Charlie Munger Biography, Wiki and Net worth
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Charles Thomas Munger also known as Charlie Munger, the vice chairman of Berkshire Hathaway, died on November 28, 2023, at the age of 99. He was a businessman, investor, and philanthropist who was known for his role as Warren Buffett’s right-hand man and the “architect” of Berkshire Hathaway’s business philosophy.
Charles Thomas Munger was born was born in Omaha, Nebraska, and served in the U.S. Army Air Corps during World War II. He later studied mathematics at the University of Michigan, he later received a JD in 1948 from Harvard Law School and went on to become a successful investor and businessman.
Munger was known for his acerbic wit and his ability to think quickly, independently, and rationally. He was a voracious reader and had an immense vocabulary and a keen sense of humor. He was also a fan of Benjamin Franklin and wrote a semi-biographical book titled “Poor Charlie’s Almanack.”
Munger married Stanford alumna Nancy Barry Borthwick in 1956, and they had eight children together, four of whom earned undergraduate and/or law degrees from Stanford.
Munger was a longtime supporter of Stanford Law School and made a significant gift to construct the Charles and Nancy Munger Graduate Residence, a campus residential complex for graduate students. He was known for his quick wit, incredible generosity, and his book *Poor Charlie’s Almanack*.
He was the vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. Buffett described Munger as his closest partner and right-hand man, and credited him with being the “architect” of modern Berkshire Hathaway’s business philosophy.
Munger was a founding partner of Munger, Tolles & Olson; chairman of Wesco Financial Corporation from 1984 through 2011; chairman of the Daily Journal Corporation, based in Los Angeles, California; and a director of Costco Wholesale Corporation.
Background of Charlie Munger and how he become successful
Charlie munger education
Charlie Munger, a prominent figure in the world of investing and business, had a diverse background that contributed to his success. Munger initially trained as a meteorologist during World War II and later pursued a career in law, graduating from Harvard Law School. Despite his accomplishments in law, Munger felt unfulfilled and sought more autonomy and excitement in his career.
Munger’s path to success took a significant turn when he met Warren Buffett at a dinner party in Omaha. Buffett, who shared Munger’s interests in business, finance, and investing, convinced Munger to leave his law firm and venture into the world of investing. This decision to collaborate with Buffett proved to be highly beneficial and marked a pivotal moment in Munger’s career.
Throughout his career, Munger adhered to three fundamental principles for professional satisfaction: deserving what you want, working for people you respect and admire, and pursuing interests with passion and perseverance.
Munger’s partnership with Buffett at Berkshire Hathaway, where he served as Vice Chairman, was instrumental in their remarkable success. Under their leadership, Berkshire Hathaway achieved extraordinary returns on its capital, showcasing Munger’s multidisciplinary wisdom and strategic acumen.
Munger’s success can be attributed to his ability to think critically, apply diverse mental models from various disciplines, and make rational decisions. His emphasis on avoiding common pitfalls, maintaining integrity, and continuously learning contributed to his longevity and prosperity in the world of business and investing.
How Charlie Munger’s ideas can be applied to everyday life
Charlie Munger’s ideas can be applied to everyday life in several ways, including:
1. Developing a latticework of mental models: Munger emphasizes the importance of understanding and applying mental models from various disciplines to make better decisions. By learning and integrating these models, individuals can improve their rationality and objectivity, and avoid psychological biases.
2. Continuous learning: Munger advocates for lifelong learning and encourages individuals to read widely and deeply in order to build their own mental models and improve their decision-making skills. He believes that the world is constantly changing, and investors must evolve with it.
3. Thinking in a multidisciplinary manner: Munger’s investment philosophy is grounded in the belief that complex problems cannot be adequately addressed by relying on a single discipline. By incorporating ideas from psychology, physics, biology, economics, and other disciplines, individuals can enhance their ability to analyze situations comprehensively and make more informed decisions.
4. Avoiding overconfidence and cognitive biases: Munger emphasizes the importance of acknowledging cognitive biases and mitigating their impact on decision-making. By recognizing and addressing these biases, individuals can make more rational and informed choices.
5. Emphasizing the power of compounding: Munger emphasizes the power of compounding as a force that can significantly amplify wealth over time. His patient and disciplined approach aligns with the principle that successful investing requires a long-term perspective.
6. Applying value investing principles: Munger, in tandem with Buffett, follows the value investing principles of assessing a company’s intrinsic value and ensuring a margin of safety in investments. This conservative approach minimizes the risk of permanent capital loss.
