Money and Finance
From the Berkshire 2011 Annual Meeting (as quoted in Charlie Munger: The Complete Investor):
- Improving Rationality...
Someone over at the Corner of Berkshire & Fairfax posted their question and Charlie Munger's answer from yesterday's Daily Journal Meeting this is worth repeating here as well: Hi Charlie, I'm JD from Phoenix. At Berkshire last...
- Jason Zweig: A Fireside Chat With Charlie Munger
Link to: A Fireside Chat With Charlie Munger I don’t love Ben Graham and his ideas the way Warren does. You have to understand, to Warren — who discovered him at such a young age and then went to work for him — Ben Graham’s insights changed his...
- A 13% Hurdle...
Just an interesting couple of comments mentioning the 13% hurdle number which I hadn’t noticed together until recently. In Poor Charlie's Almanack, I think there was also a comment from Munger along the lines that Berkshire's one big, 'hedgehog'...
- 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...
- Markets Are Made Up Of People
If you've followed up on Charlie Munger's book recommendations, then you'll know Robert Cialdini. Cialdini is most famous for "Influence", and he joins a cavalcade of authors at the big book signing every year in Omaha at the annual Berkshire...
Money and Finance
Charlie Munger on being fair
From the Berkshire 2011 Annual Meeting (as quoted in Charlie Munger: The Complete Investor):
Generally speaking, where Berkshire has the power, we try to be more than fair to the minority who don’t have the power and who depend on us. You can say, “Aren’t they wonderful, moral people?” I’m not sure we get credit for a lot of morality because we early knew how advantageous that would be to get a reputation for doing the right thing and it’s worked out well for us. And my friend Peter Kaufman said, “If the rascals really knew how well honor worked, they would come to it.” It really has worked well. People make contracts with Berkshire all the time because they trust us to behave well where we have the power and they don’t. There’s an old expression on this subject, which is really an expression on moral theory: “How nice it is to have a tyrant’s strength and how wrong it is to use it like a tyrant.” It’s such a simple idea but it’s a correct idea.
- Improving Rationality...
Someone over at the Corner of Berkshire & Fairfax posted their question and Charlie Munger's answer from yesterday's Daily Journal Meeting this is worth repeating here as well: Hi Charlie, I'm JD from Phoenix. At Berkshire last...
- Jason Zweig: A Fireside Chat With Charlie Munger
Link to: A Fireside Chat With Charlie Munger I don’t love Ben Graham and his ideas the way Warren does. You have to understand, to Warren — who discovered him at such a young age and then went to work for him — Ben Graham’s insights changed his...
- A 13% Hurdle...
Just an interesting couple of comments mentioning the 13% hurdle number which I hadn’t noticed together until recently. In Poor Charlie's Almanack, I think there was also a comment from Munger along the lines that Berkshire's one big, 'hedgehog'...
- 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...
- Markets Are Made Up Of People
If you've followed up on Charlie Munger's book recommendations, then you'll know Robert Cialdini. Cialdini is most famous for "Influence", and he joins a cavalcade of authors at the big book signing every year in Omaha at the annual Berkshire...