Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis (RWH037)
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- Опубліковано 8 гру 2023
- William Green celebrates the life & legacy of investing legend Charlie Munger. He shares personal anecdotes about his own interactions with Charlie & showcases an array of rich insights about Charlie from four famed investors: Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis. They share some of Charlie’s most valuable lessons about investing, business, & life while also conveying what made him such an inspiring & idiosyncratic character.
IN THIS EPISODE, YOU’LL LEARN:
- What it was like for William Green to interview Charlie Munger.
- What William learned from Charlie about trying to be less stupid.
- How Charlie’s friendship changed Mohnish Pabrai’s life.
- What was distinctive about Charlie’s reading habits.
- How his hard, brusque exterior concealed a soft, sensitive interior.
- Why it’s a huge competitive advantage to be trustworthy.
- How Warren Buffett & Charlie Munger surpassed General Electric.
- Why it’s invaluable to have a partner who challenges your beliefs.
- What Charlie taught Chris Davis about how to learn from our mistakes.
- How to succeed by structuring your life to avoid your weaknesses.
- How Charlie was different from Warren.
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📖 BOOKS MENTIONED:
- Poor Charlie’s Almanack by Charles T. Munger & Peter D. Kaufman: amzn.to/47KdJl7
- Richer, Wiser, Happier by William Green: amzn.to/3EC7aUT
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On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.
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Thank you for flagging this for those who may be misled!
Thank you William. You're doing a great service to his honor
Thank you so much for watching! 🙏
That's kind of you to say. Thank you! Warm wishes, William
- Focus on reducing mistakes as much as on being smart [0:17]
- Build relationships based on trust and mutual respect [1:36]
- Learn from mistakes by openly acknowledging them [1:50]
- Structure your life to avoid situations that exploit your weaknesses [2:10:15]
Fantastic episode! You are a fantastic storyteller as well! I can imagine the situations vividly by simply listening to your word descriptions!
Glad you enjoyed it! 🎉
May his memory be a blessing...that's a great tribute Mr William to Mr Baba Munger.
Many thanks. Warm wishes, William
Beautiful tribute!Thanks for bringing it all together William!
Thanks so much, @LoneMonk1111. Warm wishes, William
Amazing. Thanks. Second time listening through. So much wisdom.
Glad it was helpful! 💡
Munger was right about Sears, the strange thing about how Amazon went on to dominate retail is that Sears began as a type of a late 19th Century Amazon without the Internet. People would order all sorts of items (including houses) from a Sears catalog. Sears was an Amazon prototype before there was an Amazon.
I appreciate your channel.
We appreciate the support! 🙏
Thank you Mr. Green for this incredible content. I'll follow Charlie's advice and buy myself a copy of your book for Christmas. He was a truly oustanding person and thinker.
Thank you so much for the support! 🙏
Many thanks, @albertolucchini7326. I hope you enjoy the book. Warm wishes, William
Thank you for always bringing insightful information.
Thank you so much!🙏
Thank you for this tribute.
Thanks so much for watching! 🙌
Fascinating ❤
Thanks for your honesty in sharing your mistakes as well!
Many thanks, Charles. Warm wishes, William
Thank you for this episode.
Thank you so much for watching!🙏
Take heart Mr. Green. The sun hasn't set on Alibaba. Even Charlie Munger's Daily Journal didn't completely sell out of their position so they must still believe in the company.
Another wonderful episode from William.
Many thanks, @value_investing! That's very kind of you. Warm wishes, William
There''s a great story about Charlie having completely forgotten about a bridge game with Buffett and Kay Graham and he just shows up very late, sits down, and says let's play!
Thank You William 🤝
Thanks so much for watching! 🙌
William just wanted you to know... I read the intro + first chapter of your book, then ordered 5 more copies to gift to my friends. 🙃 I can tell it's gonna be a banger.
Enjoy reading! Thank you so much for the support! 📖🙌
Thanks so much! Warm wishes, William
William investing Alibaba was not a stupid mistake. When those two men make a recommendation you take it every single time. BYD made them look foolish for six years, until it didn’t.