7. Prioritizing ethical behaviour: Munger emphasizes the importance of ethical behavior and integrity in both personal and professional life. He believes that character and reputation are essential for long-term success.
By incorporating these principles into everyday life, individuals can improve their decision-making skills, avoid common pitfalls, and build a successful and fulfilling life.
Charlie Munger quotes
Charlie Munger’s most famous quotes include:
1. “It takes character to sit with all that cash and to do nothing. I didn’t get to where I am by going after mediocre opportunities.” – Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger
2. “Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day.” – Charlie Munger: The Complete Investor
3. “What are the secret of success? -one word answer :’rational’.” – Poor Charlie’s Almanack: The Wit and Wisdom of Charles T. Munger
4. “I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you.”
5. “Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat.” – Charlie Munger: The Complete Investor
6. “People calculate too much and think too little.”
7. “Go to bed smarter than when you woke up.”
8. “Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley?”
9. “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time—none, zero.”
10. “Spend each day trying to be a little wiser than when you woke up. Day by day, and at the end of the day-if you live long enough-like most people, you will get out of life what you deserve.”
11. “The best thing a human being can do is to help another human being know more.”
12. “You need patience, discipline, and agility to take losses and adversity without going crazy.”
13. “It’s not supposed to be easy. Anyone who finds it easy is stupid.”
14. “Knowing that you don’t know is more useful than being brilliant.”
15. “If you keep learning all the time you have a huge advantage.”
16. “Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari’s -I wanted the independence. I desperately wanted it.”
17. “Just the discipline of having to put your thoughts in order with somebody else is a very useful thing.”
18. “Opportunity comes to the prepared mind.”
19. “I believe in the discipline of mastering the best that other people have ever figured out. I don’t believe in just sitting down and trying to dream it all up yourself. Nobody’s that smart.”
20. “Simplicity has a way of improving performance by enabling us to better understand what we are doing.”
21. “Live within your income and save so you can invest. Learn what you need to learn.”
22. “A lot of people with high IQs are terrible investors because they’ve got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success.”
23. “It’s waiting that helps you as an investor and a lot of people just can’t stand to wait. If you didn’t get the deferred -gratification gene, you’ve got to work very hard to overcome that.”
24. “When you borrow a man’s car, always return it with a tank of gas.”
These quotes reflect Munger’s wisdom, emphasizing the importance of character, continuous learning, rationality, and integrity in both personal and professional life.
Charlie Munger FAQ
How did Charlie Munger die
Charlie Munger passed away on November 28, 2023, at the age of 99 in Santa Barbara, California. The exact cause of his Charlie Munger death and how he died has not been publicly disclosed.
How old is Charlie Munger ?
Charlie Munger was born on January 1, 1924, and passed away on November 28, 2023. Thus Charlie Munger age was 99.
Charlie Munger House
Charlie Munger chose to live in the same house for decades, even as his wealthy friends upgraded to larger and more luxurious homes. Despite amassing significant wealth, Munger opted for a modest lifestyle and intentionally avoided living lavishly.
He believed that living in a basic house was better for his children and did not want to spoil them by indulging in extravagant living. Munger’s deliberate decision to maintain a modest home reflected his values and priorities, emphasizing the importance of simplicity and avoiding excess.
Charlie Munger Funeral
Munger’s death was announced by Berkshire Hathaway, which said that he died peacefully on November 28. Warren Buffett, the chairman and CEO of Berkshire Hathaway, released a statement saying that the company could not have been built to its present status without Munger’s inspiration, wisdom, and participation.
Munger’s funeral arrangements have not been announced, but it is expected that there will be a memorial service to celebrate his life and accomplishments. The Episcopal Diocese of Los Angeles has announced that it will hold a memorial for Munger on March 12, 2024. The service will be held at Harvard-Westlake School, where Munger served as a trustee and benefactor for 54 years.
Charlie Munger Burial
After Charlie Munger died, a private funeral service was held for the family and a public memorial service was announced at a later date. In lieu of flowers, donations can be made to the Santa Barbara Cottage Hospital Foundation or the Munger Charitable Trust.
Charlie Munger death cause
Charlie Munger cause of death has not been disclosed. Despite his passing at the age of 99 on November 28, 2023, in Santa Barbara, California, the exact cause of his death has not been publicly revealed.
Charlie Munger net worth
How much is Charlie Munger worth? You must be wondering, well Charlie Munger net worth was estimated at approximately $2.6 billion at the time of his passing on November 28, 2023. His wealth primarily consisted of Berkshire Hathaway Class A stock, with him owning 4,033 shares as of October 5, 2023.
