The last chapter Practical thought about practical thought is a masterpiece. Sep 23, InvestingByTheBooks. When Damn Right! And whereas a lot is written about Munger as an investor, in this biography we get to know him on a more personal level from his birth to his 70s around the year Munger and his family always wanted to remain out of the public eye, causing very little information to be available about Munger before Damn Right!.
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Munger, was a lawyer. Army Air Corps , where he became Second Lieutenant. However, the dean relented after a call from Roscoe Pound , a former dean of Harvard Law and a Munger family friend. He wound up Wheeler, Munger, and Co.
It began as a savings and loan association , but eventually grew to control Precision Steel Corp. Munger believes that holding a concentrated number of stocks, that he knows extremely well, will in the long term produce superior returns. Such meetings were often perfunctory, but Munger interacted with the other Wesco shareholders at considerable length, sometimes speculating about what Benjamin Franklin would do in a given situation. Since Westco meetings ended, the Daily Journal annual meeting has grown in importance, as investors flock to the meeting to listen to him speak at length.
Author Peter Bevelin explained his key learnings from both Munger and Buffett in a interview: "How to think about businesses and investing, how to behave in life, the importance of ethics and honesty, how to approach problems but foremost how to reduce the chance of meeting problems. A business model that relies on trickery is doomed to fail. Munger explained that Frankel believed To Frankel, that is amoral, that is an irresponsible system.
With the Lollapalooza effect, itself a mental model, the result is often extreme, due to the confluence of the mental models, biases or tendencies acting together, greatly increasing the likelihood of acting irrationally. In the Tupperware party, you have reciprocation, consistency and commitment tendency, and social proof. In the open outcry auction, there is social proof of others bidding, reciprocation tendency, commitment to buying the item, and deprivation super-reaction syndrome, i.
These biases often occur at either conscious or subconscious level, and in both microeconomic and macroeconomic scale.
Huggins and Edith M. Munger Jr. Munger and Philip R. She was 76 years old. She was 86 years old. When doctors told him that he had developed a condition that may cause his remaining eye to fill up with blood and become blind too, Munger started taking braille lessons. The eye condition has since receded. The renovated portion of the Lawyers Club will be renamed the Charles T.
Munger Residences in the Lawyers Club in his honor. Munger have been major benefactors of Stanford University. Both Nancy and Wendy Munger served as members of the Stanford board of trustees.
His five sons and stepsons as well as at least one grandson graduated from the prep school. This is the largest gift in the history of the school. The donation will go towards the construction of a residence building for visitors of the Kavli Institute in an effort to bring together physicists to exchange ideas as Munger stated,"to talk to one another, create new stuff, cross-fertilize ideas".
Value Walk. Retrieved March 8, Retrieved February 1, Damn Right! John Wiley and Sons.
Search Who is Charlie Munger? Below is an attempt to capture that wisdom in one shareable place. Discharge your duties faithfully and well. Systematically you get ahead, but not necessarily in fast spurts. Nevertheless, you build discipline by preparing for fast spurts.
Damn Right: Behind the Scenes With Berkshire Hathaway Billionaire Charlie Munger
Who is Charlie Munger? Wit and Wisdom From The World’s Most Irreverent Billionaire
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