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CM
Charles Munger
07/21/21
@ Life Stories
Warren wrote a letter objecting to the establishment of options exchanges, arguing that we don't need derivative markets.
Video
LS
Charles Munger Interview: The Power of Partnership with Warren Buffett
@ Life Stories
07/21/21
Related Takeaways
CM
Charles Munger
07/21/21
@ Life Stories
Warren Buffett faced criticism for his candid views on unethical practices in the securities market, which led to some backlash from those in the industry.
CM
Charles Munger
07/21/21
@ Life Stories
Warren has a history of buying stocks below their working capital per share, which often meant investing in companies that were not performing well.
CM
Charles Munger
07/21/21
@ Life Stories
Warren's investment strategy involved thorough research, as demonstrated when he bought American Express after the salad oil scandal, believing it was a minor setback.
CM
Charles Munger
07/21/21
@ Life Stories
Warren had a passion for competitive success from a young age, which, combined with his high IQ and energy, gave him a significant advantage in investing.
CM
Charles Munger
07/21/21
@ Life Stories
Warren Buffett preferred to work in a solitary manner, sifting through data and thinking deeply, which he could do just as effectively in Omaha as on Wall Street.
CM
Charles Munger
07/21/21
@ Life Stories
Warren and I were fortunate to have favorable outcomes in our investments, but we don't believe we deserve all the credit for it.
CM
Charles Munger
07/21/21
@ Life Stories
Warren made significant profits by following Benjamin Graham's advice to buy very cheap stocks, regardless of the company's quality, but he knew this strategy was self-limiting. Getting into great businesses that either have a great manager or can prosper even under poor management is crucial.
CM
Charles Munger
07/21/21
@ Life Stories
Despite facing criticism, Warren Buffett's approach allowed him to make billions for many people, even those he didn't know, and he doesn't regret his choices.
CM
Charles Munger
07/21/21
@ Life Stories
Warren Buffett is highly competitive but prefers to win by playing fair and following the rules, avoiding games he is not skilled at.