[HN Gopher] Charlie Munger has died
___________________________________________________________________
Charlie Munger has died
Author : mfiguiere
Score : 554 points
Date : 2023-11-28 21:03 UTC (1 hours ago)
(HTM) web link (www.berkshirehathaway.com)
(TXT) w3m dump (www.berkshirehathaway.com)
| brian_herman wrote:
| :(
| morelisp wrote:
| :/
| justinzollars wrote:
| :{
| GenerWork wrote:
| Wow, I knew he was old, but had no idea he wasn't well.
| Aftermarket movement of BRK.A/BRK.B seems to be muted, so I guess
| right now investors aren't too worried about the future of
| Berkshire.
| bboygravity wrote:
| Most of the trades in that stock have been routed through dark
| pools (they don't hit lit exchanges), so even if there are
| (huge) trades you wouldn't necessarily see the price move.
| jjtheblunt wrote:
| Do you have a citation with statistics for this?
|
| I don't know if it's right or wrong but regardless, it's
| extremely interesting as far as assertions go.
| jjtheblunt wrote:
| Pertinent: https://www.investopedia.com/articles/markets/05
| 0614/introdu...
| scott00 wrote:
| Dark pool trades are reported to the FINRA TRF within at most
| 10 seconds and appear on the consolidated market data feed.
| nabla9 wrote:
| bboygravity is right.
|
| >BRK.A Off Exchange & Dark Pool Summary
|
| >Today's Off Exchange & Dark Pool volume is 6,792, which is
| 98.11% of today's total volume. Today's Lit volume is 131,
| which is 1.89%. Over the past 30 days, the average Off
| Exchange & Dark Pool volume has been 97.51%. The average Lit
| volume has been 2.49%.
|
| https://chartexchange.com/symbol/nyse-brk.a/exchange-volume/
| qwytw wrote:
| > bboygravity is right.
|
| So you're saying I (or whoever) can can buy shares for less
| in one of the "dark pools" and sell them on the market and
| make free money?
| zie wrote:
| They still show up in the market price, even if they are
| traded off exchange.
| qwytw wrote:
| > so even if there are (huge) trades you wouldn't necessarily
| see the price move.
|
| So you're saying there is an arbitrage opportunity and you
| can literally make free money? Because that doesen't make
| much sense..
|
| You might not see all the trades immediately, but they are
| still reflected in the price with minimal delay.
| mkl wrote:
| No 99-year-old is "well" in absolute terms. A 99-year-old US
| man has only about a 66% chance of reaching 100:
| https://www.finder.com/life-insurance/odds-of-dying. A 95-year-
| old man has about a 16.5% chance of reaching 100, so he'd
| already done pretty well.
| loganfrederick wrote:
| A legend of the business and investing world.
|
| Acquired podcast got to do one of (possible the) last interviews
| with him a month ago for anyone looking for recent content from
| him: https://www.acquired.fm/episodes/charlie-munger
|
| Also Stripe Press is releasing just next week a book (technically
| re-release of an older book) on his collected thoughts:
| https://press.stripe.com/poor-charlies-almanack
| abhayhegde wrote:
| Remotely related, but that site of Stripe Press is great!
| Thanks for linking.
| divbzero wrote:
| I highly recommend listening to the _Acquired_ interview. At
| age 99 he was still remarkably sharp and up-to-date.
| epiccoleman wrote:
| I have a Munger quote on my corkboard behind my monitor, which I
| read every so often and try to embody:
|
| > Feeling like a victim is a perfectly disastrous way to go
| through life... self-pity is not going to improve the
| situation... If you just take the attitude that, however bad it
| is in any way, it's always your fault and you just fix it as best
| you can, I think that works
| bmitc wrote:
| To be honest, that's pretty easy to say when you're a
| billionaire and can make other people your victims. See
| Munger's dorm buildings that he pushed upon universities that
| make prisons look like hotels.
| pastor_bob wrote:
| Nobody ever made a billion dollars being generous
| Nullabillity wrote:
| Exactly. So maybe we shouldn't be celebrating billionaires.
| xboxnolifes wrote:
| > See Munger's dorm buildings that he pushed upon
| universities that make prisons look like hotels.
|
| I've seen them, and they look preferable to the dorms I
| actually lived in. Getting a room to myself instead of 2-4
| people sharing a (what felt like) 100sqft space.
| bmitc wrote:
| Were your dorm rooms brand new and cost hundreds of
| millions of dollars to build and forced upon the university
| and city via throwing money around?
|
| Also, there are plenty of reports of just how bad his
| designs are:
| https://edition.cnn.com/2021/11/02/business/munger-
| residence...
| arcticbull wrote:
| > Also, there are plenty of reports of just how bad his
| designs are.