Charlie Munger’s Relationship With Warren Buffett
Charlie Munger had a close and enduring relationship with Warren Buffett, spanning over six decades. They first met in 1959 and formed a deep friendship that evolved into a successful business partnership.
Munger joined Berkshire Hathaway as Vice Chairman in 1978, working alongside Buffett to transform the company into a massive conglomerate valued at over $780 billion.
Despite their differing opinions on investments, Warren Buffett and Charlie Munger never had an argument in their long friendship and business collaboration.
Buffett often referred to Munger as his “older brother” and “loving father,” highlighting the mutual respect and admiration they shared.
Munger’s wisdom, insight, and influence were instrumental in shaping Berkshire Hathaway’s success, and his passing in 2023 marked the end of an era for their legendary partnership.
How Many Children Does Charlie Munger Have ?
Charlie Munger Kids are eight in number and they are from two marriages. His first marriage was to Nancy Jean Huggins, with whom he had two daughters, Molly and Wendy.
His second marriage was to Nancy Barry Borthwick, with whom he had four children and also adopted two of the wife’s previous children. Thus making Charlie Munger children six from the second marriage; four daughters and two sons.
Munger’s grandparents and parents also vacationed in Cass Lake, Minnesota, where the family has a collection of cabins that have become the family seat for Munger’s children, grandchildren, and extended family. Munger’s childhood memories and family vacations in Cass Lake are essential to who he is, and the Munger family that gathers there each summer is an amalgamation of his, hers, and theirs.
Charlie Munger Wife; Who is She? / Was Charlie Munger Ever Married?
Charlie Munger was married twice. His first marriage was to Nancy Jean Huggins, with whom he had two daughters, Molly and Wendy. They divorced in 1953.
His second marriage was to Nancy Barry Borthwick, whom he married in 1956 after meeting on a blind date at Farmer John’s Chicken Dinners. They were both divorced at the time and had children from previous marriages.
They were together for 54 years until Nancy’s passing in 2010. Charlie and Nancy Barry had four children together –
- Charles T. Munger Jr.
- Emilie Munger Ogden,
- Barry A. Munger, and
- Philip R. Munger.
Charlie also had two stepchildren, William Harold Borthwick and David Borthwick. Nancy Barry was a philanthropist who served as a board member for the YMCA in Los Angeles, president of Las Madrinas, and a member of the Board of Trustees at Stanford University.
What is Charlie Munger’s advice for earning the first $100k
Charlie Munger famously said that amassing your first $100,000 is a critical early milestone on the path to long-term wealth. He emphasized that it’s a challenging task, but crucial for building wealth.
Charlie Munger First 100k
Munger’s advice suggests that the journey to financial success is impacted by how much one earns before and after reaching that first $100,000 milestone. He didn’t specify exactly how much the first $100,000 can grow over time, but his statement indicates that it can lead to noticeable and significant growth.
Many people try to achieve this goal by starting their own business or choosing a side hustle. The idea is to start early and persist, as building wealth is a long-term process. Munger’s advice is particularly relevant for those who are starting from scratch, without any capital.
Investing the first $100,000 at a modest 5% return can lead to significant growth over time. For example, if left alone, $100,000 invested at a 5% return would grow to $278,596 in 21 years, per compound interest calculators.
The lesson is that what comes before and after that first $100,000 milestone makes all the difference. Building wealth is a long-term process, and saving and investing early can lead to significant growth over time.
Charlie Munger’s first job
Despite his success in investing, Munger’s first job was in the real estate industry, where he developed his skills and knowledge that would later contribute to his success in the investment world.
Youth Charlie Munger / Charlie Munger young
Charlie Munger Car
Charlie Munger has been known to drive a Rolls Royce and a Lexus in the past, but his specific car preferences are not well-documented. He is known for his frugality and has criticized Buffett for being less frugal than he is.
Munger has also expressed his disinterest in investing in the auto industry, which he considers to be extremely challenging. Despite this, Berkshire Hathaway, through its investment in BYD, has made a significant bet on the Chinese electric vehicle manufacturer.
Charlie Munger Dead / How did Charlie Munger die?
Charlie Munger died on November 28, 2023, at the age of 99 in Santa Barbara, California. The exact cause of his death has not been publicly disclosed.
What was Charlie Munger’s cause of death?
