Jump to content

Charlie Munger

From Wikipedia, the free encyclopedia
(Redirected from Lollapalooza effect)
"Charles Munger" redirects here. For the politician, see Charles Henry Munger.

Charlie Munger
Munger seated, wearing a suit
Munger in 2010
Born
Charles Thomas Munger

(1924-01-01)January 1, 1924
Omaha, Nebraska, U.S.
DiedNovember 28, 2023(2023-11-28) (aged 99)
Santa Barbara, California, U.S.
Education
Occupations
  • Businessman
  • financial analyst
  • investor
  • philanthropist
  • lawyer
Known forVice Chairman, Berkshire Hathaway
Political partyRepublican
Spouses
Nancy Jean Huggins
​
​
(m. 1945; div. 1953)​
Nancy Barry Borthwick
​
​
(m. 1956; died 2010)​
Children7
RelativesThomas Charles Munger (grandfather)
Military career
Service / branchUnited States Army
Years of service1943–1946
RankSecond lieutenant
UnitArmy Air Forces
Battles / warsWorld War II
Signature

Charles Thomas Munger (January 1, 1924 – November 28, 2023) was an American businessman, investor, and philanthropist. He was vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett, from 1978 until his death in 2023.[1] 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.[2]

In addition to his role at Berkshire Hathaway, 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.

Early life and education

[edit]

Charles Thomas Munger was born on January 1, 1924, in Omaha, Nebraska, to Florence "Toody" (Russell) and Alfred Case Munger, a lawyer. As a teenager, he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather, Ernest P. Buffett.[3][4] His grandfather, Thomas Charles Munger, was a state representative and later a U.S. district court judge appointed by Theodore Roosevelt.[5]

He enrolled in the University of Michigan, where he studied mathematics.[6] During his time in college, he joined the fraternity Sigma Phi Society.[7] In early 1943, a few days after his 19th birthday, he dropped out of college to serve in the U.S. Army Air Corps, where he became a second lieutenant.[8] After receiving a high score on the Army General Classification Test, he was ordered to study meteorology at Caltech in Pasadena, California,[9] the town he was to make his home.[6]

Through the G.I. Bill, Munger took a number of advanced courses through several universities.[8] When he applied to his father's alma mater, Harvard Law School, the dean of admissions rejected him because Munger had not completed an undergraduate degree. However, the dean relented after a call from Roscoe Pound, the former dean of Harvard Law and a Munger family friend.[10] Munger excelled in law school,[11] becoming a member of the Harvard Legal Aid Bureau and graduating in 1948 with a J.D., magna cum laude.[8][12]

In college and the Army, he developed "an important skill": card playing. He used this in his approach to business. "What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don't get a big edge often. Opportunity comes, but it doesn't come often, so seize it when it does come."[6] He also used the card analogy to explain his approach to investing. He maintained that treating the shares of a company like baseball cards is a losing strategy because it requires one to predict the behavior of often irrational and emotional human beings.[13]

Career

[edit]

Munger moved with his family to California, where he joined the law firm Wright & Garrett (later Musick, Peeler & Garrett).[14] In 1962, he founded and worked as a real estate attorney at Munger, Tolles & Olson LLP.[6] He then gave up the practice of law to concentrate on managing investments and later partnered with Otis Booth in real estate development. When he met Buffett over lunch at the Omaha Club, "the two began talking about investments and never stopped."[15]

In 1962, Munger partnered with Jack Wheeler to form Wheeler, Munger, and Company, an investment firm with a seat on the Pacific Coast Stock Exchange. According to Buffett's essay "The Superinvestors of Graham-and-Doddsville", published in 1984, Munger's investment partnership generated compound annual returns of 19.8% during the 1962–75 period compared to a 5.0% annual appreciation rate for the Dow.[16] He wound up Wheeler, Munger, and Co. in 1976, after losses of 32% in 1973 and 31% in 1974.[6]

Munger was previously the chairman of Wesco Financial Corporation, now a wholly-owned subsidiary of Berkshire Hathaway. The acquisition of this company was controversial following accusations that Buffett's company, Blue Chip, bought Wesco shares to defeat an impending merger between Wesco and Financial Corp.[17][18] Wesco began as a savings and loan association, but eventually grew to control Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers Surety Company, and other ventures. Wesco Financial also held a concentrated equity portfolio of over US$1.5 billion in companies such as Coca-Cola, Wells Fargo, Procter & Gamble, Kraft Foods, US Bancorp, and Goldman Sachs. Munger believed that holding a concentrated number of stocks that he knew extremely well would in the long term produce superior returns.[19]

