and Buffett did things differently than the typical corporate executives.“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”Munger discussed the Berkshire way at the meeting.“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":241,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":246547316428808,"gmtCreate":1701213624511,"gmtModify":1701213627551,"author":{"id":"3576671141672046","authorId":"3576671141672046","name":"投资一族","avatar":"https://static.tigerbbs.com/6383e289e0014247511d191bce1f14ad","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false},"themes":[],"htmlText":"Rip","listText":"Rip","text":"Rip","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/246547316428808","repostId":"2387912906","repostType":4,"repost":{"id":"2387912906","pubTimestamp":1701212076,"share":"https://www.laohu8.com/m/news/2387912906?lang=&edition=full","pubTime":"2023-11-29 06:54","market":"us","language":"en","title":"Charlie Munger, Buffett’s Right Hand Man, Dies at 99","url":"https://stock-news.laohu8.com/highlight/detail?id=2387912906","media":"marketwatch","summary":"Charlie Munger, the outspoken business partner and sounding board of          Berkshire Hathaway        CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before h","content":"<html><head></head><body><p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.</p><p>Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.</p><p>“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.</p><p>As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.</p><p>Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.</p><p>“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”</p><p>Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.</p><p>Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.</p><p>Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.</p><p>Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.</p><p>The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.</p><p>Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.</p><p>He was no fan of the <a href=\"https://laohu8.com/S/HOOD\">Robinhood</a> online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.</p><p>Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.</p><p>Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.</p><p>Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.</p><p>While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.</p><p>“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”</p><p>“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.</p><p>Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles &amp; Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.</p><p>In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&amp;P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&amp;P 500 since that meeting and now is ahead of the market over the past 10 years. </p><p>Munger observed that he and Buffett did things differently than the typical corporate executives.</p><p>“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”</p><p>Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.</p><p>In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”</p><p>Munger discussed the Berkshire way at the meeting.</p><p>“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”</p><p>Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.</p><p>Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”</p><p>It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.</p><p>One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years. </p></body></html>","source":"mwatch_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Charlie Munger, Buffett’s Right Hand Man, Dies at 99</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCharlie Munger, Buffett’s Right Hand Man, Dies at 99\n</h2>\n\n<h4 class=\"meta\">\n\n\n2023-11-29 06:54 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click><strong>marketwatch</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have ...</p>\n\n<a href=\"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"LU0234572021.USD":"高盛美国核心股票组合Acc","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","BK4550":"红杉资本持仓","BK4588":"碎股","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0971096721.USD":"富达环球金融服务 A","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","BK4581":"高盛持仓","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","BK4176":"多领域控股","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0234570918.USD":"高盛全球核心股票组合Acc Close","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","BRK.A":"伯克希尔","LU0251142724.SGD":"Fidelity America A-SGD","BRK.B":"伯克希尔B","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC"},"source_url":"https://www.marketwatch.com/articles/charlie-munger-dies-at-99-311d3a59?mod=newsviewer_click","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2387912906","content_text":"Charlie Munger, the outspoken business partner and sounding board of Berkshire Hathaway CEO Warren Buffett for more than 50 years, died at age 99 in Los Angeles, about a month before he would have turned 100 on Jan. 1, 2024.Munger died peacefully Tuesday morning at a California hospital, according to a statement from Berkshire.“Berkshire Hathaway could not have been built to its present status without Charlie’s inspiration, wisdom and participation,” Buffett said.As Berkshire’s vice chairman, Munger offered advice to Buffett on a range of matters including investments, acquisitions, and corporate management.Like Buffett, he took a salary of just $100,000 annually for more than 25 years and believed that the rich should exercise self restraint in their lifestyles. Also like Buffett, he lived in the same house for over 60 years. Munger was wealthy thanks to his Berkshire stake that was worth more than $2 billion.