How Charlie Munger Made His First $1,000,000
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- Опубліковано 12 тра 2024
- This is the story of how Berkshire Hathaway billionaire Charlie Munger made his first $1,000,000. How he went from ZERO to MILLIONAIRE at age 43. You’ve probably heard the story about Warren Buffett, but have you heard the one about his right-hand man Charlie Munger?
Charlie Munger has often said that the most difficult part of becoming financially independent is to get a hold of those first $100,000 or $1,000,000. Today, both Charlie Munger and Warren Buffett are two of the world’s richest men, and none of them inherited their wealth, they’re both self-made. Also, they’ve both been wildly successful as stock market investors. A little-known fact about Charlie Munger, which we’ll talk about more later, is that he operated an investment partnership in the 60s and 70s which has a greater track record than recently acclaimed investors such as Cathie Wood and even legendary investors such as Peter Lynch.
But Charlie Munger’s path to his first million wasn’t without its road bumps. For most of us, and Munger was no exception, life happens, and the accumulation of wealth may be temporarily interrupted or even take a U-turn due to unexpected circumstances. Therefore, I think you’ll find that the story about how Charlie Munger became a millionaire makes for a great complement to the story of Buffett.
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How Warren Buffett Made His First $1,000,000: • How Warren Buffett Mad...
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Timestamps:
00:00 Intro
01:59 Munger & Range (1930-)
04:15 Munger the Hamster Breeder (1934-1935)
05:08 Munger & Buffett’s Grandfather (1936-1938)
06:18 Munger & High School (1938-1941)
06:59 Munger & Physics (1941-1942)
07:52 Munger the Lieutenant (1943-1946)
09:26 Munger & Nancy (1945-1953)
10:49 Munger the Harvard student (1946-1948)
11:36 Munger the Lawyer (1949-1965)
12:12 Munger the investor (1952-)
14:14 Munger & Setbacks (1953-1955)
15:40 Munger’s Many Mental Models (1953-)
20:03 Munger & Nancy (1955-2010)
20:48 Munger & Buffett (1959-)
22:44 Munger the Real Estate Developer (1960-1969)
26:07 Munger - One Foot Out (1962-1965)
28:29 Munger the Sage of Securities (1962-)
31:39 Munger: Becoming a Millionaire (1967)
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My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
Mistakes were made! Benjamin Franklin, as some have pointed out, was never an American president, he was one of the country's founding fathers. Apparently, I took for granted that every important political figure from the U.S. must have been a president at some point, and I missed to cross-check that one. Sorry! (At least I seem to have been 50% correct, as I also stated that he was dead, which no one has disputed yet)
Charlie Munger's Mental Models: ua-cam.com/video/ywyQ_eNNCJU/v-deo.html
Make Munger's models!
Long videos are better than the short ones .
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Ben Franklin never was US president. He was one of founding fathers.
I think Buffet and Munger both paired up in trading, forward trading, spread the news and momentum trade that in those days were not a crime. By the time rules changed they had enough in their pot and people who where ready to invest in their company.. Look at how Elon Musk is inflating both Bitcoin and Tesla by tricks...
@TrollMaster Fictitious Fables of Europa
True and now all asset classes have been super inflated. Another example is people who have huge real estate assets in NY are asking for rents for restaurants and other commercials that makes business very difficult to operate in profit.
I see 2 things happening. Either some banks going broke again or small business people moving out of places like NY.
Make mungers model. This Man is a genius. He improved buffet and graham's model. Which drove fundamental analysis..
My guy is a physicist, economist, lieutenant, hamster collector, investor, and a lawyer
respect up 10000x more
Forgot about architecture 😂
Lol hamster
That's hilarious lol.
An a wonderfully brilliant smart ass a great person.
make munger's models. by the way, great channel. i often get bored with channels like this, but you have a lot of variety and genuinely good content to keep me watching and happily subscribed!
17:07
"Intelligent people make decisions based on opportunity costs."
-Charlie Munger
More Munger and Buffett videos please. Keep them coming. Great stuff.
Quality video my friend. I could tell it from the first 3 minutes by how you introduced the rough path Charlie Munger took to get his first 1 mil. Now I'm continuing the video :)
Interesting video! Like the rest you make. Keep going! Would be interesting if you could do something on Munger’s models. Thanks!
I love your animation and story telling. Will you share with me what tools are u using and how you did that?
