Charlie Munger
Investing legend and Vice Chairman of Warren Buffet's Berkshire Hathaway passed away this week at the age of 99. Charlie and Warren were the Capitalism's Investing Dynamic Duo. Berkshire Hathaway was a tired fading textile company in New England that Buffet acquired in the early 1970's, and he would use that company as his acquisition vehicle to build one of the most successful business investment companies in American history. Creating jobs, tax revenue, wealth, and improving standard of living for millions throughout the world.
Charlie and Warren despite being billionaires are notoriously cheap or shall we say frugal. Forgoing glitz and glamour and life comfortably but modestly. They are donating much of their wealth to philanthropic causes.
A word about Capitalism which seems to get a bad rap these days. There has been no other system of industry that has lifted more people from poverty and made more advances to improve the quality of lives in the history of the world. From electricity, fresh water, aviation, and human rights Capitalism has bettered humankind.
One of Charlie's favorite classic investing adages according to Warren Buffet,
It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price," he wrote. "Charlie understood this early; I was a slow learner.
God Bless and safe travels Charlie, may we all be slow learners.
With Love,
Coach K
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