Wesco is based in Pasadena, California, Munger's adopted hometown. Pasadena was also the site of the company's annual shareholders' meeting, which were typically held on the Wednesday or Thursday after the more famous Berkshire Hathaway annual meeting. Munger's meetings were nearly as legendary in the investment community as those he co-hosted with Buffett in Omaha. 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.[20] Meeting notes have been posted on the Futile Finance? website, but no updates exist beyond 2011.[21]

Munger was also the chairman of the Daily Journal Corporation. After Wesco meetings ended, the Daily Journal annual meeting grew in importance, as investors flocked to the meeting to listen to him speak at length.[22]

Investment philosophy

[edit]

"Elementary, worldly wisdom"

[edit]

In multiple speeches, and in the 2005 book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, "worldly wisdom" consists of a set of mental models framed as a latticework to help solve critical business problems.[6]

Munger (far right) and Warren Buffett (second from the left) in March 1998.

Munger, along with Buffett, was one of the main inspirations behind the book Seeking Wisdom: From Darwin to Munger. Author Peter Bevelin explained his key learnings from both Munger and Buffett in a 2007 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." Bevelin stated that previously, he "was lacking the Munger ability to un-learn my own best-loved ideas".[23]

Munger stated that high ethical standards were integral to his philosophy; at the 2009 Wesco Financial Corporation annual meeting he said, "Good businesses are ethical businesses. A business model that relies on trickery is doomed to fail."[24] During an interview and Q&A session at Harvard-Westlake School on January 19, 2010, Munger referred to American philosopher Charles Frankel in his discussion on the financial crisis of 2007–08 and the philosophy of responsibility. Munger explained that Frankel believed:

The system is responsible in proportion to the degree that the people who make the decisions bear the consequences. So to Charlie Frankel, you don't create a loan system where all the people who make the loans promptly dump them on somebody else through lies and twaddle, and they don't bear the responsibility when the loans are good or bad. To Frankel, that is amoral, that is an irresponsible system.[25]

As part of his philosophy Munger lived in the same relatively modest California home for 70 years. When asked about living in more luxurious homes, Munger was quoted as stating: "in practically every case, they make the person less happy, not happier.” Munger appreciated the utility of a "basic house" with few advantages over living in an ostentatious home. Munger appreciated modesty stating, "don't have a lot of envy" and "don't overspend your income". In Munger's last 2023 interview with CNBC he credited his success and longevity to a long-held sense of caution and ability "to avoid all standard ways of failing".[26]

Lollapalooza effect

[edit]

Munger used the term "Lollapalooza effect" for multiple biases, tendencies or mental models acting in compound with each other at the same time in the same direction. 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.[27]

During a talk at Harvard in 1995 titled The Psychology of Human Misjudgment, Munger mentioned Tupperware parties and open outcry auctions, where he explained "three, four, five of these things work together and it turns human brains into mush,"[28] meaning that normal people will be highly likely to succumb to the multiple irrational tendencies acting in the same direction. In the Tupperware party, you have reciprocation, consistency, and commitment tendency, and social proof. (The hostess gave the party and the tendency is to reciprocate; you say you like certain products during the party so purchasing would be consistent with views you've committed to; other people are buying, which is the 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.e. sense of loss. The latter is an individual's sense of loss of what he or she believes should be (or is) his or hers. These biases often occur at either conscious or subconscious level, and in both microeconomic and macroeconomic scale.[29][30]

Criticism of cryptocurrencies and Robinhood

[edit]

Munger was critical of cryptocurrencies, referring to Bitcoin in particular as "noxious poison".[31] Munger also compared Robinhood to gambling, saying that its success is due to "people who know how to take advantage essentially of the gambling instincts of, not only American public, worldwide public" and further explained why he thinks individual investments without commission is tantamount to gambling. "If you cater to those gambling chips, when people have money in their pocket for the first time, and you tell them they can make 30 or 40 or 50 trades a day, and you're not charging them any commission, but you're selling their order flow or whatever, I hope we don't have more of it."[32] He also said the use of cryptocurrency should be banned and said it was "beneath contempt";[33] that bitcoin was "stupid, "immoral," and "disgusting" and that "'It's like somebody else is trading turds and you decide, 'I can't be left out'";[34] and that it was like a venereal disease,[35] among other things.[36]