Thanks, @justinbeghly1435. I appreciate your message. Warm wishes, William
❤❤❤❤❤ thanks for this
Thanks for listening, @Mitchell@Vasovski
Excellent tribute
Thank you very much! ♥
Il be honesty here I don’t like to say anyone is lying but I would love see proof of Munger saying what’s been portrayed in this video, I’m going to have tune out at the 29 minute mark there is to much promoting your book. Your book is okay I wouldn’t say it’s revolutionary in the slightest. Just my opinion.
Great conversation and perspective from wise men on one of the wisest men of all time. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger teaches his investment principles.
Many thanks! Warm wishes, William
56:00
You keep repeating .....
A mini shirt not ony draws attention but also covers the contents well.
Was Alibaba a bad investment because you paid too much or the company is lacking?
Hi @justinbeghly1435. That's a good question. When I interviewed Peter Lynch many years ago, he talked to me about a fashion brand that was very profitable and then got unpredictably crushed by a change in styles due to the "Bonnie & Clyde" movie's success. Peter told me that his boss, Ned Johnson (who ran Fidelity), said to him, "Things come out of left field every now and then." I think Alibaba was a case where you couldn't really have predicted that Jack Ma would alienate the Chinese government, which would then set out to teach him and his company a lesson, with a bombardment of regulatory and political pressure that would knock it off track for several years. So, for me, I think this loss (on paper, at least) is a helpful reminder that I need to diversify, not put too many eggs in one basket, and be very humble about my ability to predict the future... Warm wishes, William
Alibaba was bad because investors were looking at the quality of the business in isolation, without giving enough consideration to the environment that the business operates in. It was always a great business, but it's success is subject to the whims of the Chinese government, and since Jack Ma annoyed them, they have knocked Alibaba down a few pegs.
Western investors didn't expect the government to be so punative to one of it's own companies, but in China it's politics first and business second.
This has also enabled up and coming rivals to take market share from Alibaba in the e-commerce and cloud sectors. The company should still do OK, as long as the government has finished punishing them, and gives them a chance to recover from the damage they received enough to maintain a decent level of success in the face of increased competition.
Alibaba is currently very cheap, but it's not without risk. Personally, I prefer Tencent out of the Chinese tech giants. It's not as cheap, but it's also not as risky.
Correct..invest in tencent..
@@sebfox2194no.
@@alverzenongkhlaw5688no.
Host talks too much with fluff language.
Hi @jumbojet8. I'm sure my kids would agree. Warm wishes, William
yes, couldnt last. Wanted to get to the meat of the principles and lessons but alas could not last. Best wishes.@@RicherWiserHappier
@@RicherWiserHappierhaha love that you keep your sense of humor. I don’t mind the colorful language
No ones perfect, we all have things to improve on. Being kind is a virtue.
I’ve only made it to the 29 minute mark, I am in very much doubt that Charlie Munger has said what Richard has said. I don’t in the slightest think munger said his book is revolutionary.
I think there a few lies being told here for books sales, I’ve read the book and it’s meh
Does Charlie not get too much credit in comparison to Buffett? . I don't think Warren would have ploughed so much money into the likes of Alibaba. Most of the great investments were Warren's.
Charlie completely changed Warren’s model from looking for fair companies selling at good prices to looking for good companies selling at fair prices. Without him there would be no Coke, AMEX, BofA, Wells Fargo, Apple (and many others) investments
And also, don’t forget, baba is a bad investment up until this point in history for Charlie. Someday that may change. But as with all investing, the sentiment can shift rapidly in the future. There’s a reason he hasn’t sold out on it yet. It has been his worst investment up to this point in time. There’s a difference. Poor investment vs good fundamentals with a poor performance for a long while.
@@theyomie5482 well said
The acquisition of Sea’s candies was the watershed moment everyone points to where Charlie convinced Warren to pay up for a quality business. Of course Alibaba didn’t work out great but look at BYD and Apple
Nah, Charlie doesn't get enough credit in comparison to Warren. Charlie influenced Warren to change his investing style from buying and flipping cheap companies to focusing more on longer term quality compounders. Charlie was the one who pushed Berkshire towards investing in companies like Apple and BYD.