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Becky quick looks back at munger's long life and his underrecognized role in helping Warren Buffett become one of the richest people on Earth Charlie Munger was best known as Warren Buffett's right-hand man their investing partnership dating back decades I would say that every time I'm with Charlie I'll get at least some new sland on an idea that that causes me to rethink certain things and and we've had Absolut we've had so much fun in the partnership over the years it's been almost hilarious it's been so much fun Buffett credits the Burkshire Hathaway Vice chairman with teaching him the importance of paying up for high quality businesses when he weaned me away from the idea of buying very so so companies at very cheap prices knowing that there was some small profit in and looking for really wonderful businesses that we could buy at fair prices it's not that much fun to uh buy a business where you really hope this sucker liquidates before it goes broke the willingness to pay for Quality paid off for Munger and Buffett in deals like their 1972 purchase of seas candies and their decision in the late 1980s to buy a substantial steak in Coca-Cola before his birkshire days Munger owned his own successful investment firm and practice law in 1962 he and a group of attorneys founded Munger tols now known as Munger tols in Olen a very prominent Law Firm Munger like Buffett grew up in Omaha Nebraska and as teenagers they both worked at Buffett's grandfather's grocery store but not at the same time as Munger was seven years older it wasn't until Buffett was in his late 20s and Munger was in his mid-30s and living in California that they were introduced to each other by mutual friends we had dinner together in 1959 in 5 minutes that Charlie was rolling on the floor laughing at his own jokes and I do the same thing they began to spend hours each week on the telephone talking Investments and Buffett urged Munger to trade in a career in law for one in investing I'm I met Charlie and he was practicing law and I told him that was okay as a hobby but it was a lousy business so he fortunately I listened from 1962 until 1975 munger's investment partnership produced a 19.8% compound annual return versus just 5% for the Dow it wasn't until 1978 that Munger formerly joined Burkshire as Vice chairman but MERS even tempered risk averse and pragmatic approach to invest was a major influence on Buffett from the time they first met helping Burkshire Hathaway grow into a multi-billion dollar conglomerate that owns well-known businesses like Dairy Queen Geico hellborg diamonds and Burlington Northern Munger however didn't limit himself to just Burkshire he was chairman of Wesco Financial from 1984 until 2011 when it was totally assimilated into birkshire during those years he was known for his dead pan humor and straight shooting style at shareholder meetings where he interacted at length with his investors after Wesco Munger moved the show and his growing collection of fans to another company where he remained chairman The Daily Journal Charlie yeah one of my favorite lines from you is you want to hire the guy with the IQ of 130 that thinks it's 120 and the guy with an IQ of 150 who thinks it's 170 will just kill you you must be thinking about Elon Musk he brought his blistering on liners to Berkshire half Way's annual meetings too what I needed to get ahead was to compete against idiots and luckily there's a large Supply and professional traders that go into trading cryptocurrencies it it's it's just disgusting it's like somebody else is trading turds and you decide I can't be left out Charlie's big on lowering expectations absolutely that's the way I got married my wife lowered her expectations and despite a net worth of around two billion dollar for Munger money wasn't everything all you succeed in doing in your life is to get early Rich from passive holding of Little Bits of Paper and you get better at better and only that for all your life it's a failed life life is more than being shrewed at passive wealth accumulation well with that we're through
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