|
| There's also plenty of great reviews of it. [1] 8.3/10
| seems hardly catastrophic, especially if it gives people
| an affordable place to live.
|
| I feel like the vast majority of the criticisms come from
| people who definitely didn't live in them.
|
| [1] https://www.veryapt.com/ApartmentReview-a7222-munger-
| graduat...
| alayne wrote:
| the bad ones are in Santa Barbara
| spiderice wrote:
| The "bad ones" in Santa Barbara never got built, no? So
| people definitely didn't live in them.
| xboxnolifes wrote:
| > Were your dorm rooms brand new and cost hundreds of
| millions of dollars to build and forced upon the
| university and city via throwing money around?
|
| Irrelevant to whether or not I would enjoy being in them.
| bmitc wrote:
| It's not really irrelevant. If someone spent all that
| money and effort on a building and you had no windows or
| exposure to outside light until you left the building,
| you don't think that would affect your enjoyment of the
| building? Especially knowing that perfectly serviceable
| and better alternatives exist but that's what they went
| with?
| infecto wrote:
| So I take it you lived here?
| fossuser wrote:
| +1 these looked great, I would have much rather lived in
| this than the triple with zero privacy I lived in during
| school.
| bmitc wrote:
| I lived in my own room with a shared living room in a
| dorm room decades ago. And it had a window and opened to
| the outside. The point is that better designs exist, but
| _people will defend Munger just because his design could
| be worse_.
|
| I think my opinion and reaction is based upon _his_
| reaction. He rejected all criticism outright and refused
| to listen to anyone. It was his design, or he would take
| his money away.
| decafninja wrote:
| Better designs exist, but they are rare, often due to
| circumstances like costs.
|
| I too would have welcomed a private windowless dorm room
| versus having a forced roommate with no privacy. I
| specifically chose to commute an hour+ from my parents
| home because I couldn't stand the lack of privacy offered
| by any of my school's dorm options.
| qwytw wrote:
| It could be worse, sure. But those rooms (at least some
| of them) don't have any windows. Why would you build
| something like that?
| psunavy03 wrote:
| That's like every university dorm building built before 2010.
| KerryJones wrote:
| This is a pretty narrow look at his life, I'd encourage
| looking more deeply before pointing fingers. I am not
| defending his dorm buildings, but this feels misplaced.
| Especially today.
| bmitc wrote:
| It is indeed misplaced, and I apologize about that, as I
| mentioned in another comment elsewhere. I have looked into
| Munger at various times, but I can withhold.
| bloodyplonker22 wrote:
| It's easy to make a pithy observation that he's a billionaire
| and then proceed to spew hate while thinking everything is a
| zero sum game. When Charlie was in his 30s, he was broke, his
| 9 year old son died, and he had a divorce. He was never a
| victim that blames others for their misfortunes though.
| bmitc wrote:
| So it's his fault that all that happened to him?
|
| I am sorry that someone has died, and I regret making a
| comment on this particular post before realizing the actual
| post topic too late, but I am not too keen on living my
| life based upon how billionaires think. Munger, like many
| billionaires and as the above quote and his dorm designs
| showcase, liked to speak about things he didn't know
| anything about, and people like to idolize billionaires in
| hope that they will someday be one too.
|
| Self-pity is a natural human emotion. Rejecting it outright
| and replacing it with self-blame seems beyond strange. I
| would recommend people to sign up for a therapist and have
| a professional help them work through life rather than a
| person only well known for hoarding capital and opining on
| things he isn't educated in.
| megaman821 wrote:
| He is sharing what worked for him. Sorry it does not
| conform to your world view.
| bmitc wrote:
| It's not my world view. I prefer to listen to
| professionals.
| megaman821 wrote:
| Maybe you need a professional to tell you to stop
| worrying about what other people find inspiring.
| bmitc wrote:
| I didn't realize this wasn't a discussion forum.
|
| Although, I am indeed sorry for posting under this
| specific topic.
| boeingUH60 wrote:
| How much do you pay them to tell you that?
| wwtrv wrote:
| > professionals
|
| On what human psychology? Name any random opinion, I'll
| find you a professional who supports it? It's not a field
| (unless you're dealing with individuals and their
| specific issues) where being a "professional" matters
| much...
| ghufran_syed wrote:
| "So it's his fault that all that happened to him?" No -
| he's saying that _acting_ like everything is his
| responsibility and that _believing_ that only _his_
| actions care improve things is much more likely to lead
| to actual improvement than feeling like a victim.
| nradov wrote:
| Could you point us towards some evidence-based clinical
| practice guidelines that would support your point? Have
| there been any large scale studies which show that
| following Charlie Munger's approach produces worse
| outcomes than the alternatives?
| sethammons wrote:
| self-blame is not the same as taking responsibility. Only
| one person can change you: you. Taking responsibility for
| yourself is the only way I know how that works.
