Charlie Munger was married to his first wife, Nancy Huggins, from 1945 to 1953. Last year, a group of architecture history professors at UCSB created a petition to halt construction, calling the proposed housing small windowless cells, without natural light, natural air, or views of the world outside., Munger said he was intimately familiar with university housing, because of his experience with his children and grandchildren, in an interview with Architectural Record last year. He's nearly a centenarian. The story of Sees Candiesis legendary not just because it was a lollapalooza investment but because it is thought of as a turning point in the history of Berkshire Hathaway. A block of stock accounting for 8% of Wesco was purchased by Blue Chip for $2 million. Munger has been 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. I suspect that both men would be very rich today, but not nearly as rich as they became due to combining their intellects and efforts over six decades. Charlie Munger had the chance to buy into Tesla at a $200 million valuation in 2008, Musk said. [26][27], Munger is famous for his quote "All I want to know is where I'm going to die, so I'll never go there." [16], Wesco is based in Pasadena, California, Munger's adopted hometown. It took my attendance at the 2000 Berkshire Hathaway annual meetingto get a senseof Mr. Mungers personality, intellect, and character. While Mr. Munger saw a great deal of merit in Grahams value-oriented approach, he recognized that there are situations where it makes sense to pay a significant premium to book value when a business has proven superior economics. [66], On July 22, 2002, Munger's first wife Nancy Huggins Freeman died of cancer at age 76. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. In 1999, Mr. Buffett noted that Sees Candies had earned a cumulative $857 million pre-tax since its 1972 acquisition while requiring very little incremental capital investment.6In 2011, Sees had sales of $376 million and $83 million of pre-tax profit.7. Its such a simple idea. The world is full of foolish gamblers, and they will not do as well as the patient investor. Their three children were Wendy, Molly, and Teddy. Unlike Franklins experience, there was nothing Mr. Munger could have done to help his son survive leukemia given the medical technology of the 1950s. Who are Charlie Munger's children? He says one of the qualities he admires the most about Buffett is his ability to be a "lifelong learning machine." ", "Being surrounded by the right values from the beginning is an immense treasure.". I met the towering intellectuals in books, not in the classroom, which is natural. Charlie Munger's family tree includes a number of presidential kin including, but not limited to, Warren G. Harding, William Taft, Richard Nixon, Jimmy Carter, and James Madison. 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. Edited by Peter Kaufman. January 1, 2023January 27, 2023 Book Reviews, Whenever you think that some situation or some person is ruining your life, its actually you who are ruining your life. Buffett himself regards him as his partner. The book was published at a time when Berkshire was increasingly out of favor with investors as the dot com boom reached its crescendo in the late 1990s. Although the bond between Munger and Buffett could be seen as one in a million, Munger can truly say he spent his life working with someone he enjoyed and advises that others do the same. The story of how Charlie Munger and Rick Guerin acquired control of Daily Journal is covered inDamn Right! He appeared to have no problem with the building being mostly windowless, saying: Its quite endurable, especially with good ventilation.. One of Charlie Mungers goals was to have a large family and he married very young at the age of 21. The latter is an individual's sense of loss of what he or she believes should be (or is) his or hers. Further Reading All paywalls on The Rational Walk have been removed. Daily Journal Corporations 2023 annual meeting of shareholders will take place on February 15. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The Rational Walk In 2011, Munger made another gift to the Law School, contributing $20 million for renovations to the Lawyers Club housing complex, which will cover the majority of the $39 million cost. Between 1984 and 2011, he was the chairman of Wesco Financial Corporation. The massive 11-story, 1.68 . Charlie Munger's age is 98. No email addresses or any other subscriber information is ever sold or provided to third parties. From his first marriage to Nancy Huggins, Charles Munger has two children: Wendy Munger, a former corporate lawyer and trustee of Stanford University, and Molly Munger, a civil rights attorney and funder of a ballot initiative to raise taxes on Californians for public education. Following the chapters on Blue Chip Stamps and Wesco, the book covers events that are increasingly familiar to most readers who have followed the history of Berkshire Hathaway, including the rapid growth of the company throughout the 1980s and the transformation of the company in the 1990s with the General Re and GEICO acquisitions. The final piece of the puzzle was put into place in June 1983 when Blue Chips minority shareholders agreed to exchange each share of Blue Chip for 0.077 of a share of Berkshire Hathaway. Ironically, this effort to be fair to Wesco shareholders raised alarms at the SEC that something nefarious was taking place. Charlie Munger tackled a slew of subjects during Daily Journal's annual meeting on Wednesday. He quit school on his 19th birthday in early 1943, and joined the US Army Air Corps. Celebrity kin for Charlie Munger include Jodie Foster, Kyra Sedgwick, Bill Paxton, and Elizabeth Montgomery. This is an outstanding book that explains the multi-disciplinary mindset expressed in Charlie Mungers speeches and writings, several of which are presented in its illustrated pages. He performed superlatively there and graduated magna cum laude with a J.D. [11], Munger moved with his family to