Wealth and philanthropy

[edit]

At the time of his death, Munger had an estimated net worth of $2.6 billion and was ranked as the 1,182nd richest person in the world, according to Forbes.[37]

Munger Graduate Residence at Stanford University

Munger was a major benefactor of the University of Michigan. In 2007, Munger made a $3 million gift to the University of Michigan Law School for lighting improvements in Hutchins Hall and the William W. Cook Legal Research Building, including the noted Reading Room. In 2011, Munger made another gift to the Law School, contributing $20 million for renovations to the Lawyers Club housing complex, which covered the majority of the $39 million cost. The renovated portion of the Lawyers Club was renamed the Charles T. Munger Residences in the Lawyers Club in his honor.[38][39][40][41]

In 1997, the Mungers donated $1.8 million to the Marlborough School in Los Angeles, of which Nancy Munger was an alumna.[6] The couple also donated to the Polytechnic School in Pasadena and the Los Angeles YMCA.[42]

On December 28, 2011, Munger donated 10 shares of Berkshire Hathaway Class A stock (then valued at approximately $1.2 million total) to the University of Michigan.[43]

Munger and his late wife Nancy B. Munger were major benefactors of Stanford University. Nancy Munger was an alumna of Stanford, and Wendy Munger, Charlie Munger's daughter from a previous marriage, was also an alumna (A.B. 1972). Both Nancy and Wendy Munger served as members of the Stanford board of trustees.[44][45]

In 2023, Munger made a gift of stock worth $40 million to the Henry E. Huntington Library and Art Museum in San Marino, California. He gave 77 Class A Berkshire Hathaway shares valued at more than $40.3 million to the Huntington, according to a filing with the Securities and Exchange Commission. A decade ago, he gave the institution nearly $33 million worth of Berkshire stock to help pay for a new education and visitors center.[46]

Munger did not sign The Giving Pledge that was started by his partner Warren Buffett and co-director, Bill Gates,[47] explaining that he "[could]n't do it" because "[he had] already transferred so much to [his] children that [he had] already violated it."[48]

Architectural activities

[edit]

Though Munger had no formal architectural training, he contributed heavily to numerous building designs, including dormitories at Stanford University and the University of Michigan, as well as his final home.[49][50] He donated to universities on the precondition that the universities follow his architectural blueprints exactly.[49] In multiple cases, Munger promoted key architectural concepts of his own liking,[51] and ceded professional architectural responsibility to a licensed architect of record, e.g., Hartman-Cox Architects in the case of the dormitory at Michigan,[52] and the firm of VTBS for the U.C. Santa Barbara residence hall.[53]

In 2004, the Mungers donated 500 shares of Berkshire Hathaway Class A stock, then valued at $43.5 million, to Stanford to build a graduate student housing complex.[44] The Munger Graduate Residence at Stanford University, funded and designed by Munger himself, opened in late 2009 and now houses 600 law and graduate students.[54] The Munger family gave a major gift to Stanford's Green Library to fund the restoration of the Bing Wing as well as the construction of a rotunda on the library's second floor, and endowed the Munger Chair in Nancy and Charles Munger Professorship of Business at Stanford Law School.[6][55]

Munger was a trustee of the Harvard-Westlake School in Los Angeles for more than 40 years, and previously served as chair of the board of trustees. His five sons and stepsons as well as at least one grandson graduated from the prep school. In 2006, Munger donated 100 shares of Berkshire Hathaway Class A stock, then valued at $9.2 million, to the school toward a building campaign at Harvard-Westlake's middle school campus. The Mungers had previously made a gift to build the $13 million Munger Science Center at the high school campus, a two-story classroom and laboratory building which opened in 1995 and has been described as "a science teacher's dream".[56][57] The design of the Science Center was substantially influenced by Munger.[6] In 2009, Munger donated eight shares of Berkshire Hathaway Class A stock, worth nearly $800,000, to Harvard-Westlake.[6][58]

