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is it true Brett that you met Charlie Munger did you meet him yes yes tell us about that tell us about the whole experience in Charlie sure so um I was my current boss uh suchan tan um introduced me to Peter Kaufman and um Peter who who wrote Port TR omac which which is a must read um generously invited me out to to California to uh tourist company um and and meet Charlie and um of course I jumped on the opportunity um so first I very grateful to uh to Peter for for inviting me out and for Charlie for hosting me so um one of the things I want people to to realize is the meeting with Charlie is actually like kind of was unrelated to my book uh it wasn't like a formal interview or anything Charlie Over the final years of his life um spent a lot of time with with people like me who who were were fans and had them over for lunch or dinner or something like that um and it was very incredibly generous charitable act on his his behalf uh and I was lucky to be one of these people um so I went went to's house for for lunch um he is very funny like I think I think people could tell at the Burkshire meetings he's funny but I don't think they appreciate how funny he is um he's very kind um he has a remarkable memory uh so I asked him a couple questions about British Columbia power and hosal Cone which uh are two chapters in my book and he he answered the questions was was funny because I asked him about hos con because I was like one of the things I read about in the book which I I do believe even though Charlie tells me I'm wrong is that they're too harsh on themselves like it was a mistake they didn't make money um they they got it wrong but it wasn't as big a mistake as they they said and one of the reasons why I think that is because there the MLK riots in 1968 kind of destroyed the inner city of Baltimore and it increased the population um Exodus from from downtown uh if this didn't happened I think they would have earned a better return and you know Charlie told me I was wrong uh he's like you're overstating it um but uh he he was he was really funny and gracious and I was there for like I think three and a half hours I had 40 minutes alone with him um and you know people say like you know beet Your Heroes but um they should uh Charlie lived up to all expectations and I'm very happy he uh he did that for me I met him two months prior to to his passing uh he's very sharp um that's just an amazing opportunity what what questions that Charlie ask of you but what was he interested in uh so he asked uh just basic background questions he asked me how I how I invest at the time I was not anal at a fun so I was just investing my own money and I mentioned like I had uh over 50% of my money in one stock and he's like you know that's that's the right way to invest uh or something to that effect um and he spent we we spent a little bit of time talking about um like the pressures of investing other people's money because one of the things that he brought up a couple times uh was the fact that in the early '70s he had a big draw down and he's like I knew my stocks were good like insurance value was way higher than the market price but my partners couldn't bear the the draw down and it was very painful for him um I kind with hindsight I wish I ask more questions on like how he overcame that like over time um because post his partnership he continued to be an incredible investor um but those those were like most of the the questions like what I was doing now yeah what was that percentage draw down at the time in 74 it was significant yeah two two two years in a row of 30% draw down so cumulatively over like about like 70% my goodness yeah just just overcoming that staying in the game right and just growing exponentially is is uh it's a personal toll on someone um Charlie's just so interesting did he try to convince you the other half of your portfolio to invest it in Costco like what what did he say no uh no he so he gave no no investment advice um to me which um I would have received obviously but would never ask uh yeah no he um he did talk about the benefits of Costco a little bit uh not too much um yeah he spent a lot of time actually talking about real estate uh because had a lot of investments in um in real estate uh apartment complexes stuff like this um and hearing him talk about it and the way he thought was really interesting that's really interesting e
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