[41], Munger and his late wife Nancy B. Munger have been major benefactors of Stanford University. Here was a man in his mid-30's, with health problems, family problems, and money . Source:Damn Right!,Appendix A, page 251. Mr. Munger enrolled in college in the fall of 1941 shortly before the Pearl Harbor attack upended American life. [6][10], In college and the Army, he developed "an important skill": card playing. [3], He enrolled in the University of Michigan, where he studied mathematics. Later in life, he faced a horrific operation that left him blind in one eye with pain so terrible that he eventually had his eye removed. Munger responded with his three basic rules: During the Berkshire Hathaway Annual Shareholders Meeting in 2017, Munger and Berkshire Hathaway CEO Buffett agreed that young people should pursue a career they love and believe in, rather than picking the job that pays the most. This was despite the fact that the 1973-74 bear market was brutal for the partnership with a loss of 31.9% in 1973 and 31.5% in 1974, far in excess of the DJIAs decline of 13.1% and 23.1%, respectively. Please note: The ancestor reports on this website have been compiled from thousands of different sources, many over 100 years old. All Rights Reserved. Those include: adding operable windows to each multi-bedroom suite and as many bedrooms as possible, increasing the size of single bedrooms to match their current size of other singles within the universitys existing housing, and reducing the building mass and population density. Despite not having a college degree, he received a commission as a Second Lieutenant. I dont know where I got that notion from, but I had it. [71][72], In his 50s, after a failed eye cataract surgery that rendered his left eye blind, Munger had his left eye removed due to severe pain. In 2004, the Mungers donated 500 shares of Berkshire Hathaway Class A stock, then valued at $43.5 million, to Stanford to build a graduate student housing complex. On this Wikipedia the language links are at the top of the page across from the article title. However, the dean relented after a call from Roscoe Pound, the former dean of Harvard Law and a Munger family friend. Copyright Joshua Kennon. Charlie Munger photo by Nick Webb (CC BY 2.0). "You really want to think about what will make you feel good, when you get older, about your life, and you at least generally want to keep going in that direction. These sources are attached to each ancestor so that you can personally judge their reliability. As with any good genealogical research, if you discover a link to your own family tree, consider it a starting point for further research. At this point, he had almost no money, lived in dreadful bachelor digs, and drove a beat up yellow Pontiac with a cheap paint job. Alongside being the vice-chairman of Berkshire Hathaway, he serves as the chairman of Daily Journal Corporation and a director of Costco Wholesale Corporation. Charlie Munger has long had a reputation as an autodidact, learning complicated subjects such as physics, biology, andpsychologyby reading widely on a subject and combining book knowledge with worldly wisdom accumulated during a long lifetime. Daten ber Ihr Gert und Ihre Internetverbindung, wie Ihre IP-Adresse, Browsing- und Suchaktivitten bei der Nutzung von Yahoo Websites und -Apps. On April 18, 2013, the University of Michigan announced the single largest gift in its history: a $110 million gift from Munger to fund a new "state of the art" residence designed to foster a community of scholars, where graduate students from multiple disciplines can live and exchange ideas. You can, too. With a net worth of over 1 billion dollars, experience in the US Army and a qualification from Harvard Law it's safe to say when Munger talks we should listen. Get Make It newsletters delivered to your inbox, Learn more about the world of CNBC Make It, 2023 CNBC LLC. Munger also helped Barry in raising her two sons from her previous marriage: William Harold Borthwick and David Borthwick. One of Charlie Mungers goals was to have a large family and he married very young at the age of 21. View entire list of famous kin for Charlie Munger. Charlie Munger's family tree includes a number of presidential kin including, but not limited to, Warren G. Harding, William Taft, Richard Nixon, Jimmy Carter, and James Madison. [6] After receiving a high score on the Army General Classification Test, he was ordered to study meteorology at Caltech in Pasadena, California,[7] the town he was to make his home. This abandoned high school was converted into a 31-unit apartment building, Munger is worth $1.7 billion, according to Forbes. [65][67], Munger is a Republican and has provided his opinions on a number of political topics including the policies of the Trump administration. In the decades since the publication of the book, Charlie Munger has remained active at Berkshire Hathaway. A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. "I wish they'd never been invented," Munger said at the Sohn conference in Sydney on Friday, according to The. The panel cited the risk of COVID-19 transmission and other illnesses, safer evacuation routes, and less of a psychological strain on students linked to living in rooms without natural air or sunlight as a few issues that factored into their recommendations. Dubbed Dormzilla, the project was intended to solve the universitys housing crisis driven by an increase in enrollment, and a lack of funding. After all, Mr. Munger was in his mid 70s at the time and most everyone assumed that the bulk of his career was in the past. Charlie Munger is an American businessman and lawyer. The acquisition of this company was controversial following accusations that Buffett's company, Blue Chip bought Wesco shares to defeat an impending merger between Wesco and Financial Corp.