On April 18, 2013, the University of Michigan announced the single largest gift in its history: a $110 million gift from Munger to fund a new "state of the art" residence designed to foster a community of scholars, where graduate students from multiple disciplines can live and exchange ideas.[59] The gift included $10 million for graduate student fellowships.[60] Munger designed the residence, which houses 600 single bedrooms, most of which are windowless in order to accommodate a greater number of single-occupant bedrooms.[61] Munger Graduate Residences at the University of Michigan opened in 2015.[62]

In October 2014, Munger announced that he would donate $65 million to the Kavli Institute for Theoretical Physics at the University of California, Santa Barbara. This is the largest gift in the history of the school. The donation went toward construction of a residence building designed by Munger 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".[63]

In March 2016, Munger announced a further $200 million gift to UC Santa Barbara, conditioned on the university's commitment to spend it on the construction of Munger Hall, an undergraduate dormitory of Munger's own unconventional design preferences, notably windowless bedrooms and common areas, while tripling the record gift he gave for the Kavli Institute for Theoretical Physics.[64][65] In October 2021, Munger's insistence that the university follow his design compelled architect Dennis McFadden, who had served the university for two decades, to resign from the university's Design Review Committee. McFadden stated that the windowless, 1.68-million-square-foot dormitory would be "unsupportable from my perspective as an architect, a parent, and a human being ... An ample body of documented evidence shows that interior environments with access to natural light, air, and views to nature improve both the physical and mental wellbeing of occupants ... The Munger Hall design ignores this evidence and seems to take the position that it doesn't matter ... [T]he building is a social and psychological experiment with an unknown impact on the lives and personal development of the undergraduates the university serves."[49] In August 2023, after widespread backlash to what critics called the "windowless dorm," UC Santa Barbara abandoned the project and began to solicit alternative housing proposals. Munger also withdrew his pledge of support.[66]

Personal life

[edit]

In 1945, while studying at Caltech, Munger married Nancy Huggins, daughter of Frederick R. Huggins and Edith M. Huggins. She was a Pasadena native who had been Munger's sister's roommate at Scripps College.[67][68] They had three children, Wendy Munger (a former corporate lawyer, trustee of Stanford University, and trustee of The Huntington Library[69][70]), Molly Munger (a civil rights attorney and funder of a ballot initiative to raise California taxes for public education[71]), and Teddy Munger (deceased, leukemia, age 9).

After Munger's divorce, he remarried within a couple of years to Nancy Barry, daughter of David Noble Barry Jr. and Emilie Hevener Barry.[72] They had four children:[73] physicist and Republican activist Charles T. Munger Jr., Emilie Munger Ogden, Barry A. Munger, and Philip R. Munger. Munger also had two stepchildren from his second marriage: William Harold Borthwick and David Borthwick.[74]

On July 22, 2002, Munger's first wife, Nancy Huggins Freeman, died of cancer at age 76.[68]

On February 6, 2010, Munger's second wife, Nancy Barry Munger, died at home at age 86.[73][75]

Munger was a Republican and provided his opinions on a number of political topics including the policies of the Trump administration.[76] Munger stated he was "not a normal Republican", for example advocating "Medicare for all" as a fix to the U.S. healthcare system, saying "I think we should have single-payer medicine eventually".[77][78] Munger repeated his sentiments in another interview, praising Singapore's single-payer system in contrast to the U.S. "insane" system which is a "national disgrace".[79][80]

In his 50s, after a failed eye cataract surgery that rendered his left eye blind, Munger had his left eye removed due to severe pain. When doctors told him he had developed sympathetic ophthalmia, which could lead to blindness in his remaining eye, Munger started taking braille lessons. The eye condition eventually receded and he kept eyesight in his right eye for the rest of his life.[81]

Munger died at a hospital in Santa Barbara, California, on November 28, 2023, at the age of 99, 34 days shy of his 100th birthday.[82][83] In the statement announcing his death, Warren Buffett said, "Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation."[84] Other prominent figures in the American business community who issued statements in Munger's memory include Microsoft founder Bill Gates, Apple CEO Tim Cook, Chairman and CEO of JP Morgan Chase Jamie Dimon, Bank of America CEO Brian Moynihan and hedge fund manager Ray Dalio.[85][86]

In the first annual letter to Berkshire Hathaway's shareholders written after Munger's death, Buffett gave a fuller account of his partner:[2]

Charlie never sought to take credit for his role as creator but instead let me take the bows and receive the accolades. In a way his relationship with me was part older brother, part loving father. Even when he knew he was right, he gave me the reins, and when I blundered he never – never – reminded me of my mistake.