| tqi wrote:
| > I am not too keen on living my life based upon how
| billionaires think
|
| Yeah I mean, it's just a thought he expressed once. I
| don't think OP is saying Munger invented or owns the
| concept, just that it encapsulated a view that they
| liked. That doesn't strike me as "living life based upon
| how billionaires think."
| alliao wrote:
| maybe he's discouraging university education...
| endtime wrote:
| I lived in the Munger building at Stanford for a year and it
| was amazing. Maybe the other buildings aren't like that? But
| it was the best dorm I ever lived in, by far.
| patmorgan23 wrote:
| The proposed Munger Hall at UC Sana Barbra is what is being
| referenced. The building does not currently exist. The
| University Architect resigned in protest over it's design.
| I don't think the Munger designed the other buildings that
| bare his name.
|
| https://en.wikipedia.org/wiki/Munger_Hall
| adventured wrote:
| It's very easy to say even when you're poor.
|
| I grew up relatively poor. I spent numerous years of my adult
| life poor.
|
| It was easy to say regardless of how much money I had.
|
| In fact, I hate the opposite premise: everything that happens
| to me is out of my control, my choices are out of my control,
| my mindset is out of my control. I'd rather own 100% of the
| blame for my circumstances than wallow in victimhood forever.
| Wallowing gets you nowhere, it won't actually get you out of
| the situation; taking responsibility in one way or another
| (either for your present mindset, or for choices you made
| that got you there), is the required minimum to get out.
|
| This is a choice you get to make. How much willpower do you
| possess? How much discipline do you possess? What are you
| willing to do about your circumstances? More money doesn't
| dictate willpower or discipline, if anything it makes you
| soft, gelatinous.
| sethammons wrote:
| I grew up poor. Something I realized early on is I had a lot
| of victim-mentality people around me. The world happened to
| them. I decided at an early age (like, under 10) that
| everyone is 100% responsible for everything that happens to
| them, including by chance. You get hit by a car? You were
| standing there. In this world view, you can have more than
| 100% responsibility because the driver that hit you is also
| 100% responsible.
|
| Armed with that, instead of accepting and complaining about
| my situation, I worked my ass off to change it. And I did. By
| a lot. When I had kids, I tried to teach them the same thing.
| '"She made me sooooo mad" -- no, you are mad because you.
| Yes, your sister should not have pushed you. Yes, it is also
| on you to control your emotions. Let's go talk with your
| sister about pushing you.'
|
| I expect there will be people who downvote this. Keep looking
| for others to blame and see how that works out. Take
| responsibility. Fix a thing.
|
| This also leads to another of my early discoveries (also,
| under 10): if you can't do something about a situation, don't
| -- and don't worry. If you can, do -- and don't worry.
|
| These have served me well, even if "wrong."
| anonuser123456 wrote:
| >See Munger's dorm buildings that he pushed upon universities
| that make prisons look like hotels.
|
| Do you mean the highest rated campus housing on University of
| Michigans campus? Yeah. He sure victimized students there.
| mritchie712 wrote:
| I try my best to do this. When I find myself blaming person X
| for thing Y, it's pretty easy to come up with a way to blame
| myself instead (e.g. I shouldn't have involved person X in
| thing Y to begin with).
|
| It oddly makes me feel better and move on with a solution
| instead of stewing over person X's blunders.
| JohnMakin wrote:
| Predators take advantage of this quality to gaslight/scam
| people, FYI.
| hotsauceror wrote:
| Yeah. "He wouldn't have hit me if I had just kept my mouth
| shut, I know how angry it makes him when I ask about
| money."
|
| I want to say this position is despicable, but that's not a
| very charitable reading. But I fail to see how 'making
| everything your own fault' is in any way a healthy
| mechanism for dealing with others. Other people DO make
| mistakes. Other people have loads that they ARE expected to
| carry. Other people ARE expected to comport themselves a
| certain way. This not only absolves anyone but yourself of
| any responsibility to do anything, but it also offers
| yourself up as a scapegoat to anyone who needs one.
| boeingUH60 wrote:
| Personally, I don't make bad things my own fault. But I
| consider them my _responsibility to fix._
| blooalien wrote:
| > "I don't make bad things my own fault. But I consider
| them my responsibility to fix."
|
| ^^^ This! It's only your fault if it's _actually your
| fault_ - If the blame genuinely lies with someone else,
| there 's nothing left to do but take actions to a) fix
| it, and b) ensure that it never happens again. Can't rely
| on others to fix things, because the fact is that most
| people simply won't even try.
| hotsauceror wrote:
| "Can't rely on others to fix things, because the fact is
| that most people simply won't even try."