Awesome video. Probably my favourite on here and I've watched a tonne. Make Munger's models please
Thanks for your comment.
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Nice work ! You are changing life with your great quality of work !! * Make Munger model * Take care 👍🏿 ⭐
Thank you! What a great video documentury.
Loved the video, so much interesting information. Appreciate the time you spent on putting this together, pieces from books, snippets from here and there, it must be an insane amount of work! Thank you very much!
Charlie Munger is a fascinating character. I believe that Munger has always believed in holding an ultra concentrated portfolio and in his Investment partnership used to borrow as much as possible to boost returns. This is something that both Munger and Buffett have warned against doing when asked at the Berkshire Annual meetings!
Lot of people say reading is key to success, sure, but I think consumption of information is the key, which today can be done through many different ways, not just reading paper books. Including watching a video like this. In the end though, it matters what actions you take.
Exactly
Always consistent brilliant content!! What software do you use for creating your video im looking for something similar for work 🙂
I never miss your videos. Love your videos. Please make one on mosaic
You should do more interesting videos about how people made thier first million. Always inspiring.
Small correction: Ben Franklin was never elected president of the United States.
Thanks for your comment.
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Great job ! Very informative and I love your sense of Humor, this makes want to go out and invest even more!
I wanna know how much time you put in making these videos they are perfect even the adds appear at the right time for example when you said like and comment an add came to give us time to like and comment without missing a part of the video.
Thank you for putting so much research and effort to give this gift to us.
MAKE MUNGER’S MODELS!
These “First Million” videos are top notch!
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What a marvelous job you did on creating this video! Thank you so much! :)
Great video, as always! Keep up the good work 🤩
Love the video. Quick note of correction. Ben Franklin was a “founding father” but never actually President of the United States.
Do you know why he wasn’t US president? Because he wasn’t born in America. There was another person that in US currency but wasn’t US president, do you know who that person was?
@@jacknguyen5677 He was fairly old after the Washington Administration.
@@karenshea7877 Alexander Hamilton was another person on ten dollar Bill, but wasn’t US President, because he wasn’t born in America!
@@jacknguyen5677 Ben Franklin was born in America.
No... Franklin is the best friend of Micheal da santa
wonderful video! well done!
I love this series. I love your Buffett video and now Munger's. Can you make Ray Dalio next?
Thanks very great content!
BRAVO the swedish investor👌😍
Your content is so high quality
Make munger's models. by the way nice imitating their voices! :D
Very informative video. Thank you. Make Munger's model video please.
Pls. make munger’s models. Great video btw.
Make Munger's models! ❤
Hello and thanks. Make Munge’s model pls!
Exceptional storytelling mate! This video showcasing how the legendary Charlie Munger made his first $1,000,000 is a testament to his unparalleled wisdom and tenacity in the world of investing. The creators have masterfully chronicled the key moments, decisions, and strategies that shaped Munger's early success, providing invaluable lessons for those seeking to follow in his footsteps. It's truly motivating to witness how his unique perspective and disciplined approach to investing laid the foundation for the immense wealth he would eventually amass. I'm grateful for the opportunity to learn from this brilliant mind, and I highly recommend this video to anyone looking to gain insight into the mindset and tactics of one of the most successful investors of our time. A captivating and educational watch that should not be missed!
make munger's models! Also if you make a digital pdf or image of the models, I'll buy it! I would love to put them up on my wall.
Hi, Which tool do you use to make animations?? I'm curious.
Don't forget that Charlie Munger and Warren Buffett invented the idea of investing and buying at both market highs and lows. As Warren Buffet noted, he has witnessed this occur frequently during his life. I'm not a trader. Never did my husband and I make more money than others in the middle class. With a $4 million stock portfolio, we intend to retire at age 58. Never have we ever sold even one share of stock...
Kid`s death is the biggest setback anybody can ever have!
Or.. make you less fragile in the long run? Always two sides to a penny
This is the best channel on youtube! What an awesome video ❤❤❤
Thank you for the effort you put in to show and summarize a whole life.