In the physical world, great buildings are linked to their architect while those who had poured the concrete or installed the windows are soon forgotten. Berkshire has become a great company. Though I have long been in charge of the construction crew; Charlie should forever be credited with being the architect.

References

[edit]
  1. ^ Steinberg, Marty. "About the Warren Buffett Archive". cnbc.com. Retrieved September 21, 2024. Munger formally joined Berkshire as vice chairman in 1978.
  2. ^ a b Steve Mollman (February 25, 2024). "'Part older brother, part loving father': Warren Buffett insists his departed vice chair, Charlie Munger, was the 'architect' of Berkshire Hathaway all along". Fortune. Archived from the original on February 25, 2024. Retrieved February 25, 2024.
  3. ^ "Charlie Munger: Background & bio". Value Walk. December 26, 2011. Retrieved March 8, 2016.
  4. ^ Library, C. N. N. (June 11, 2014). "Charlie Munger Fast Facts". CNN. Archived from the original on February 2, 2019. Retrieved February 1, 2019.
  5. ^ "Munger, Thomas Charles | District of Nebraska | United States District Court". www.ned.uscourts.gov. Archived from the original on March 28, 2020. Retrieved June 28, 2019.
  6. ^ a b c d e f g h i j Janet Lowe. Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger (2000). John Wiley and Sons.
  7. ^ Imrie, Mike. "The Sigma Phi Flame" (PDF). Sigma Phi. Archived (PDF) from the original on May 8, 2019. Retrieved May 8, 2019.
  8. ^ a b c "The World's Billionaires #1324 Charles Munger". Forbes. October 31, 2014. Archived from the original on September 15, 2017. Retrieved August 25, 2017.
  9. ^ Lemann, p. 189.
  10. ^ Lowe, Janet (October 30, 2000). Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. John Wiley & Sons. ISBN 978-0-471-24473-8. "I was admitted over the objection of Dean Warren Abner Seavy through the intervention of family friend Roscoe Pound," Munger said.
  11. ^ Lemann, p. 191.
  12. ^ "A Special Event". Harvard Law School Alumni Center. Archived from the original on March 8, 2016. Retrieved March 8, 2016.
  13. ^ Griffin, Tren (2015). Charlie Munger: The Complete Investor. New York: Columbia University Press. p. 24. ISBN 978-0-231-17098-7.
  14. ^ Lowe, Janet (2000). Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. New York: John Wiley & Sons. p. 253. ISBN 0-471-24473-2.
  15. ^ Jordan, Steve and Cordes, Henry J, "Charlie Munger, Berkshire vice chairman, dies at 99" Omaha World-Herald, November 29, 2023, pA7
  16. ^ Warren Buffett (Fall 1984). "The Superinvestors of Graham-and-Doddsville" (PDF). Safal Niveshak. Archived (PDF) from the original on September 6, 2015. Retrieved June 17, 2015.
  17. ^ Benello, Allen C.; Biema, Michael van; Carlisle, Tobias E. (2016). Concentrated Investing: Strategies of the World's Greatest Concentrated Value Investors. Hoboken, NJ: John Wiley & Sons. p. 117. ISBN 978-1-119-01205-4.
  18. ^ Korman, Richard (June 8, 1997). "$45,000 a Share, $1,500 a Share or $264 a Share". The New York Times. ISSN 0362-4331. Archived from the original on September 22, 2022. Retrieved September 22, 2022.
  19. ^ Jill Perry (January 29, 2008). "Financier Munger Gives DuBridge Lecture". California Institute of Technology. Archived from the original on June 18, 2015. Retrieved June 18, 2015.
  20. ^ Whitney Tilson (May 9, 2007). "Whitney Tilson's 2007 Wesco Annual Meeting Notes" (PDF). Tilson Funds. Archived (PDF) from the original on July 3, 2014. Retrieved April 7, 2014.
  21. ^ Various (2014). "Charlie Munger". Futile Finance?. Archived from the original on May 20, 2014. Retrieved April 7, 2014.
  22. ^ LIVE: Charlie Munger Speaks at Daily Journal Annual Meeting – Feb. 14, 2019, archived from the original on June 6, 2019, retrieved October 3, 2019
  23. ^ Joe Koster (October 17, 2007). "Interview with Peter Bevelin, author of Seeking Wisdom – from Darwin to Munger". Value Investing World. Google Inc. Archived from the original on April 8, 2014. Retrieved April 7, 2014.