California, where he joined the law firm Wright & Garrett (later Musick, Peeler & Garrett). Shortly after the divorce, Charlie learned that his son, Teddy, had leukemia. and will be of interest to readers who follow the company. Elon Musk has suggested Warren Buffett should buy Tesla stock, and revealed Charlie Munger had the chance to invest in the automaker at less than 0.1% . Ireviewedthe book in 2015. In addition, he went into real estate development in the Los Angeles area with Otis Booth, an endeavor that required personal attention but proved to be highly remunerative. He regards all eight as simply his children without making any distinctions. "[4] He also used a card analogy to explain an approach to stock trading. An 85-year Harvard study found the No. Don't miss: The best credit cards for building credit. As Mr. Munger enters his one hundredth year, his amazing story is still not complete. After all, Mr. Munger was in his mid 70s at the time and most everyone assumed that the bulk of his career was in the past. Following the chapters on Blue Chip Stamps and Wesco, the book covers events that are increasingly familiar to most readers who have followed the history of Berkshire Hathaway, including the rapid growth of the company throughout the 1980s and the transformation of the company in the 1990s with the General Re and GEICO acquisitions. ", Munger has kept a sense of humor while building Berkshire Hathaway with Warren Buffett, telling CNBC their partnership is "almost hilarious, it's been so much fun.". Allrightsreserved. Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, and philanthropist. Ironically, this effort to be fair to Wesco shareholders raised alarms at the SEC that something nefarious was taking place. [36][37][38][39], In 1997, the Mungers donated $1.8 million to the Marlborough School in Los Angeles, of which Nancy Munger was an alumna. Graduating in 1948, Mr. Munger joined a law firm in the Los Angeles area and seemed to be set for a traditional career in law. After posting a 73.2% return in 1975, the partnership shut down. You can, too. The chapters of Charlie Mungers life in the 2000s, 2010s, and 2020s deserve to be documented in a new biography. In the decades since the publication of the book, Charlie Munger has remained active at Berkshire Hathaway. Charlie Munger is determined to complete the transformation of a small newspaper publisher into a significant software company. In a wide-ranging conversation with Record, he called his opponents including a respected architect who resigned from an advisory committee last week "idiots . "Nevertheless, it was 1959 before I met Charlie, long after he had left Omaha to make Los Angeles his home. A better approach is to seek wisdom from those who have been successful in businessandin life so we can emulate what has already worked for others. In addition, he served as Chairman of Wesco Financial until Berkshire acquired the remaining minority interests in Wesco in 2011. Klicken Sie auf Einstellungen verwalten um weitere Informationen zu erhalten und Ihre Einstellungen zu verwalten. He regards all eight as simply his children without making any distinctions. According to Charlie Munger, during his time in college and the army, he learned a very important skill, playing cards. Eventually, with the help of Roscoe Pound, a former dean of Harvard Law and a Munger family friend, he got into the university. Or would he have remained in the legal profession, perhaps with a few real estate side projects? Some of his curiosity must be innate, but the environment cultivated by Mr. Mungers parents no doubt set him on the right path. "I wish they'd never been invented," Munger said at the Sohn conference in Sydney on Friday, according to The. Dubbed Dormzilla, the project was intended to solve the universitys housing crisis driven by an increase in enrollment, and a lack of funding. Janet Lowes access to the Munger family provided much insight into Charlie Mungers personality from the perspective of his wife, children, grandchildren, and friends. 27 Copy quote. 1999 was the last year that Berkshire disclosed Sees results as a separate business segment. If you choose to unsubscribe at any time, you will no longer receive any further communications of any kind. However, after many years, the web of ownership interests became extremely complex and this resulted in trouble with the Securities and Exchange Commission in 1974. This page was last edited on 16 February 2023, at 08:55. Munger was born in Omaha, Nebraska. Like Warren, I had a considerable passion to get rich. Inspired by Charlie Mungers speech on twenty-five psychological tendencies that bring about misjudgment, as presented inPoor Charlies Almanack, I wrote this article in 2016 and also wrote additional articles on several of the specific tendencies. All Rights Reserved. Charlie Munger started off his career working in a grocery store. When the merger was defeated, Wesco shares fell and Blue Chip moved to acquire control. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. Franklin has been Charlie Mungers lifelong hero and I suspect that Franklins determination to move on after the death of his son provided inspiration. When referencing his time with Buffett, Munger told "Poor Charlie's Almanack" editor Peter Kaufman: "I have been incredibly fortunate in my life.". Munger could have made 3,000 to 6,000 times his money, as Tesla is worth over $600 billion today. Charlie Munger is an American businessman and lawyer. Step by step you get ahead, but not necessarily in fast spurts. While Mr. Munger saw a great deal of merit in Grahams value-oriented approach, he recognized that there are situations where it makes sense to pay a significant premium to book value when a business has proven superior economics. In 1945, while studying at Caltech, Munger married Nancy Huggins, daughter of Frederick R. Huggins and Edith M. Huggins. 1. Munger has had, by almost any standard, a wildly successful life and a long one, at that. 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