Money and Finance
- Warren Buffett, Charlie Munger, And Bill Gates On Cnbc
First, the videos from the final hour of the show when all 3 were together: No hurry for energy independence: Munger Hydrocarbons just as precious as Iowa top soil: Munger Buffett: Better option than increasing minimum wage Gates, Munger & Buffett:...
- Warren Buffett Looks Ahead To Berkshire’s Next 50 Years
Link to article: Warren Buffett Looks Ahead to Berkshire’s Next 50 Years Warren Buffett says that lately he’s been pondering the future of Berkshire Hathaway Inc. more than usual. Like in years past, he has been busy composing his annual letter to...
- Warren Buffett, Charlie Munger, And Bill Gates On Cnbc
Links to videos: 10-year not part of my strategy: Buffett Buffett: Generally fighters not invited on boards I don't want to embarrass Coca-Cola: Buffett We will never do a hostile deal: Buffett Buffett: Mary Barra is made for the job Buffett on BofA...
- Buffett, Munger, And Gates On Fox Business
Link to videos: Buffett on Performance of Berkshire, Future Leadership Buffett : Agree With Administration’s Use of Buffett Rule Buffett: Euro Idea Was a Mistake Buffett and Gates on Tech Investing Munger: I Plan to Be at Berkshire Meeting Next Year...
- Berkshire, Buffett, And Munger Links
Before I leave for the Berkshire Hathaway Annual Meeting tomorrow, I thought I’d post some of the more popular and/or recent Warren Buffett and Charlie Munger links. Warren Buffett Videos from CNBC (March 2010) Berkshire Hathaway Speaks Out About Kraft's...
Money and Finance
Berkshire's No. 2 man helps from the background
Buffett's No. 2 man Charlie Munger plays his role at Berkshire mostly in private
The two men who run Berkshire Hathaway Inc. have an arrangement: Warren Buffett is the face of the company and Charlie Munger stays mainly in the shadows.
That works well for the two billionaires, who together have developed one of the most successful investment records ever.
But while Munger downplays his own contributions -- he is known for repeating "I have nothing to add" after Buffett's expansive comments at the Berkshire shareholder meetings -- his role is key to much of the company's success.
Buffett himself credits Munger with pushing him beyond his early investing strategies and says the two men have never had an argument -- even though they occasionally disagree.
The two men who run Berkshire Hathaway Inc. have an arrangement: Warren Buffett is the face of the company and Charlie Munger stays mainly in the shadows.
That works well for the two billionaires, who together have developed one of the most successful investment records ever.
But while Munger downplays his own contributions -- he is known for repeating "I have nothing to add" after Buffett's expansive comments at the Berkshire shareholder meetings -- his role is key to much of the company's success.
Buffett himself credits Munger with pushing him beyond his early investing strategies and says the two men have never had an argument -- even though they occasionally disagree.
...
They organized Berkshire Hathaway so they wouldn't ever have much to do besides sit around and think. And that's still how they run the company today, even though it has grown to include roughly 250,000 employees and more than 70 subsidiaries.
"Neither Warren nor I is smart enough to make the decisions with no time to think," Munger said. "We make actual decisions very rapidly, but that's because we've spent so much time preparing ourselves by quietly sitting and reading and thinking."
The real key to Berkshire's success, Munger said, is that he and Buffett like learning and have improved over time. But Munger gives Buffett most of the credit.
"Mr. Buffett is by far the most important person," Munger said in an interview. "And to a huge degree why Berkshire Hathaway is the length and shadow of Warren Buffett."
Munger compares his role at Berkshire to that of Albert Einstein's professional colleagues.
"Practically everybody works better when not in extreme isolation," Munger said. "If Einstein had worked in total isolation, he would not have been as productive as he was. He didn't need a great deal of contact with other colleagues, but he needed some."
But Buffett credits Munger with pushing him beyond value investing.
"Charlie has taught me a lot about valuing businesses and about human nature," Buffett said.
Buffett's early successes were based on what he learned from former Columbia University professor Ben Graham. He would buy stock in companies that were selling for less than their assets were worth, and then, when the market price improved, sell the shares.
"Charlie says, 'You know, let's give this up, and really buy into some fine businesses,'" Buffett said.
Berkshire now prefers to buy and hold businesses for the long term, if not forever.
"Charlie got me started in the right direction on that, and he's had to nudge me back to that periodically," Buffett said while sitting next to Munger at a recent news conference.
Munger deflected Buffett's praise.
"Warren transformed my life way more than I transformed his," Munger said. "He talked me into giving up the law."
