Charles Munger Interview: The Power of Partnership with Warren Buffett
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- Chairman of Berkshire Hathaway, Charles Munger describes his long business relationship and friendship with Warren Buffett that started in 1959. He discusses what makes a great company, the investment game, and succeeding from knowing the big ideas.
Charles Thomas Munger was born in 1924 in Omaha, Nebraska. He studied mathematics at the University of Michigan and dropped out to serve in the U.S. Army. After his service, he studied meteorology at Caltech, and took a number of advanced courses, eventually receiving a J.D. from Harvard Law. He practiced for a short time and left law to concentrate on managing investments and real estate development. Although Munger is better known for his association with Buffett, he ran an investment partnership of his own from 1962 to 1975 and served as chairman of Wesco Financial Corporation. Wesco became a wholly-owned subsidiary of Berkshire Hathaway, the conglomerate controlled by Warren Buffett. Munger has served as the vice-chairman of Berkshire Hathaway, where he and Buffett are close partners. They are one of the main inspirations behind the book Seeking Wisdom: From Darwin to Munger (2003).
From the HBO / Kunhardt Film Foundation (KFF) Documentary "Becoming Warren Buffett." With a net worth of over $60,000,000,000, Warren Buffett is truly a one-of-a-kind billionaire. This documentary chronicles Buffett's evolution into one of the wealthiest and most respected men in the world.
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Charles Munger, Warren's Business Partner
Interviewed By: Doug Blush
Interview Date: June 6, 2016
© Home Box Office and Kunhardt Film Foundation. All Rights Reserved.
#CharlesMungerInterview #kunhardtfilmfoundation - ภาพยนตร์และแอนิเมชัน
Its quiet interesting how we reject the reality of our situation and expect to be able to observe it, control it and even change it. I used to be financially depressed until I read a book that made me realized that the secret to making a million is making better investments.
May I ask which investments are good? I've been looking at a few different ones but want others' opinions as well
What I think everyone need is an adviser, who can help you get in and out of any investment at any time and you'd sure be in Profit. With this I feel anyone can basically achieve financial freedom
*STEPHANIE KOPP MEEKS* , That's whom i work with
You can glance her name up on the internet and verify her yourself. she has years of financial market experience
Thanks so much I was able to find her page and I already leave her a message
Many of us owe a lot to Munger. He and Warren will be remembered primarily as teachers.
Two very fine minds.
Fantastic interview, a bit of a shame that the interview is only focused on Mungers view of Buffet. I have become increasingly fascinated by Munger and it is more and more clear to me that he deserves as much credit for the terrific success of Berkshire as Buffet
I feel the same. Charlie is much more honest than Warren. Warren says what he thinks people want to hear sometimes and Charlie doesn't give a shit.
You should read, “Poor Charlie’s Almanac.”
I mean... the interview is for a documentary about Warren Buffett. What else is he supposed to talk about?
Well it’s a documentary called, “Becoming Warren Buffet.” This is a snippet here but it wouldn’t make sense for him to divulge of himself only when the documentary is designed to focus on Warren
@@carlmannhard8051 Well, it’s a documentary literally called, “Becoming Warren Buffet:” Image a Micheal Jordan being interviewed about Larry Bird and only speaking about his championship rings that he won
It amazes me how humble this man is. This is the type of friend that would make your life incredible, with or without the money.
also the fact that he likes to see students suffer how humble 😌
with is better ...
His accomplishments are many, but he is very much a product of privilege.
@@brettsinger9565 Wow. Because he is white ..? Lol.
@@freedomwatchdog2495 He was excused from fighting in WW2 and his application to Harvard Law School got a second review because the right person made a phone call. He got two huge breaks that most people of his generation did not. That's privilege.
“The dumbest thing you can do in life is to ever feel like a victim. And any politician that makes people feel like victims I automatically dislike”
29:21
He's the product of privilege. Of course, he's never been a victim.
Well said
@Ryan Trent that's what a victim would say and focus on
@GnawNehc If you've had a life sheltered from hardship then I would imagine that telling other people not to feel like victims can make you feel very powerful. But it's mostly a delusion of grandeur, much like what Charlie himself has.