“Charlie has the best 30-second mind in the world,” Buffett once said. “He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.”Buffet noted that Munger helped him see the value during the late 20th century in growth companies like Coca-Cola, a shift from his previous focus on cheap, undervalued companies—which Buffett’s mentor, noted value investor Benjamin Graham, called cigar butts.Buffett also credited Munger with one of Berkshire’s best investments of the past 20 years, BYD, a Chinese car and battery maker. Berkshire’s investment was worth $6 billion in early 2021, 25 times its cost. Berkshire has subsequently sharply cut its stake in the company.Like Buffett, Munger ran an investment partnership that racked up outsize returns earlier in his career. Munger’s partnership, which predated the start of his involvement with Berkshire in 1978, generated a 13.7% annualized return from 1962 to 1975, against a 5% yearly return for the Dow Jones Industrial Average.Munger sometimes referred to what he called the Lollapalooza effect, which refers to a combination of forces or trends that results in a more magnified result than each individually.The success of Berkshire’s Geico auto-insurance unit showed the Lollapalooza effect as the combination of a low-cost model operating model, a trend to direct sales of insurance policies to consumers and strong management allowed Geico to quadruple its market share from 1996 to 2021.Munger may have been best known for his tart comments over the years on multiple topics including Bitcoin, whose growth he deemed “disgusting,” in part by its use by kidnappers and ransomware practitioners.He was no fan of the Robinhood online brokerage platform, which he called “beneath contempt” in May 2021. The reason: “It’s a gambling parlor masquerading as a respectable business.” Robinhood disputed that contention.Munger was enormously popular with many Berkshire shareholders who relished his appearance at the company’s annual meeting, where he and Buffett would hold forth for hours about Berkshire, investments, economics, politics, and life lessons in Omaha’s largest arena before a crowd that numbered more than 30,000.Longtime Berkshire investors liked Munger’s moral compass, his willingness to speak his mind, his ability to turn a phrase, and his great rapport with Buffett. All this was a welcome contrast to so many tight-lipped, afraid-to-offend corporate executives.Munger missed the 2020 virtual annual meeting because of the pandemic, and Buffett was so eager to include him in 2021 that he flew to Los Angeles to hold the meeting there virtually with Munger rather than in Omaha, where Berkshire has its headquarters. Munger attended the 2022 and 2023 annual meetings.While Munger and Buffett both grew up in Omaha, they didn’t meet until 1959 and became friends almost immediately.“I just knew instantly Charlie was the kind of guy that I was going to like, and I was going to learn from,” Buffett said in a CNBC interview in June 2021. “But, you know, it wasn’t anything calculated, a decision or anything like that. It was natural. And we have had nothing but fun.”“We have never had an argument, 62 years. And it’s not that we agree on everything. We literally, in 62 years, we’ve never gone mad at each other,” Buffett said at the 2021 annual meeting.Buffett helped convince Munger not to practice law full time, although Munger was a longtime partner at the firm of Munger, Tolles & Olson in Los Angeles. He was a longtime director of Costco Wholesale and chairman of the Daily Journal, a newspaper and investment company. Munger fans enjoyed his appearance at the Daily Journal’s annual meeting.In response to a question at the 2021 annual meeting about Berkshire’s underperformance relative to the S&P 500 over the past 10 years, Munger said: “I’d bet on Berkshire over the market.” He did note that investing was getting more difficult. “We’re used to shooting fish in a barrel, but it’s getting harder.” Berkshire has outperformed the S&P 500 since that meeting and now is ahead of the market over the past 10 years. Munger observed that he and Buffett did things differently than the typical corporate executives.“We both insist on a lot of time being available almost everyday to just sit and think. That is very uncommon in American business. We read and think.”Munger and Buffett were proud of Berkshire’s distinctive, decentralized corporate structure, and loathed bureaucracy and consultants.In introducing Munger at the 2021 meeting, Buffett said, “And I would say he’s probably the vice chairman in charge of culture, among other things. But if I ever want to get questions about where true north is, I talk to Charlie, and he has been an enormous help.”Munger discussed the Berkshire way at the meeting.“We’re different from practically every other big corporation in the United States in that we are so excessively decentralized.” he said. “We have decentralized so much and we have so much authority in the subsidiaries that we can keep doing it for a long, long time as long as it keeps working. And I would say so far that our decentralization has caused more benefits than defects, but nobody seems to copy us.”Berkshire’s board let Buffett determine the pay of his top managers, vice-chairmen Greg Abel and Ajit Jain, pretty much as he saw fit. Both have earned $19 million in the past few years. The lack of any formal pay guidelines drew some criticism from proxy monitors.Munger hated the use of compensation consultants who helped draw up often incomprehensible executive pay schemes used at most big companies. He said he’d “rather throw a viper down my shirt front than hire a compensation consultant.” Buffett has added that if the Berkshire board hires one after he’s dead, he would “come back, mad.”It was at the 2021 annual meeting that Munger let slip that “Greg will keep the culture.” That reference to Berkshire Vice Chairman Greg Abel was the first public signal that Abel was the likely successor to Buffett as CEO—something Berkshire quickly confirmed.One of the big questions about Berkshire is whether Abel, Buffett’s likely successor, will maintain the company’s unique culture that Buffett and Munger created and nurtured for nearly 60 years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":131,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}]}