  24. ^ Charlie Munger's got a billion words of wisdom, May 17, 2009, Los Angeles Times, Accessed January 3, 2010
  25. ^ "Munger Talk at Harvard-Westlake". Scribd (from Santangel's Review). Scribd Inc. October 17, 2012. Archived from the original on April 9, 2016. Retrieved April 7, 2014.
  26. ^ Ece Yildirim (December 1, 2023). "Charlie Munger lived in the same home for 70 years: Rich people who build 'really fancy houses' become 'less happy'". CNBC. Archived from the original on December 2, 2023. Retrieved December 2, 2023.
  27. ^ Munger, C. T. (2005). The psychology of human misjudgment Archived February 19, 2018, at the Wayback Machine. Poor Charlie's Almanack.
  28. ^ "Charlie Munger on the Psychology of Human Misjudgment" (PDF). RBCPA. June 1995. Archived from the original (PDF) on December 10, 2016.
  29. ^ Kaufman, Peter (2005). Poor Charlie's Almanack. Donning Company. ISBN 1-57864-303-1.
  30. ^ Hirschey, Mark (2008). Managerial Economics. Cengage Learning. p. 20. ISBN 9780324584844. Archived from the original on October 27, 2020. Retrieved March 29, 2011.
  31. ^ "Bitcoin breaks £7,000... after Buffet investment chief calls it 'poison'". Evening Standard. Archived from the original on February 16, 2018. Retrieved February 16, 2018.
  32. ^ Sharwood, Simon. "Bitcoin is 'disgusting and contrary to the interests of civilization' says famed investor Charlie Munger". www.theregister.com. Archived from the original on May 3, 2021. Retrieved May 3, 2021.
  33. ^ "Charlie Munger says cryptocurrencies should have been banned earlier". The Economic Times. Archived from the original on April 26, 2022. Retrieved April 26, 2022.
  34. ^ "Charlie Munger on bitcoin: 'Disgusting,' 'stupid,' 'immoral,' 'turds'". Yahoo! Sports. May 7, 2018. Archived from the original on April 26, 2022. Retrieved April 26, 2022.
  35. ^ "Buffett business partner Munger slams US-China tensions, crypto". South China Morning Post. February 17, 2022. Archived from the original on April 26, 2022. Retrieved April 26, 2022.
  36. ^ "Bitcoin bulls go on the offensive against Berkshire Hathaway". Fortune. Archived from the original on April 26, 2022. Retrieved April 26, 2022.
  37. ^ "Forbes profile: Charles Munger". Forbes. Archived from the original on November 29, 2023. Retrieved November 29, 2023.
  38. ^ "Munger: A Leading Light Archived May 8, 2011, at the Wayback Machine." University of Michigan Law School.
  39. ^ Janet Lorin, "Berkshire's Munger Gives $20 Million to Michigan Law School Archived August 15, 2014, at the Wayback Machine"(March 14, 2011). Bloomberg.
  40. ^ Kyle Feldscher, "Former Michigan student Charles Munger donates $20 million for Lawyers Club renovation project Archived April 25, 2012, at the Wayback Machine" (March 14, 2011). AnnArbor.com; accessed February 17, 2018.
  41. ^ "$20 million gift jumpstarts renovation at M Law's Lawyers Club Archived March 24, 2012, at the Wayback Machine", University of Michigan Law School website; accessed February 17, 2018.
  42. ^ "Financier Munger Gives DuBridge Lecture Archived October 4, 2010, at the Wayback Machine" (January 29, 2008). California Institute of Technology.
  43. ^ Kevin Roose, "Munger Donates $1.2 Million to University of Michigan" Archived October 19, 2017, at the Wayback Machine, New York Times, January 10, 2011.
  44. ^ a b "Mungers donate $43.5 million to help construct new graduate student residence Archived August 2, 2011, at the Wayback Machine" (August 26, 2004). Stanford University.
  45. ^ Ulysses Torassa. Stanford: $43.5 million given for more graduate student housing , San Francisco Chronicle, August 27, 2004.
  46. ^ Funk, Josh, "Berkshire Hathaway's Charlie Munger gives $40 million in stock to California museum" Associated Press, October 6, 2023
  47. ^ "The Giving Pledge website". Archived from the original on June 17, 2016.