[0:09] Meeting Warren Buffett
[1:09] What makes Warren’s mind unique
[1:39] Warren’s investing philosophy
[2:53] Working in Omaha
[3:20] Warren’s ability to take criticism
[4:12] Buying Berkshire Hathaway
[5:22] On teaching and paying it forward
[6:32] Warren’s father’s death
[7:36] Picking Berkshire Hathaway
[8:34] The blueprint of Berkshire Hathaway
[9:51] Getting along with Warren
[10:45] Value investing
[11:56] See’s Candy
[13:33] What makes a great company
[14:27] On Warren playing bridge
[14:49] Salomon Brothers
[16:58] On Berkshire Hathaway’s record
[18:26] Berkshire Hathaway is a reflection of Warren
[18:51] Berkshire Hathaway’s annual conference
[19:43] Extended Confucianism
[20:58] On growing Berkshire Hathaway
[21:49] On getting ahead
[22:36] The investment game
[23:30] Warren’s competitive nature
[24:12] On Warren and social injustice
[25:43] Ethics
[26:53] Investment in Burlington Northern
[28:24] On his relationship with Warren
[29:02] Warren’s character
[30:18] Knowing the big ideas
[32:14] The Lollapalooza effect
[33:07] Berkshire Hathaway’s portfolio
We love you Charlie.
👍 thank you for the time stamps
[13:33] What makes a great company:
Durable Competitive Advantage:
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The 13 Types of Network Effects
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(2.5 minute video | NfX)
The truth about data network effects
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(8 minute video w/ James Currier)
Thank you so much you saved my time
The time chart so useful. Thanks
Thank you❤
Didn't Charlie Munger and Warren Buffett invent the strategy of buying/investing when the market is low and also buying/investing when the market is high? As Warren Buffet said, he has seen this happen many times in his life. Not an investor. My wife and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock...
It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing....
i've been doing this same thing myself. Can't get into trouble with the IRS when I have no income and all my money is in stocks. I don't like doing the work though. Lol. So I just invest through an advisor who does the stock picking. My money grows, and I'm tax-free...
@@lipglosskitten2610 Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc
@@bob.weaver72 Have you heard of‘’Catherine Morrison Evans’’ ? She gets featured regularly on CNBC. I myself use tax-deferred accounts to hold my investments. That way I avoid capital gains taxes. There are other options your advisor could brief you about....
@@lipglosskitten2610 Thank you. I just checked her out now and I've sent an email. I hope she gets back to me soon. I've been thinking of doing this for a long time now, and I've procrastinated enough already.
Non interrupted Charlie 👏
Very inspirational. Charlie Munger is one of the brightest minds of our time.
I recommend his book, Poor Charlie's Almanack, for anyone who wants to see more of his talks and speeches.
Thanku
Just re-read the book. Amazing human.
I'm 68. I love these guys. Legends is an understatement
Unbe-freakin-lievable. What have we done to deserve this content for free? I'll come back and watch this over and over again.
The most important thing that should be on everyone's mind currently should be to invest in different sources of income that doesn't depend on the government. Especially with the current economic crisis around the word. This is still a good time to invest in various stocks, Gold, silver and digital currencies.
How can this person, ROCHELLE DUNGCA-SCHREIBER be reached please...
Wow! I just looked up this person out of curiosity and I'm super impressed with her qualifications. Thanks for sharing.
Charles Munger is an absolute beast of a man. His story and how he made an impact in the financial world is without a doubt something to remember for the ages. Truly one of the greatest and smartest human beings who ever lived.
What great truth, logic and humility comes from this man. Never disappoints.
This is incredible footage!
What an honest interview. Great to watch.
Munger is a philosopher of modern times! Glad we got to witness these personalities.
An absolute legend, thank you for sharing.
A stock call option gives the holder the right (but not the obligation) to buy a stock from the seller by a certain date (the expiry), for a certain price (the strike price).
The value of a call option goes up when the price of the underlying stock price increases.
Trading options offers you an opportunity to work both sides of the market since you can buy and sell both call and put options. Therefore, you can shield much of your capital in the event that something goes wrong on the short or long side. If you don't understand the market too well, work with an advisor.
Your analysis are good. who do you work with ?
I am glad you know Tamara. shes the best.
Thanks. just found her name on the web and i sent a message to her website.
This is one hell of a good interview, both the substance and the way it is presented.
Thank you Mr. Munger. Very grateful for the learnings through the years.
Truly insightful
Wisdom packed in this 35min is simply invaluable. Thanks a lot for this upload!
Awesome content. Thank you for sharing this 👍
. . . this is a brilliant interview, with a very interesting man, who is having a most interesting life, and the content is pure gold !
So much wisdom in this man's words...great interview 👍
Thank you for sharing.
Goodness me. What a straight shooter. Charlie appear to be able to see right through all the BS and focus on the important facts. Its a social skill more than an academic one.He is a very impressive indivdual. Thanks for posting
One of the greatest interview I have ever watched for wisdom and motiviation in life.
A true man who listens and follows his call
Great interview. Thank you C Munger
Great interview. Straight to the point, no embellishments, you come for the interviewee and you get him.
Thank you very much, and may Charlie Rest in Peace.
This is what I had always expected of Warren but could never find evidence of it: He's ruthlessly competitive without jeopardizing his own morals/principles. I always knew of WB as a passionate lover of stocks and reading and being this folksy grandfatherly figure but at the same time, he will never go into a deal knowing he will lose. Love it.