The video ignores some salient and determinative facts: Munger was in Los Angeles, which was growing rapidly, and invested in the rapidly growing L.A. real estate market. Gene Autry, the cowboy movie star, and others made big money the same way. Being in a large market in an industry that is rapidly growing is vital to making that first million. Those favorable circumstances are rare in small cities and rural areas, leaving securities as the only investment vehicle available, which requires greater financial acumen than most of us have. Which is why mutual funds are the ideal investment for most people. But even ordinary people can profit from the stock market if they stick to well-managed mutual funds, invest a little money regularly, and let smart people do the investing for you. Over a period of decades, the compounding effect has made millionaires of many people who had no understanding of business or securities.
Very well made video as all ways! But there’s a slight correction, Benjamin Franklin was one of the founding fathers of the US but he was never elected President of the country.
Thank you for your videos.
Nice vídeo, you do a great work.
Thankbyou for being in my life and showing me great wisdom
Thanks for your comment.
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Make Munger Models! This man is my ideal. I love his thought process and ideas. I can only dream to be half as smart as Charlie.
I second the Munger Models. Also the recap at the end is great for screenshots. Thank you for the great reviews.
Make Munger Models!!!
Great job! Thank you for the video.
Absolutely love your videos, please 'Make Munger's Models'!
You are doing great job with the channel. Thanks a lot
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To be honest I was about to throw up when I saw Catie Wood next to Peter Lynch and Munger o.O
I thought "one of these is not quite like the others". But the fact about Munger performing better than Lynch was definately a crazy interesting fact I dodn't know
Relax, it's just to give context about how wildly successful they have been.
Me too
@@alfredokaefer7263it was COMPLETELY incorrect. He got his facts wrong. Lynch averaged 29.1% over 13 years versus 19%
Thank you for the awesome content 👍
The fact that both came out of the same town and worked in the same store and still found each other is mind-blowing. Imagine how they talking about past and found out both did
Rip munger ...... His learnings will be there forever
Maybe we have different definitions of what it means to be "self-made", but after watching your video, I would have to say that Munger is decidedly NOT a self-made man. He had the extraordinary advantage of some great connections. This combined with his determination and intelligence is what allowed for his riches.
There are definitely levels to the self-made game!
While I do agree, someone can have all the connections in the world and settle for a comfortable life without pushing themselves.
Munger isn't entirely safe made, that's true. I do think his pursuit of information was definitely going to suit him had he not been born into their connections.
bruh he got a harvard law school hookup without college degree 🤦♂️
No one is self made, we are all connected
true, but also he suffered tradgedies not everyone suffers. Kid died very young. Divorce took everything. etc.... we all have ups and downs
Great vid!! Charlie is my pref investor of all time. Love your videos
yeah Charlie is the best
0:00: 📚 Charlie Munger's success story is a contrast to those who specialize early, as he achieved success through a wide range of subjects and extensive reading.
4:40: 🐹 Charlie Munger's early years: from collecting hamsters to working at a grocery store and attending high school.
8:38: 💼 Charlie Munger's early life and career as a military serviceman, poker player, and lawyer.
13:12: 📉 The demand for the products of Transformer Engineers dropped drastically, teaching Munger the importance of investing in quality businesses.
17:34: 📈 The 'Lollapalooza effect' is achieved when positive variables are combined to create exponential results, as seen in Coca Cola's success.
21:48: 🏘 Charlie Munger's real estate ventures and his shift towards investing
26:30: 💼 Charlie Munger's decision to change careers from lawyer to investor was driven by his dissatisfaction with the legal profession and his desire for greater intellectual challenge and financial success.
30:10: 📚 Charlie Munger became a millionaire through various investments and leveraging his bets.
Recap by Tammy AI
You are GOLD swedish investor. Great content. Munger is my top investor.
Last time i checked you were on 70k So happy for you to be getting more subs now. Well done my friend!
Cheers Go Experimental, thanks a ton for the support!
Thank you so much for the video..
Dina videos är verkligen jättebra, fortsätt gärna och "make Mungers video" 😊
Tack så mycket Christian! Hoppas att du kommer gilla resten av videorna i serien också.
I highly recommend you a book "The hour between wolf and dog" " :)
Downloaded. Thanks
Very well researched video! Learnt a lot from this. Thanks a lot!
Could you please review the little book of commonsense investing?
Thank you for commenting, I will refer you to trade analysis and accountant to guild you make millions in Bitcoins or other crypto and stock investment
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Do well to let him know I reffered you to him his strategies are top Notch📊📉
This is super wisdom I do believe the swedish investor is the number one channel I have come across ready summaries of these books and profiles of great people and writers has made me super human in business and money matters I don't know how to thank you but to let you know I have a huge debt I owe you, this was amazing to listen and watch.