  48. ^ "Charlie Munger talks about investing and life choices that secure prosperity". YouTube. Archived from the original on October 27, 2020. Retrieved May 11, 2019. Well, I wouldn't sign the Giving Pledge 'cause I've already transferred so much to my children that I've already violated it. So I think I'm asking, I'm seeking false credit if I join them and say I'm a big philanthropist that's going to give more than half of my wealth to charity. I've already given more than half of it to my children. So I can't join them. It's like coming back from the dead. I can't do it.
  49. ^ a b c Hayden, Tyler (October 28, 2021). "Architect Resigns in Protest over UCSB Mega-Dorm". The Santa Barbara Independent. Archived from the original on October 28, 2021. Retrieved October 29, 2021.
  50. ^ "Warren Buffett on Charlie Munger" (PDF). Berkshire Hathaway. p. 26. Archived (PDF) from the original on March 18, 2015. Retrieved March 18, 2015.
  51. ^ Hayden, Tyler (July 14, 2021). "Dormzilla Descends on UCSB". The Santa Barbara Independent. Archived from the original on November 28, 2023. Retrieved November 29, 2023.
  52. ^ "Munger Graduate Residences opens at University of Michigan". University of Michigan News. July 23, 2015. Archived from the original on November 29, 2023. Retrieved November 29, 2023.
  53. ^ Cramer, Maria (October 30, 2021). "After a Billionaire Designed a Dorm, an Architect Resigned in Protest". New York Times. Archived from the original on November 30, 2023. Retrieved December 7, 2023.
  54. ^ Kathleen J. Sullivan, "Memorial to be held in March for former trustee Nancy Barry Munger Archived July 29, 2011, at the Wayback Machine", Stanford University website, February 23, 2010.
  55. ^ "Farewells Archived August 18, 2011, at the Wayback Machine" (May/June 2011). Stanford Magazine.
  56. ^ Steve Jordon, "Munger Gives 100 Shares of Berkshire to Prep School[permanent dead link‍]" (June 22, 2006). Omaha World-Herald.
  57. ^ Beth Schuster, "A Science Teacher's Dream in Studio City: New $13-million center gives students at Harvard-Westlake School top-notch, hands-on lessons " (December 24, 1995). Los Angeles Times.
  58. ^ Jamie Kim, "Munger donates $800,000 of stock to school Archived July 17, 2012, at archive.today" (February 11, 2010). Harvard-Westlake Chronicle.
  59. ^ O'Toole, James (April 18, 2013). "Buffett associate Charlie Munger pledges $110 million to University of Michigan". CNNMoney. Archived from the original on April 20, 2013. Retrieved April 19, 2013.
  60. ^ "$110 million donation largest in UM history". The Toledo Blade. Associated Press. Archived from the original on June 17, 2013. Retrieved April 19, 2013.
  61. ^ "Warren Buffett's Investing Pal Charlie Munger Has Been Busy Designing College Dorms". The New York Observer. May 3, 2019. Archived from the original on July 20, 2020. Retrieved July 20, 2020.
  62. ^ Lydia Murray (September 30, 2015). "Munger residents praise unique living environment". The Michigan Daily. Archived from the original on February 20, 2024. Retrieved February 20, 2024.
  63. ^ De La Merced, Michael (October 24, 2014). "Charles Munger, Warren Buffett's Longtime Business Partner, Makes $65 Million Gift". Archived from the original on October 24, 2014. Retrieved October 24, 2014.
  64. ^ Brugger, Kelsey (March 24, 2016). "Charlie Munger Donates $200 Million to UCSB for New Dorms". Santa Barbara Independent. Santa Barbara, California. Archived from the original on March 29, 2016. Retrieved March 25, 2016.
  65. ^ Yelimeli, Supriya (March 28, 2016). "Billionaire Donates $200M To Fix 'Gross' Dorms". Daily Nexus. Santa Barbara, California. Archived from the original on April 6, 2016. Retrieved March 29, 2016.
  66. ^ Daniel Roche, "University of California abandons plans to build "windowless dorm" Munger Hall Archived November 23, 2023, at the Wayback Machine.
  67. ^ Lemann, p. 190.
  68. ^ a b "Nancy Huggins Freeman". legacy.com. Archived from the original on October 27, 2020. Retrieved April 25, 2019.