Thanks for sharing
What an interview . So much game from Munger
Charlie is the GOAT
He is!
No I'm afraid Warren Buffett is. The greatest investor of all time.
I wish I had a friend like Charles Munger
It’s always fascinated me how their voices are almost identical!
This is great interview
Great presentation! No ego trip with over-talking by the interviewer. A question is presented, then Munger does the talking.
Can you believe that he’s 97!bless him
Mr Munger is a most admirable man worthy of much praise for his good business skills, his thinking, and his excellent character. And as the oldest person in America is 115 years of age, living in Omaha, then perhaps dearest Charlie can also live well past 100 too. We hope so. We need him, and his friend Warren, to keep us going with their inspiring enterprise.
Charles Munger is my #1 example for how to live a more successful life and hell does it work!!
Brilliant.
Great interview I would like to see one with Buffets view on Charlie Munger. They achieved a lot together through decades
Wonderful video.
I would say we need a Hollywood movie about the two guys but let's be honest, it would just be Warren Buffett and Charlie sitting at a desk reading most of the movie.
Will wait sincerely to see u back
Need more Munger!
I like the humility. I wish I had know more than their names a long time ago.
Lovely interview
Bill Gates says that Munger is the smartest person he knows. He has surely been as responsible for the success of Berkshire Hathaway as Buffett. GOAT 🐐
Do you please have the source for that claim? I've read Bill Gates say "He is truly the broadest thinker I have ever encountered" but never read or heard him say the "smartest".
Stellar
Warm regards to Charlie and Warren. They have been an incredible team.
I love the Ben Franklin statue
he's got such a clear, powerful command of language
Outstanding interview with Charlie Munger!! I have been ill most of my life, but I never felt like a victim, and if you do, your life will be miserable. Warren and Charlie are GENIUSES!!!
You know when I started learning about Wall Street at ages from 11-13 was only domestic. In 1995 Australia taught open to international market.
This is such an excellent video. Great job!
Don’t wait until the market skyrocket again then you start biting your fingers wishing you made the decision to invest. bought my third house already, earn on a monthly through passive income and got 4 out of 5 goals, just hope it encourages someone that it doesn’t matter if you don’t have any of them right now, you can start TODAY regardless your age INVEST and change your future! Investing in the financial market is a grand choice I made. Great video! Thanks for sharing!
Very inspiring! I love this
@Janet Soy I invest across the top markets but not by myself though. i follow the guidelines of MELISA PAMELA PEREZ . you might have heard of her.. I can correctly say she's worth her salt as a investment advisor as her diversification skills are top notch, I say this because i see that in her results as my portfolio grows by averages of 20 to 3O% on a monthly basis, unlike i can say for my IRA which has just been trudging along. my portfolio just mirrors what she place and not just on some particular industries of my choosing.she gave me that financiaI freedom I needed
@Janet Soy look her up on the internet and leave her a message she's quite popular for her services as she was recently featured on cnbc. She can work with anyone irrespective of where your located
@@samsonyin7782 This is a shocker seeing melisa pamela perez is being mentioned here. I always had mixed feelings about hiring a lnvestment advisor. For the record, I started working with melisa in 2019, and she manages about 70% of my lnvestments, while I manage the other 30%. My philosophy is that I care more about my own money than anyone else, but she made me accept that they have wealth of information on current conditions and future trends
Living legend.
love seeing charlie munger on his own.
It's good timing that this was posted now with a 2016 interview date. But only those watching this are going to understand.
I never met anyone besides WB and CM that still very sharp in their age
0:09] Meeting Warren Buffett
[1:09] What makes Warren’s mind unique
[1:39] Warren’s investing philosophy
[2:53] Working in Omaha
[3:20] Warren’s ability to take criticism
[4:12] Buying Berkshire Hathaway
[5:22] On teaching and paying it forward
[6:32] Warren’s father’s death
[7:36] Picking Berkshire Hathaway
[8:34] The blueprint of Berkshire Hathaway
[9:51] Getting along with Warren
[10:45] Value investing
[11:56] See’s Candy
[13:33] What makes a great company
[14:27] On Warren playing bridge
[14:49] Salomon Brothers
[16:58] On Berkshire Hathaway’s record
[18:26] Berkshire Hathaway is a reflection of Warren
[18:51] Berkshire Hathaway’s annual conference
[19:43] Extended Confucianism
[20:58] On growing Berkshire Hathaway
[21:49] On getting ahead
[22:36] The investment game
[23:30] Warren’s competitive nature
[24:12] On Warren and social injustice
[25:43] Ethics
[26:53] Investment in Burlington Northern
[28:24] On his relationship with Warren
[29:02] Warren’s character
[30:18] Knowing the big ideas
[32:14] The Lollapalooza effect
[33:07] Berkshire Hathaway’s portfolio
Happy viewing!