…
Munger has always been modest about his role at Berkshire, and has been willing to avoid most of the limelight, said Andy Kilpatrick, the stockbroker-author of "Of Permanent Value, the Story of Warren Buffett."
"It's not easy to get two superegos to run something and one of them take the front seat totally and the other take the back seat," Kilpatrick said. "I think he's probably been a huge input all along and hasn't tried to claim it."
But Buffett and Munger found a way to run Berkshire without a clash of egos.
"It's a real privilege to be associated with a place like Berkshire," Munger said. "I think we have more fun doing what we do than practically anybody."
………………..
Books:
The Snowball: Warren Buffett and the Business of Life
Poor Charlie’s Almanack
They organized Berkshire Hathaway so they wouldn't ever have much to do besides sit around and think. And that's still how they run the company today, even though it has grown to include roughly 250,000 employees and more than 70 subsidiaries.
"Neither Warren nor I is smart enough to make the decisions with no time to think," Munger said. "We make actual decisions very rapidly, but that's because we've spent so much time preparing ourselves by quietly sitting and reading and thinking."
The real key to Berkshire's success, Munger said, is that he and Buffett like learning and have improved over time. But Munger gives Buffett most of the credit.
"Mr. Buffett is by far the most important person," Munger said in an interview. "And to a huge degree why Berkshire Hathaway is the length and shadow of Warren Buffett."
Munger compares his role at Berkshire to that of Albert Einstein's professional colleagues.
"Practically everybody works better when not in extreme isolation," Munger said. "If Einstein had worked in total isolation, he would not have been as productive as he was. He didn't need a great deal of contact with other colleagues, but he needed some."
But Buffett credits Munger with pushing him beyond value investing.
"Charlie has taught me a lot about valuing businesses and about human nature," Buffett said.
Buffett's early successes were based on what he learned from former Columbia University professor Ben Graham. He would buy stock in companies that were selling for less than their assets were worth, and then, when the market price improved, sell the shares.
"Charlie says, 'You know, let's give this up, and really buy into some fine businesses,'" Buffett said.
Berkshire now prefers to buy and hold businesses for the long term, if not forever.
"Charlie got me started in the right direction on that, and he's had to nudge me back to that periodically," Buffett said while sitting next to Munger at a recent news conference.
Munger deflected Buffett's praise.
"Warren transformed my life way more than I transformed his," Munger said. "He talked me into giving up the law."
…
Munger has always been modest about his role at Berkshire, and has been willing to avoid most of the limelight, said Andy Kilpatrick, the stockbroker-author of "Of Permanent Value, the Story of Warren Buffett."
"It's not easy to get two superegos to run something and one of them take the front seat totally and the other take the back seat," Kilpatrick said. "I think he's probably been a huge input all along and hasn't tried to claim it."
But Buffett and Munger found a way to run Berkshire without a clash of egos.
"It's a real privilege to be associated with a place like Berkshire," Munger said. "I think we have more fun doing what we do than practically anybody."
………………..
Books:
The Snowball: Warren Buffett and the Business of Life
Poor Charlie’s Almanack
- Warren Buffett, Charlie Munger, And Bill Gates On Cnbc
First, the videos from the final hour of the show when all 3 were together: No hurry for energy independence: Munger Hydrocarbons just as precious as Iowa top soil: Munger Buffett: Better option than increasing minimum wage Gates, Munger & Buffett:...
- Warren Buffett Looks Ahead To Berkshire’s Next 50 Years
Link to article: Warren Buffett Looks Ahead to Berkshire’s Next 50 Years Warren Buffett says that lately he’s been pondering the future of Berkshire Hathaway Inc. more than usual. Like in years past, he has been busy composing his annual letter to...
- Warren Buffett, Charlie Munger, And Bill Gates On Cnbc
Links to videos: 10-year not part of my strategy: Buffett Buffett: Generally fighters not invited on boards I don't want to embarrass Coca-Cola: Buffett We will never do a hostile deal: Buffett Buffett: Mary Barra is made for the job Buffett on BofA...
- Buffett, Munger, And Gates On Fox Business
Link to videos: Buffett on Performance of Berkshire, Future Leadership Buffett : Agree With Administration’s Use of Buffett Rule Buffett: Euro Idea Was a Mistake Buffett and Gates on Tech Investing Munger: I Plan to Be at Berkshire Meeting Next Year...
- Berkshire, Buffett, And Munger Links
Before I leave for the Berkshire Hathaway Annual Meeting tomorrow, I thought I’d post some of the more popular and/or recent Warren Buffett and Charlie Munger links. Warren Buffett Videos from CNBC (March 2010) Berkshire Hathaway Speaks Out About Kraft's...