  69. ^ "Munger elected to Board of Trustees". Stanford University. February 12, 2003. Archived from the original on August 3, 2011. Retrieved March 3, 2012.
  70. ^ "Trustees & Overseers". huntington.org. Archived from the original on April 12, 2019. Retrieved April 25, 2019.
  71. ^ Steven Harmon (March 1, 2012). "Political novice no stranger to upending status quo". San Jose Mercury News. Archived from the original on February 17, 2013. Retrieved March 3, 2012.
  72. ^ Lemann, p. 192.
  73. ^ a b "Nancy Barry Munger". legacy.com. Archived from the original on October 27, 2020. Retrieved April 25, 2019.
  74. ^ Janet Lowe (August 16, 2000). "Chapter One: An Extraordinary Combination of Minds" (PDF). Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Wiley. Archived (PDF) from the original on November 29, 2023. Retrieved April 7, 2014.
  75. ^ Sullivan, Kathleen J. (February 23, 2010). "Memorial to be held in March for former trustee Nancy Barry Munger". news.stanford.edu. Archived from the original on October 16, 2019. Retrieved April 25, 2019.
  76. ^ Serwer, Andy (May 10, 2019). "Charlie Munger: Democrats hate Trump 'so much that they're against him even when he's right'". Yahoo Finance. Archived from the original on August 5, 2020. Retrieved May 3, 2020.
  77. ^ "Full Transcript: Billionaire Investor Warren Buffett Speaks with CNBC's Becky Quick on 'Squawk Box'". CNBC. May 9, 2017. Archived from the original on August 3, 2019. Retrieved September 11, 2020.
  78. ^ "Charlie Munger: We Should Have Single-Payer Medicine | Squawk Box | CNBC". YouTube. Archived from the original on March 1, 2020. Retrieved September 11, 2020.
  79. ^ "Charlie Munger on health care: 'We should have a single payer system'". YouTube. Archived from the original on October 27, 2020. Retrieved September 11, 2020.
  80. ^ "Charlie Munger: America's health care system is a 'national disgrace'". Yahoo Finance. May 11, 2019. Archived from the original on August 9, 2020. Retrieved September 11, 2020.
  81. ^ "Lessons on Adversity from Charlie Munger: Be a Survivor, Not a Victim". Right Attitudes. January 24, 2017. Archived from the original on May 3, 2020. Retrieved April 21, 2020.
  82. ^ Steinberg, Marty (November 28, 2023). "Charlie Munger, investing genius and Warren Buffett's right-hand man, dies at age 99". CNBC. Archived from the original on November 29, 2023. Retrieved November 28, 2023.
  83. ^ Sorkin, Andrew Ross; Hershey, Robert D. Jr. (November 28, 2023). "Charles T. Munger, Much More Than Warren Buffett's No. 2, Dies at 99". The New York Times. Archived from the original on November 29, 2023. Retrieved November 28, 2023.
  84. ^ La Monica, Paul R.; Hur, Krystal (November 28, 2023). "Charlie Munger, friend and business partner of Warren Buffett, dies | CNN Business". CNN. Archived from the original on November 29, 2023. Retrieved November 28, 2023.
  85. ^ WSJ staff (November 29, 2023). "Charlie Munger Tributes Roll In". The Wall Street Journal. Archived from the original on December 6, 2023. Retrieved December 5, 2023.
  86. ^ Dalio, Ray [@RayDalio] (November 29, 2023). "I mourn Charlie Munger who is a man I admired greatly for his sound fundamental principles as well has his investment abilities. We have lost a great man and a great role model" (Tweet). Retrieved December 1, 2023 – via Twitter.

General and cited sources

[edit]

Further reading

[edit]
  • Rojas, Claudio R. (2014). "An Indeterminate Theory of Canadian Corporate Law". University of British Columbia Law Review. 47 (1): 59–128 ("The author's perspective on Berkshire Hathaway's investment philosophy was informed by discussions with Warren Buffett in Omaha, Nebraska": pp. 59, 122–124). SSRN 2391775.
[edit]
Wikiquote has quotations related to Charlie Munger.
Retrieved from "https://en.wikipedia.org/w/index.php?title=Charlie_Munger&oldid=1256044462#Lollapalooza_effect"