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hello world welcome i am your host mr stag today we will be taking a deep dive into charlie munger's daily journal portfolio in q3 2021 before we get into the video do not forget to like share and subscribe charles thomas munger was born on january 1st 1924 is an american billionaire investor businessman and former real estate attorney he is vice chairman of berkshire hathaway the conglomerate controlled by warren buffett buffett has described munger as his closest partner and right-hand man manga served as chairman of wesco financial corporation from 1984's through 2011.
he is also chairman of the daily journal corporation based in los angeles california and a director of costco wholesale corporation manga was born in omaha nebraska as a teenager he worked at buffett and son a grocery store owned by warren buffett's grandfather his father alfred casemunger was a lawyer his grandfather was thomas charles munger a district court judge and state representative he enrolled in the university of michigan where he studied mathematics during his time in college he joined the fraternity's sigma phi society in early 1943 a few days after his 19th birthday he dropped out of college to serve in the u.s army air corps where he became a second lieutenant after receiving a high score on the army general classification test he was ordered to study meteorology at caltech in pasadena california the town he was to make his home through the gi bill manga took a number of advanced courses through several universities when he applied to his father's alma mater harvard law school the dean of admissions rejected him because manga had not completed an undergraduate degree however the dean relented after a call from roscoe pound the former dean of harvard law and among a family friend munger excelled in law school graduating magna laude with a jd in 1948 at harvard he was a member of the harvard legal aid bureau in college and the army he developed an important skill card play what you have to learn is to fold early when the odds are against you or if you have a big edge back it heavily because you don't get a big edge often opportunity comes but it doesn't come often so seize it when it does come manga would use this philosophy throughout his entire investing career he moved with his family to california where he joined the law firm wright and garrett later music peeler and garrett in 1962 he founded and worked as a real estate attorney at munger tolls and olson llp he then gave up the practice of law to concentrate on managing investments and later partnered with otis booth in real estate development he then partnered with jack wheeler to form wheeler manga and company an investment firm with a seat on the pacific coast top exchange he wound up wheeler manga and in 1976 after losses of 32 in 1973 and 31 in 1974.
although manga is better known for his association with buffett he ran an investment partnership of his own from 1962 to 1975. according to buffett's essay the super investors of graham and dodsville published in 1984 manga's investment partnership generated compound annual returns of 19.8 percent during the 1962-75 period compared to a 5.0 percent annual appreciation rate for the dao manga was previously the chairman of wesco financial corporation now a wholly owned subsidiary of berkshire hathaway it began as a savings and loan association but eventually grew to control precision steel cork court furniture leasing kansas bankers surety company and other ventures wesco financial also held a concentrated equity portfolio of over 1.5 billion united states dollars in companies such as coca-cola wells fargo procter gamble craft foods u.s bancorp and goldman sachs manga's largest public position is bank of america corp ticker symbol back he currently owns 2 million 300 000 shares valued at 98 million dollars manga owns .03 of the company the bank of america corporation is an american multinational investment bank and financial services holding company headquartered in charlotte north carolina the bank was founded in san francisco and took its present form when nations bank of charlotte acquired it in 1998.
it is the second largest banking institution in the united states after jp morgan chase and the eighth largest bank in the world bank of america is one of the big four banking institutions of the united states it serves approximately 10.73 of all american bank deposits in direct competition with jp morgan chase citigroup and wells fargo its primary financial services revolve around commercial banking wealth management and investment banking the investment bank is considered within the bulge bracket as the third largest investment bank in the world as of 2018.
