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CM
Charles Munger
07/21/21
@ Life Stories
Warren Buffett's decision to invest in Berkshire Hathaway was influenced by an incident where the CEO tried to cheat him, which ultimately benefited his career.
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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
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
The record of Berkshire Hathaway and Warren Buffett is based on continuous learning from every experience, which has improved our investment strategies over time.
CM
Charles Munger
07/21/21
@ Life Stories
I met Warren Buffett in 1959 when I returned to wind up my father's law practice, and I immediately recognized his intelligence and shared interest in successful investing.
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 Buffett's approach to partnerships is rooted in trust and stewardship, treating all stakeholders, including suppliers and customers, with respect and care.
CM
Charles Munger
07/21/21
@ Life Stories
We started with a collection of poorly performing businesses but managed to generate cash and eventually bought successful companies, transforming Berkshire into a massive conglomerate. Berkshire Hathaway's success stems from a lack of bureaucracy, allowing for quick decision-making and adaptability, unlike large organizations that struggle to change.
CM
Charles Munger
07/21/21
@ Life Stories
Both Charles Munger and Warren Buffett believe that ethical behavior leads to better outcomes in business, recognizing the importance of integrity in their success. Additionally, Warren and I believe in soldiering through challenges without too much fuss, rather than complaining about difficulties.
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
Warren Buffett is highly competitive but prefers to win by playing fair and following the rules, avoiding games he is not skilled at.