Fascinating interview. I love Charlie Munger and don't think he gets as much credit as he deserves, he's clearly a very modest man but he was definitely instrumental in taking Buffet and Berskhire into a better area of investing..it's probably the most successful partnership of all time, certainly in the investing world.
Newcomers to the world of investing like myself can learn a lot from these two wise owls. A lot of their philosophy and wisdom holds true still today in an increasingly complex financial market environment with enormous opportunities and a much wider range of opportunities and technologies than ever before.
Warren's dad was driving force! Gave him an anchor as father's should! Exemplary
"The dumbest thing in life is ever feel a victim"
?
I’ll add another one of those question marks “??”
@@juan-3350 ???
??
It’s a been a week and no one can decipher this mans comment 🤔😔lol
Buffett reflects on his first meeting with Munger: ‘I’m not going to find another guy like this’
The cardinal quote, hahahaha. Good.
This is like hearing snippets from Poor Charlie's alamanack
They should have posted that letter at the end that he was talking about.
Many investment para aking 💪💪👍👍
Their generation is the last to experience this wisdom from.
Has anybody found a link to the Warren's letter on derivatives and options, that Charlie mention at the end of this video?
25:19 Suzie Was A Wonderful Mate
anyone know what was the letter of objection by Warren with regards to the options mentioned by Charlie in this video?
Looking for that too
unmatched musings.
Charley enjoys the game. Nothing wrong with that. He also understands ethics.
I hope he meet his hero. Rest in peace.
Buy a good cross section of an economy and you should do well over the long term. The market wil be high in 10 to 20 years, and significantly higher in 30. It's almost impossible for a company with no debt to go bankrupt. the U.S. is about 50% of the global market place, Pay yourself first. It's time in the market, not timing the market. last year I invested 100 grand in the S&P 500/ an allocation fund (with the help of my Financial Advisor Rita Lynn Evans of course) and made 370k, but guess what? I put it back and traded with her again and now I’m rounding up close to a million.
Charlie and warren has so much identical mannerism lool
Good Good.
These are the conditions where life changing money is made to those that stay calm, are patient, and take controlled risk. Volatility goes both ways. Larger the red candles the larger the green ones.
I couldn't agree with you more, I had my share of ups and downs when I first started looking for a consistent passive income, ultimately called out to an adviser for aid, and following her advice, I poured $30k in value stocks and call options, up $200k so far!!! retiring with no worries next year
Charlie is something. His choice of words and what he said were things that came out of experience and are practical and something people should internalize and see how those words plays out over decades of one’s life. Older folks can understand some of what he says better than younger because you have to have some level of experiences to understand the nuances of what he was telling. Great stuff.
All kinds of Wisdom
My fav
" Even if you are a victim it's a mistake . "
So great . So true .
29:21
Come for Buffet, stay for Munger
where can i get whole video?thanks for sharing.
29:04 never feel like a victim. It’s a soldier’s life.
30:20 Charlie’s wisdom
This gentle is so sharp that his body cannot keep up with his mind.
I don't see any comment on Warren Buffett having a journalist arrested for asking questions at this year's Berkshire annual meeting. Hmmm.
13:34 What makes a great company? - A durable competitive advantage.
for more information:
Pat Dorsey Explains Economic Moats:
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What Are Network Effects?
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(7 minute video w/ James Currier)
+
The 13 Types of Network Effects
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(2.5 minute video | NfX)
The truth about data network effects
📺 th-cam.com/video/53QZ78WtRck/w-d-xo.html
(8 minute video w/ James Currier)
Charlie’s office is quite nice
We love and appreciate you Charlie
🏅
29:09 💎💎💎
One of the great legends of our time.
Once you buy a company (See's) do you oversee the company operations?
In Warren's approximate words, per my recollection, "our management style verges on abdication". Berkshire aquires companies that have good management in place and retains them. In regards to See's specifically, Warren mentioned at one point that he annually set the per LB prices.
The correct buy and sale in products and financial instrument. It is not the long term holding. If you buy 2000 dollars products or financial instruments you must able resale for 2200 or better each days. Because you make a living base on buy and resale.
It's 7/28/2021....If BABA is good enough for Charlie Munger and Monish Pabrai at $221 per share, it is good enough for me at $190.
Smart man
Unless he does a u turn and sells it…
@@rahuldaswani7944 He buys and hold for 10 years atleast. Every time. If he makes a decision, he sticks by it for a decade
@@carlmannhard8051 I agree with what you are saying. He only has 4 stocks and has held most of them for a long time. I’m just pointing out that he can change his mind. By all means follow him, don’t bet the farm.
What if it is worth less now than when they bought it