Charlie Munger, the 'Oracle of Pasadena'
Charlie Munger was a legendary American investor, businessman, and philanthropist. He died on November 28, 2023, at the age of 99. Munger was best known as the vice chairman of Berkshire Hathaway. (Photo Reuters)
Berkshire Hathaway, the conglomerate was controlled by Munger's longtime friend, Warren Buffett
The duo would banter on stage at Berkshire’s shareholder event in Omaha, Nebraska, almost every year. Munger was vice chairman of Berkshire and one of its biggest shareholders, with stock valued at about $2.2 billion, according to Forbes. (Photo AFP)
Munger’s famous sayings on life lessons
“Somebody my age has lived through the best and easiest period that ever happened in the history of the world — the lowest death rates, the highest investment production, biggest increases in most people’s standards of living. If you’re unhappy with what you’ve had over the last 50 years, you have an unfortunate misappraisal of life,” Munger said in 2015. (Photo AP)
His thoughts on Financial recklessness
Munger often criticized people he thought were making bad bets or gambling. In 2011, he said the bubble in the US leading up to the financial crisis was caused by a combination of “megalomania, insanity and evil” and offered some choice words for Alan Greenspan, saying there was too little oversight during his tenure as chairman of the Federal Reserve. (Photo AP)
Munger didn’t even spare Wall Street
“What do you think a derivatives trading desk is? It’s a casino in drag,” Munger said in 2015. “They make the witch doctors look good.” (Photo Reuters)
Munger was often a critic of cryptocurrencies
Munger was calling Bitcoin “noxious poison” and warning that digital assets were “partly fraud and partly delusion.” “That’s a bad combination,” Munger said in a 2022 interview with CNBC. (Photo AFP)
Munger never shied away from expressing his views on politics
“My fellow Republicans — the ones taking away all this regulation of major finance — I think that’s bonkers,” Munger said in 2017. He criticized former President Donald Trump ahead of the 2016 election, but he also said US Senator Bernie Sanders was too focused on income inequality. “Now, I don’t think Sander's any worse than some of our Republicans. But at least they’re crazy in a different way.” (Photo Reuters)
Munger and Buffett’s biggest pair simply presented complex business ideas
For Berkshire’s 50th anniversary, Munger laid out the history in a five-page letter and summed up why the conglomerate did so well. As to whether Berkshire’s path had implications elsewhere, he said the answer was “plainly yes.” “In its early Buffett years, Berkshire had a big task ahead: turning a tiny stash into a large and useful company,” Munger said. (Photo AP)
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