Charlie Munger’s cause of his death has not been disclosed. Despite being less well known than Buffett, Munger was a significant figure in the business world and will be missed by many.
Where does Charlie Munger live
Charlie Munger and his wife, Nancy Munger, made a gift to construct the Charles and Nancy Munger Graduate Residence, a campus residential complex for graduate students.
Munger was also known for his frugal lifestyle, having lived in the same California home for seven decades. He believed that living in a basic house made him happier and that larger homes were not beneficial for children.
Munger’s legal background drew him into active involvement at Stanford Law School, where he served for decades on the Dean’s Strategic Council and the Law School Board of Visitors.
Charlie Munger IQ
Charlie Munger was known for his wit, wisdom, and blunt advice about the stock market and the wider economy. Munger was a voracious learner and shared his insights in speeches and writings, including his famous speech on the psychology of human misjudgment.
Information about his Charlie Munger iq was never made public at any time, we are not even sure if he ever did the test
Charlie Munger Stock Portfolio : Top holdings in Charlie Munger’s stock portfolio
Charlie Munger’s stock portfolio is not publicly available in its entirety, but some information about his holdings through the Daily Journal Corporation has been disclosed. As of March 31, 2024, the 4 holdings in Charlie Munger’s portfolio through the Daily Journal Corporation are;
- Wells Fargo & Co (WFC) with 46.22%,
- Bank of America Corp (BAC) with 42.80%,
- Alibaba Group Holding Ltd (BABA) with 7.96%, and
- US Bancorp (USB) with 3.27%.
The total portfolio value is $185,101,596. It is important to note that this information only represents a portion of Charlie Munger’s overall investment portfolio and does not include his personal holdings or any other investments he may have made.
Why Is Charlie Munger Worth So Little compared to Warren Buffet?
Charlie Munger’s net worth is significantly smaller than Warren Buffett’s due to a few key factors. Buffett has always owned a much larger stake in Berkshire Hathaway, and Munger has sold or donated more than 75% of his Berkshire Hathaway shares since 1996.
If Munger had kept all of his Berkshire Hathaway stock, his net worth would be over $10 billion today. However, Munger has intentionally reduced his net worth through charitable giving, donating a significant portion of his shares over the years. Despite his smaller net worth, Munger is still a highly respected and influential figure in the world of investing and business.
Charlie Munger Religion
Charlie Munger was known for his atheistic beliefs. He did not believe in a personal God but was open to the notion that there might be some higher being with intelligence. Despite his atheism, Munger recognized the value of religion in providing people with a sense of morality and community.
He was also known for his kindness and his support for using church property to build affordable housing. Munger was married twice and had seven children from both marriages.
Charlie Munger Bitcoin Views
Charlie Munger, the vice chairman of Berkshire Hathaway, was known for his strong disapproval of cryptocurrencies, including Bitcoin. He described them as “disgusting” and “contrary to the interests of civilization”.
He also believed that they are likely to go to zero and have no intrinsic value. Munger was particularly troubled by the use of cryptocurrency in illegal activities like drug dealing, terror funding, kidnapping and extortion, and even compared trading in Bitcoin to trading in freshly harvested baby brains.
Despite his criticism, Berkshire Hathaway has invested in companies involved with cryptocurrencies, such as Nubank, a South American fintech firm offering various crypto services. Munger’s stance on cryptocurrencies was consistent through the years, and he expressed his displeasure with the U.S. for allowing the proliferation of this “crap”.
He has advocated for a ban on cryptocurrencies and may see his wish partially granted as the industry faces escalating regulatory crackdowns.
Charlie Munger Real Estate Interests
Charlie Munger was a successful investor and the vice chairman of Berkshire Hathaway, but his background in real estate also played a significant role in his life.
Munger lived in the same house for 70 years, despite his considerable wealth, and he believed that grandiose homes could negatively impact one’s happiness and family life. He also believed that a humble living environment was essential for instilling the right values.
Munger’s professional background as a real estate attorney gave him a unique perspective on property ownership, and he owned additional real estate investments, but he chose to make his permanent residence in a modest dwelling.
Munger’s philosophy of living simply and focusing on family, meaningful work, and personal integrity stands as a compelling example in today’s materialistic society.
Charlie Munger Political Party Affiliations
Charlie Munger was a Republican. He was a business partner of Warren Buffett, who is a Democrat. Munger’s son, Charles Munger Jr., is also a Republican and has been involved in local politics in California. He has advocated for redistricting reform and has served as chair of the Santa Clara County Republican Party.
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