|
| That is a much more charitable interpretation of this
| idea, and when I look at my own life that's pretty much
| where I am at. The bar for everyone else is zero. There
| never seem to be any consequences for others' laziness or
| stupidity, and the expectation is always that I will fix
| it. It's not fair of me to expect them to know or care
| what they're doing, or to fix what they've done, and it's
| unseemly to complain about it.
| graeme wrote:
| I would read it as "My choices have caused me to be here,
| and I must rely on my choices not to keep me here"
|
| That obviously has limits; anything taken literally to an
| extreme does. For instance, Munger lost a nine year old
| son to cancer; I doubt he thought "This is my fault, I
| did this, if only I had acted differently".
|
| The central point of the quote is to believe you have
| agency. That if you are in a situation you do not like,
| you can act to get out of it. There are times when this
| isn't true, but if you act as if it is you'll be more
| likely to get out of such situations.
|
| And then you have to use human common sense to know when
| something is literally impossible.
|
| So, back to the example of someone abusive, you might
| think "it is my fault I am dealing with this
| person/situation" and consider what actions can get you
| out. I would distinguish this from victim blaming: First,
| you are doing it, not an outsider. Second, the point is
| not to feel shame for yourself, but consider positive
| actions.
| mritchie712 wrote:
| I'm talking strictly in a work setting.
|
| I don't absolve people, I just don't let myself stew over
| how it's their fault.
| hotsauceror wrote:
| So now you have two workloads, and they have half a
| workload, and there are differing standards to which you
| and they are held?
|
| I admit that I come at this question from a very bitter
| place. I have been woken up many, many, many times at 3
| AM to deal with a problem that someone else caused, out
| of sheer laziness or incompetence. Those people suffered
| no consequences. Had I applied the same level of due care
| to my own duties in fixing the problem, however, the
| consequences would have been different, and significant.
| It is difficult, in such circumstances, not to stew over
| things a bit.
| ls612 wrote:
| The more charitable reading is that either you do have
| agency over how you got to where you are and how you can
| get out of it, in which case it is better to focus on
| believing what you do matters, or you don't, in which
| case it doesn't matter either way. That is why it's
| better to have a mindset of "I can change my situaion for
| the better" instead of "Life sucks I'm a victim".
| hotsauceror wrote:
| If one person on a team consistently does poor quality
| work, and the others do not, I do not see the utility in
| blaming the high performing team members for not doing
| more to prevent the poor performer from making a mess, or
| in convincing them that the fault is theirs and that they
| should look inward to better understand what they did
| wrong. Each person is carrying their own part of the
| total load. That person has a duty of care, and is not
| exercising it. It's not about agency or helplessness.
| wyldberry wrote:
| Certainly, but in every aspect of life, bad people try to
| take advantage through a variety of tactics. Checking
| inward for responsibility, accountability, and improvement
| first is a fine tactic, especially in leadership. Over
| time, and likely through experience, you'll learn how to
| sniff out the bad actors.
|
| This is of course, harder to achieve when you have
| significant emotional investment in the conflict at hand.
| Detaching and analyzing yourself, and the situation can be
| a super power here.
| jrflowers wrote:
| > If you just take the attitude that, however bad it is in any
| way, it's always your fault
|
| I like the idea of having an inspirational quote that shares a
| premise with a suicide note pinned to the wall, it is very
| motivating
| epiccoleman wrote:
| Eh, I don't read it like that, but that's the cool thing
| about words and individuals I guess. You can view it as a
| fatalistic acceptance of too much responsibility for one's
| own suffering or a motivating reminder of your agency. Or
| somewhere in between. I often find it inspirational when I'm
| stuck in a self pitying mode.
| pjmorris wrote:
| This reminds me of something a friend said that's stuck with me
| for ~30 years: 'The bad news about taking responsibility is now
| it's your fault. The good news about taking responsibility is
| now you can do something about it.'
| jay-barronville wrote:
| I love it. Without even knowing about this particular quote,
| this has been my standard for myself for some years now. The
| "it's always your fault" concept is scary to some folks--and I
| understand why--but it's changed my life since I adopted it
| years ago.
|
| Generally speaking, my framework is:
|
| 1. I'm NOT a victim.
|
| 2. I accept that everything that happens in my life is my
| fault.
|
| 3. I control the controllables; I can't fix what I can't
| control.
|
| 4. I must be a problem solver rather than a complainer.
|
| 5. Whatever happens in life, I give myself a cap of 48 hours to
| get over it--this includes being sad, grieving, being
| unproductive, etc.
|
| I have a few more points in my framework, but these are the key
| ones.
|
| Now, I want to be clear that you can, in fact, be a victim and
| things can happen in your life that isn't your fault, which
| makes #3 seem a bit contradictory. But if you're thinking like
| this, you're missing the point.