@@meetkevin5470 I just have not liked the idea of bitcoin because its feature is certain maybe with time I can develop the trust.
Did this guy just call Benjamin Franklin a former President?
I really enjoy your videos :)
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In case you missed the earlier comments, MAKE MUNGER'S MODELS
Thanks!
Make Munger's models! Great video, loved it, thank u
Why in this video background music is not available 🎶
Great video. thank you.
According to the book, Snowball. Warren and Charlie did not get to know each other until after Charlie had already started working as a lawyer. Therefore Charlie did not work together with Warren at Warren’s grandfather’s grocery shop.
Great summary. Amazing how much stuff he's been through in his life! Enough for several lives.
Make Mungers’ models. And thanks a ton for the content!
Great video!! I'm glad to see such a long video on this great man!
💰😎👍
your content is soo cool and easy to understand, may i take some information and modify it to make carousel content in bahasa indonesia (indonesian languange)? i will tag you and put credit in slide
Even Munger was not immune to simping and losing everything to a gold digger in marriage. RIP
Well at least he got divorced early before really becoming rich.
Rich men are usually weak...to the vergina
Maybe a cigar butt approach is good for a long while till you have too much cash to continue doing that, then invest the Munger way.
I second that!
Concentration creates wealth, diversification preserves it
Make mungers model. please... btw great channel
Thanks for the video
Munger is a great guy
I just wanted to ask you-- Do you remember me??(I'm 18 now and had once asked your advice on how to start. It has been 1 year since I started investing and have achieved a CAGR(growth rate) of 22%.Thank you as you were my first mentor/teacher of fundamental analysis
Wow! Congratulations!
Of course I remember Sarthakk Gangwani 🙌 I'm glad to see that you're still around and congratulation on your performance. Hope I'll be able to produce more information which you'll find valuable for your investing career here in the future too.
@@TheSwedishInvestor can you please make a video on Bitcoin (as it has no inherent value),so why do people invest in it and also the super high pe of Tesla
@@sarthakkgangwani762 second that
Make Munger's models !!!
Make Munger’s Models.
And please make it sooner than later as I’m trying to grow. Thank you 🙏
Thanks very much and "make Munger's Model", pls!
2:33 ayo kinda sus
"Charlie's family grew through mergers and acquisition".
I can't believe you said that right when I took a sip of my coffee.
When you used whooping, you meant to say WHOPPING (very large). Tiny error in English usage. GREAT VIDEOS!
Did you make a Munger models video yet?!
Gorgeous !!!
Cathie Wood is a joke, no need to include her here. Just calculate her average without the 2020 performance where she got a lot of coverage from the financial media (not for her bets on volume and hype sadly).
not everything is linear my friend, some people have to keep on doing the same thing for 1, 5, 10+ years before getting "overnight success"
@@lawrencesalazar6015 That's not the point. You should understand how she/they generated the results they had in 2020 before idolizing this kind of people. Besides, if you beat the market in 1 out of 20 years you kinda are bad at doing it. How can you know the 1 time isn't just luck? In this case, it's risk-taking, playing on liquidity and hype. Nothing special about her.
Exactly, how can Cathie compared to the legend.
Cathie is a damn joke yet they still have her on TV
Make Munger's models!
Sigh ... (I know, I know... it's been a year...)
Why haven't I've seen your channel before? Love this video.
Please do "Valuation" by Mc Kinsey
Make Munger’s Models!👍
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Make munger's models
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Great video, but why mention Cathy Wood in the same sentence as Peter Lynch, Charlie Munger and Warren Buffet?
Could you please do Richer, Wiser and Happier
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Make Munger's models!
Make Munger's models
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Grea video!
But the inversion model was misapplied.
Inversion is in trying to figure out how to achieve something, instead figure out first how to achieve the EXACT OPPOSITE and avoid that.
Munger gives the example in the army where he was a metereologist and trying to forecast the weather for proper aircraft landing times and locations. To do so, he asks “How can I kill these pilots?” By doing so, he can figure out places to avoid in the first place, which makes the analysis much easier.
That’s how he can figure out what to do by eliminating the possibilities of what he shouldn’t do.
Great video
Make Munger's Models. Really i would love to hear it
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