its wealth management side manages 1.081 trillion united states dollars in assets under management aum as the second largest wealth manager in the world after ubs in commercial banking bank of america operates but does not necessarily maintain retail branches in all 50 states of the united states the district of columbia and more than 40 other countries its commercial banking footprint encapsulates 46 million consumer and small business relationships at 4 600 banking centers and 15 900 automated teller machines manga's second largest public position is wells fargo and co ticker symbol wfc he currently owns 1 591 800 shares valued at 74 million dollars manga owns .04 of the company wells fargo and company is an american multinational financial services company with corporate headquarters in san francisco california operational headquarters in manhattan and managerial offices throughout the united states and internationally the company has operations in 35 countries with over 70 million customers globally it is the fourth largest bank in the united states by total assets and is one of the largest as ranked by bank deposits and market capitalization along with jp morgan chase bank of america and citigroup wells fargo is one of the big four banks of the united states it has 8050 branches and 13 000 atms it is one of the most valuable bank brands manga's third largest public position is alibaba group holding limited ticker symbol barber he currently owns 302 060 shares valued at 45 million dollars manga owns .01 of the company alibaba group holding limited also known as alibaba group and alibaba.com is a chinese multinational technology company specializing in e-commerce retail internet and technology on the 28th of june 1999 jack ma with 17 friends and students founded alibaba.com a china-based b2b marketplace site in his hangzhou apartment the company provides consumer to consumer c2c business to consumer b2c and business to business b2b sales services via web portals as well as electronic payment services shopping search engines and cloud computing services it owns and operates a diverse portfolio of companies around the world in numerous business sectors alibaba is one of the world's largest retailers and e-commerce companies in 2020 it was also rated as the fifth largest artificial intelligence company it is also one of the biggest venture capital firms and one of the biggest investment corporations in the world the company hosts the largest b2b alibaba.com c2c taobao and b2c team all marketplaces in the world manga has taken a hit on his position but i believe it will be back up in no time i think jack ma was very arrogant to be telling the chinese government how dumb they were and how stupid their policies were and so forth considering their system that is not what he should have been doing and no i don't i don't i don't think that i i think the chinese have behaved very very shrewdly in managing their economy and they've gotten better results than we have in managing our economy and and i think that that will probably continue and sure we all love the kind of civilization we have i'm not saying i want to live in in in china i prefer the united states but i do admire what the chinese have done how can you not do it nobody else has ever taken a big country out of poverty so fast and so long and what i see in china now just staggers staggers me there are factories in china that are just absolutely full of robots and they're working beautifully they're no longer using peasant girls to beat the brains out of our little shoe companies in america they are joining the modern world very rapidly and they're getting very skillful at operating longer's fourth largest public position is u.s bangkok ticker symbol usb he currently owns 140 000 shares valued at 8.32 million dollars manga owns .01 of the company u.s bancorp is an american bank holding company based in minneapolis minnesota and incorporated in delaware it is the parent company of u.s bank national association and is the fifth largest banking institution in the united states the company provides banking investment mortgage trust and payment services products to individuals businesses governmental entities and other financial institutions it has 3 106 branches and 4 842 automated teller machines primarily in the western and midwestern united states the company also owns elevon a processor of credit card transactions for merchants and ailan financial services a credit card issuer that issues credit card products on behalf of small credit unions and banks across the us u.s bangkok operates under the second oldest continuous national charter originally charter number 24 granted in 1863 following the passage of the national bank act earlier charters have expired as banks were closed or acquired raising u.s banks charter number from number 24 to number two manga's fifth largest public position is posc ticker symbol pkx he currently owns 9745 shares valued at 672 000 manga owns less than 0.01 percent of the company posco formerly pohang iron and steel co limited is a south korean steel-making company headquartered in pohang south korea it had an output of 42 million metric tons of crude steel in 2015 making it the world's sixth largest steelmaker by this measure in 2010 it was the world's largest steel manufacturing company by market value posco currently operates two integrated steel mills in south korea in pohang and guangyang posco previously operated a joint venture with u.s steel uss posco industries in pittsburgh california united states but u.s steel acquired full ownership of the facility in february 2020.
manga currently owns 3.62 of the daily journal corporation valued at 17.4 million dollars manga currently also owns 0.3 of berkshire hathaway valued at 1.8 billion dollars as well as a .042 position in costco valued at 98 million dollars manga believes that holding a concentrated number of stocks that he knows extremely well will in the long term produce superior returns his portfolio shows he practices what he preaches tell us what you think about charlie munger's portfolio no
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