|
| The point is to have a framework that allows you to progress in
| life without allowing room for excuses.
|
| When my wife first started dating me, she was skeptical of my
| framework--she said it seemed a bit too robotic. As we've gone
| through stuff life has thrown at us and she watches me fight
| through it all without ever curling up in a ball, she's fully
| on board now.
|
| I say all of this to say: Take control of your life. You can do
| it and it works.
| nickjj wrote:
| Oftentimes 3 and 4 can lead to you escaping everything which
| may make your big picture situation worse.
|
| "It's becoming miserable to work at X because so-and-so is
| very challenging to work with".
|
| You can't control so-and-so and stewing in this environment
| while complaining isn't going to help the situation so the
| only choices are to never bring them up again and be
| internally miserable or leave. If you leave, the outcome of
| that might mean you can't pay your bills.
| matteoraso wrote:
| >1. I'm NOT a victim.
|
| >Now, I want to be clear that you can, in fact, be a victim
| and things can happen in your life that isn't your fault
|
| Going to be honest here, I have no idea what you're talking
| about. Are you saying that people should go through life
| never feeling like a victim, even if they are one? I don't
| see how that would be helpful.
|
| >5. Whatever happens in life, I give myself a cap of 48 hours
| to get over it--this includes being sad, grieving, being
| unproductive, etc.
|
| You must seriously loathe yourself or live an incredibly
| sheltered life if you actually follow this (e.g. not just
| bottling up your emotions and pretending that you're okay).
| If your dad died, are you seriously just going to take a
| weekend to try and power through the grieving process?
| Actually, if you think spending more than 48 hours being
| unproductive is something that you have to "get over", do you
| even let yourself have weekends off from work? This is the
| kind of mindset that leads to people committing suicide.
| ethanbond wrote:
| I think they're saying that you can use belief as a tool in
| your thinking, even if you know intellectually it's not
| true now and certainly won't be true always.
|
| The belief that you are not a victim is (often) a very
| useful belief because it prompts change in the only place
| you're reliably able to produce it: your own decisions.
| This is true _irrespective_ of whether you 're actually a
| victim today or tomorrow. Obviously if your "I am not a
| victim" mentality is prompting you not to leave a situation
| you really should be leaving, then that's a bad
| application. Note what happened here though: it's not the
| _truthfulness_ of the belief that changed, it 's the
| _usefulness_ of the belief.
|
| > This is the kind of mindset that leads to people
| committing suicide.
|
| Citation please? That's an extremely bold claim to be
| throwing out as established fact.
| SoftTalker wrote:
| Personally, thinking "it's always your fault" is as not nearly
| as important as thinking "I am the only one who can do anything
| (or cares) to make this better."
|
| Misfortune isn't always our fault. How we respond to it is.
| toss1 wrote:
| Yup. I heard once a great way of putting it:
|
| It may or may not be your fault, but it is now your problem
| to fix.
|
| Whether it's a problem you made so can fix by adjusting your
| attitude/behavior/skills/etc., or a problem that someone else
| made, or the universe made, and requires some other fix,
| focusing _not_ on how things got worse, and actually focusing
| on how to make things better, is the only way to make things
| better.
| epiccoleman wrote:
| The "your fault" part of the quote isn't something I take
| literally, just a pithy way of saying what you said in your
| post - that I'm the only one who's going to take
| responsibility for making it better. I also often remember a
| quote from Unsong - "somebody has to, and no one else will".
|
| I will say, though, that often things I don't like in my life
| _are_ my fault, and being willing to honestly assess those
| things is an important razor to cut through the bullshit of
| self pity.
|
| It's a quote best taken with a slight grain of salt, a lens
| for looking at a problem which you might not always want to
| wear. But I like it.
| faeriechangling wrote:
| I've never been fond of this line of reasoning because some
| people actually are victims and deluding yourself rarely has
| great outcomes. I think a truthful and accurate self-perception
| is loads better than just insisting you are never a victim.
| jancsika wrote:
| I recently watched a coworker lose a job by embodying this very
| logic.
|
| I think the problem comes from the conflict between
| denying/rejecting victimhood, on the one hand, and realizing
| that one must _get the fuck out of a very, very bad situation
| immediately, by any means_ on the other. From what I could tell
| it quickly becomes an inescapable cycle between "it's always
| my fault and I'll fix it"-- which implies leaving-- and "I've
| always been a victim and will always be one"-- which implies
| staying.
|
| There has to be a big enough window when the person admits to
| themselves and others that they are unable to get out of the
| conundrum on their own. And, ironically, that's the the moment
| when they start to accept help and start living without feeling
| like such a victim. But that window of opportunity is at odds
| with "it's always your fault and you just fix it," which
| strongly implies you _and only you_ fix it. That doesn 't leave
| much/any room to realize just how much you must rely on outside
| help to get out.
|
| Edit: added to the fact that apparently a lot of people also
| cycle between getting out of and _going back to_ a bad
| situation. That makes me think it 's less like flipping a bit
| and more like designing a high-pass filter to attenuate the
| victimhood frequencies.
| bena wrote:
| Most philosophies come to this realization. Buddhism and
| Stoicism kind of center this whole ethos: If you can't do
| anything about it, you don't have to worry about it.
|
| Same thing is going on here. Munger is saying essentially that
| the past doesn't matter. The situation is what it is and the
| only thing that matters is what you can do to change it.
| stillwithit wrote:
| "Self-pity doesn't work, but if you hallucinate the pitiful
| state of things is your fault, it works."
|
| Self pity and self blame are just euphemisms for the same
| emotional context of being down on yourself.
|
| Not really sure he says anything here, leverages swapping one
| term for another.
|
| It may be consistent within the context of human language but
| human feelings? How does "self pity" feel different from
| blaming myself for pitiful state of things as motivation to fix
| them.
|
| I'm not so sure last century's rent seeker investors who worm
| tongued politicians into propping them up are dropping novel
| nuggets of philosophy.
| pepy wrote:
| Farewell Charlie. Thanks for all the wisdom.We will miss your
| witty remarks.
| cainxinth wrote:
| As billionaires go, he seemed unusually down to earth. I listen
| to his lecture on "The Psychology of Human Misjudgement" every
| few years:
|
| https://www.youtube.com/watch?v=pqzcCfUglws
| alexb_ wrote:
| Everybody should read his speech, "The Psychology of Human
| Misjudgment": https://fs.blog/great-talks/psychology-human-
| misjudgment/
|
| It's a fantastic read that can really help you understand why
| supposedly rational masses of people can end up being so wrong.
| In the tech world, it ends up being more relevant than one would
| like it to be.
| mdp2021 wrote:
| That linked is the revised version
|
| A transcript of the original speech at Harvard, June 1995,
| should be e.g. at
|
| https://jamesclear.com/great-speeches/psychology-of-human-mi...
|
| A recording of the original speech is at
|
| https://www.youtube.com/watch?v=Jv7sLrON7QY
| Almondsetat wrote:
| The funny thing is that since this guy died at 99yo it means
| that 30 years ago he was still an old 70yo man. Screws with
| my brain sometimes
| schnebbau wrote:
| 30 years ago I was in diapers and barely aware of what was
| going on around me. This old man was still an old man.
|
| Youth really is fleeting.
| alexb_ wrote:
| It was revised and updated by Munger - it's better than the
| original because it has more experience and information. The
| old one is fine too, but is harder to read and a bit more
| dated.
| garlandkey wrote:
| Wow, what a fantastic read. Thanks for sharing that! Now I'm
| questioning the foundation of my career. :-S
| auchenberg wrote:
| RIP Charlie
| Astronaut3315 wrote:
| Genuinely sad to hear. His wit and sage advice will be missed.
| For anyone who has the means to visit a Berkshire Hathaway annual
| shareholder meeting, it's worth it at least once.
| KerryJones wrote:
| Started going 2 years ago, also made it to DJCO meeting. So
| happy I did.
| pastor_bob wrote:
| Pretty Sharp til the end. The fact that people were still
| listening to what he has to say about investing in Alibaba as
| recently as this month is actually pretty nuts (in an impressive
| way).
| peterfirefly wrote:
| Was he? I listened to an interview of his a year or two ago and
| he didn't seem to be all that sharp at point. Amazingly sharp
| for a guy who was almost a hundred, sure, but not relative to a
| typical 80-year-old. He must have been amazing when he was
| younger, though.
| KerryJones wrote:
| I think it depends on what you mean by sharp. Quick? No,
| physical capabilities. His understanding of
| companies/markets/etc still were considered quite sharp by
| most investors I know.
| madspindel wrote:
| I'll miss his wisdom: https://youtu.be/tGmhFx_7w4I
| WinstonSmith84 wrote:
| "wisdom"... It's a really great video, to illustrate something
| else. Humanity continues to progress and evolve, as time is the
| ultimate boundary to those in power - time empowers new
| generations to perceive the world from a fresh perspective.
| artursapek wrote:
| Oh was that the guy who designed the windowless dorms?
| scrlk wrote:
| Yeah: https://en.wikipedia.org/wiki/Munger_Hall
| artursapek wrote:
| I guess he's on his way to a windowless dorm now aha
| paxys wrote:
| > Munger donated $200 million to the project on the condition
| that the university follow his design exactly.
|
| Multibillionaire hubris is truly something else.
| graphe wrote:
| What do you think of Steve Jobs?
| bagful wrote:
| A man who fell to his own hubris?
| graphe wrote:
| Would you say that about Stanley Kubrick who died even
| younger and wanted exacting specs? https://old.reddit.com
| /r/StanleyKubrick/comments/11dqr7m/_/j...
|
| If it's from rich people it's hubris. If someone less
| famous who got what they wanted it's cool.
| paxys wrote:
| What do _you_ think of Steve Jobs?
| graphe wrote:
| I expected a non answer and I got it. Bye!
| divbzero wrote:
| ... at least the halls were wide and the ceilings high.
| yonran wrote:
| Every plan should be on the table to provide more safe,
| affordable, community-oriented housing than is available today.
| Artificial light and ventilation in bedrooms are routine (e.g.,
| every skyscraper in the winter) and should not have been a
| dealbreaker, especially if this is one choice out of many for
| the students.
| Waterluvian wrote:
| I'd support excluding windows in dorms if we've already
| checked the cushions for other possible cuts around campus
| and couldn't come up with any.
| artursapek wrote:
| Imagine taking on $50k in student loans to live in a
| windowless room
| rrrrrrrrrrrryan wrote:
| "Imagine taking out much smaller student loans, to live
| in a space with vastly improved common areas, and having
| your own isolated space to sleep instead of having to
| share it with 1-2 others."
|
| To be clear, I think the building is awful and fails at
| most of its stated goals, but I think the goals
| themselves were solid.
| divbzero wrote:
| I am not a fan of windowless but, to be fair, Munger himself
| mentioned this as the underlying rationale: having fewer
| windows flows logically from maximizing interior space.
| lenerdenator wrote:
| Elon Musk is a case study in why you need a Charlie Munger to
| every Warren Buffet.
| paxys wrote:
| Something happens.
|
| Internet: "how fast can I make this about Elon Musk?"
| mhh__ wrote:
| Could have been worded differently but it is good to note
| that Munger and Buffett were different men that complimented
| eachother.
| lenerdenator wrote:
| Munger was the guy who kept Buffet at least somewhat
| grounded. It's relevant because it's true.
|
| Or Peter Thiel. Or Larry Ellison. Or Jack Dorsey. Musk is
| just the most relevant example.
|
| We've taken the mahogany-and-tweed businessmen who realized
| that at some level they had a responsibility to not be
| _complete_ assholes to the society and systems that created
| them, and replaced them with business cult figures.
|
| Would Munger and Buffet make layoffs despite having billions?
| Sure. But they actually _believed_ in the system and would
| work to protect it in a way that protected their interests as
| well as the interests of others. See how BH handled Goldman
| Sachs vs. how Peter Thiel handled SVB, or how Musk handled
| the takeover of Twitter.
| graphe wrote:
| How was buffet ungrounded? If anything he was too
| conservative and his real estate still has predatory loans.
| The recent gains from BH are due to new management to the
| tech industry from other managers.
| DoesntMatter22 wrote:
| To illustrate that even good investors miss huge opportunities
| KerryJones wrote:
| Charlie Munger is one of the closest things to a "hero" I've ever
| had. Others have named them, but Poor Charlie's Alamanack or his
| Psychology of Human Misjudgement are both incredible.
|
| I've made a point of seeing him at Berkshire Hathaway's annual
| meeting every last few years. He had many trials in his life but
| lived it well. His wit and wisdom will be missed.
| ChrisArchitect wrote:
| Related:
|
| the recent Stripe Press release-
|
| _Poor Charlie 's Almanack: The Essential Wit and Wisdom of
| Charles T. Munger_
|
| https://news.ycombinator.com/item?id=38384587
|
| RIP
| boeingUH60 wrote:
| Whenever I want to give an example about American capitalism...I
| always look to Buffett and Munger as examples. These are people
| who invested and created long-term value for shareholders,
| building up economies along the way.
|
| The antithesis of crypto bros selling tulip bubbles and some tech
| companies selling overpriced stocks based on hype. We need more
| Mungers in the world as the current gen die of old age.
| bakul wrote:
| More Mungers, fewer punters?
| nonethewiser wrote:
| Oh man. Very sad news. Rest in peace Mr. Munger. Prayers for him
| and his family.
| paxys wrote:
| Missed his century by one month (born 1/1/1924). RIP Charlie.
| bloodyplonker22 wrote:
| That is very unfortunate. I saw an interview with Charlie
| recently and he was talking about what he had planned for his
| 100th birthday party.
| Animats wrote:
| One of the greats of investing. And a value investor. It's all
| about the profits, not the growth.
|
| Munger is gone, Bogle is gone, Buffett is 93. Who takes up the
| mantle of value investing now?
| bloodyplonker22 wrote:
| That is a good question. With Gen Z being trained to only be
| interested in get rich quick schemes and having a TikTok
| attention span, we may never see another great pure
| fundamentals investor for a long time.
| sfsylvester wrote:
| "The youth of today love luxury; they have bad manners,
| contempt for authority, disrespect for elders, and love
| talking" ~ Socrates, 432 BC.
|
| The only older than elders writing off the youth is the youth
| proving them wrong. Let's hope some follow Charlie's quote
| instead: "If you've got anything you really want to do, don't
| wait until you're 93. Start now, and don't stop!"
| jeffreyrogers wrote:
| Gen Z has fat tails, it will produce both great investors and
| great traders of all types.
| paxys wrote:
| You have to remember that Bogle/Munger/Buffet all gained
| prominence when value investing wasn't a thing and investing of
| any kind was wildly out of reach for the common man. Today
| anyone can go online and buy VTI in minutes. Every financial
| advisor and 401k plan recommends index funds by default, and it
| is how the vast majority of people and organizations store
| their wealth. It doesn't need any more cheerleaders or icons.
| It had simply become synonymous with investing at large.
| axlee wrote:
| Value investing has very little to do with investing in
| ETFs/indexes. By definition, investing in an ETF can't be
| value investing, because value investing is about picking
| (yes, picking) stocks that are undervalued. And that implies
| going against the market. The complete opposite in buying
| into the market through an ETF.
| intotheabyss wrote:
| Value investing is being right when everyone else is wrong,
| and waiting until everyone realizes you were right all
| along.
| truculent wrote:
| Value investing is "an investment paradigm that involves
| investing in stocks that are overlooked by the market and are
| being traded below their true worth".
|
| Correct me if wrong, but I don't think index funds come under
| that paradigm.
| sokoloff wrote:
| It depends on how the index is constructed. A market cap
| index cannot be value investing. A market sector index is
| almost surely not value investing (unless that entire
| sector is undervalued).
|
| An index constructed specifically using value measures as
| the criteria for inclusion can be (at least arguably so).
|
| Click on "value indexes" here:
| https://www.crsp.org/indexes/ to see some underlying value
| indexes, and funds like this one track the Large Cap
| version of it: https://fundresearch.fidelity.com/mutual-
| funds/summary/92290... (perhaps not surprising, the fund's
| largest holding is Berkshire B shares)
| chollida1 wrote:
| > Every financial advisor and 401k plan recommends index
| funds by default, and it is how the vast majority of people
| and organizations store their wealth. It doesn't need any
| more cheerleaders or icons. It had simply become synonymous
| with investing at large.
|
| This is passive investing, not value investing.
|
| Value investing is very much active investing, otherwise how
| would you select the undervalued assets?
|
| Value investing is about finding undervalued companies and
| buying them while avoiding the properly valued or over valued
| companies. It has nothing to do with ETF's or index funds.
| diarrhea wrote:
| How is that different from just... normal investing?
| chollida1 wrote:
| I mean,
|
| Seth Klarman
|
| David Einhorn
|
| Howard S. Marks
|
| Joel Greenblatt
|
| There are alot of famous and very good value investors who are
| at the top of their game right now.
| voisin wrote:
| Prem Watsa, the Buffett of Canada. Also, I'd suggest Sardar
| Biglari - check out his letters.
| christophilus wrote:
| Mohnish Pabrai is another good candidate.
| throw0101b wrote:
| > _Munger is gone, Bogle is gone, Buffett is 93. Who takes up
| the mantle of value investing now?_
|
| Bogle was not a value investor. He was a _low(er)-costs
| advocate_ (and not even necessarily passive /index investing:
| e.g., Vanguard has active funds).
| hintymad wrote:
| He did an interview with the Acquired Podcast a few weeks ago.
| Sharp as a whip. I wish I could be like him when I get old.
| swyx wrote:
| did he ever coment on his longevity and health practices?
| qd011 wrote:
| Diet of coca-cola, sweets and dry humor.
| pashariger wrote:
| He was a titan and a gentleman. RIP.
| jwmoz wrote:
| Damn, time gets us all.
| chaostheory wrote:
| _"Show me the incentive and I will show you the outcome."_
| ra wrote:
| Can we show the black banner, please?
| davidivadavid wrote:
| When is it that "hackers" and people into doing risky
| businesses started getting so into in the most boring, most
| conservative investor of all time?
|
| That tells you enough about how this whole segment of the
| population jumped the shark and just started worshiping the
| same version of success as Wall Street.
|
| The day HN shows a black banner for him, that site is
| officially over.
| carabiner wrote:
| Also responsible for the windowless college dorm:
| https://news.ycombinator.com/item?id=29038356
| bagful wrote:
| May his afterlife be exactly as comfortable as his idea of a
| dorm room
| bobberkarl wrote:
| Taught many with few words.
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