[14][15] Wesco began as a savings and loan association, but eventually grew to control Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers Surety Company, and other ventures. The broad contours of this part of the story are quite well known. Elon Musk has suggested Warren Buffett should buy Tesla stock, and revealed Charlie Munger had the chance to invest in the automaker at less than 0.1% . Thereafter, it was subsumed into a group of retail companies and its results were no longer disclosed granularly in Berkshires reporting, although some figures have been published elsewhere (see footnote 10 below). What started as an informal partnership was cemented into a formal role at Berkshire that continues to this day. [19], In multiple speeches, and in the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, "worldly wisdom" consists of a set of mental models framed as a latticework to help solve critical business problems. Charlie has two stepchildren in addition to her four biological children. After all, Mr. Munger was in his mid 70s at the time and most everyone assumed that the bulk of his career was in the past. Source: Sees Candies was purchased by Blue Chip Stamps, a company that Buffett and Munger controlled which eventually merged into Berkshire Hathaway in 1983. For the American politician, mayor of Orlando, see, Munger at Berkshire Hathaway's 2010 shareholder meeting, Criticism of cryptocurrencies and Robinhood, The Superinvestors of Graham-and-Doddsville, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, "Munger, Thomas Charles | District of Nebraska | United States District Court", "The World's Billionaires #1324 Charles Munger", "The Superinvestors of Graham-and-Doddsville", "$45,000 a Share, $1,500 a Share or $264 a Share", "Financier Munger Gives DuBridge Lecture", "Whitney Tilson's 2007 Wesco Annual Meeting Notes", "Interview with Peter Bevelin, author of Seeking Wisdom - from Darwin to Munger", Charlie Munger's got a billion words of wisdom, "Charlie Munger on the Psychology of Human Misjudgment", "Inversion and The Power of Avoiding Stupidity", "Bitcoin breaks 7,000 after Buffet investment chief calls it 'poison', "Bitcoin is 'disgusting and contrary to the interests of civilization' says famed investor Charlie Munger", "Charlie Munger says cryptocurrencies should have been banned earlier", "Charlie Munger on bitcoin: 'Disgusting,' 'stupid,' 'immoral,' 'turds', "Buffett business partner Munger slams US-China tensions, crypto", "Bitcoin bulls go on the offensive against Berkshire Hathaway", Berkshire's Munger Gives $20 Million to Michigan Law School, Former Michigan student Charles Munger donates $20 million for Lawyers Club renovation project, $20 million gift jumpstarts renovation at M Law's Lawyers Club, "Munger Donates $1.2 Million to University of Michigan", Mungers donate $43.5 million to help construct new graduate student residence, Stanford: $43.5 million given for more graduate student housing, "Charlie Munger talks about investing and life choices that secure prosperity", "Architect Resigns in Protest over UCSB Mega-Dorm", "Buffett associate Charlie Munger pledges $110 million to University of Michigan", "$110 million donation largest in UM history", "Warren Buffett's Investing Pal Charlie Munger Has Been Busy Designing College Dorms", Memorial to be held in March for former trustee Nancy Barry Munger, Munger donates $800,000 of stock to school, Munger Gives 100 Shares of Berkshire to Prep School, A Science Teacher's Dream in Studio City: New $13-million center gives students at Harvard-Westlake School top-notch, hands-on lessons, "Charles Munger, Warren Buffett's Longtime Business Partner, Makes $65 Million Gift", "Charlie Munger Donates $200 Million to UCSB for New Dorms", "Billionaire Donates $200M To Fix 'Gross' Dorms", "Political novice no stranger to upending status quo", "Chapter One: An Extraordinary Combination of Minds", "Memorial to be held in March for former trustee Nancy Barry Munger", "Charlie Munger: Democrats hate Trump 'so much that they're against him even when he's right', "Full Transcript: Billionaire Investor Warren Buffett Speaks with CNBC's Becky Quick on 'Squawk Box', "Charlie Munger: We Should Have Single-Payer Medicine | Squawk Box | CNBC", "Charlie Munger on health care: 'We should have a single payer system', "Charlie Munger: America's health care system is a 'national disgrace', "Lessons on Adversity from Charlie Munger: Be a Survivor, Not a Victim", https://en.wikipedia.org/w/index.php?title=Charlie_Munger&oldid=1139674224, American chief executives of financial services companies, California Institute of Technology alumni, People associated with Munger, Tolles & Olson, United States Army Air Forces personnel of World War II, University of Michigan College of Literature, Science, and the Arts alumni, Articles with dead external links from November 2019, Articles with permanently dead external links, Short description is different from Wikidata, Pages using infobox person with multiple spouses, Pages using infobox military person with embed, Creative Commons Attribution-ShareAlike License 3.0, Leading investments at Berkshire Hathaway with. From 1984 to 2011, he served as the CEO and chairman of Wesco Financial Corporation, which is now a fully owned subsidiary of Berkshire Hathaway. Prior to joining Berkshire Hathaway, Munger first worked as a lawyer "with his time billed at $15 per hour," Buffett notes in the shareholder letter and also as an architect. A ship on land. . According to Buffett's essay "The Superinvestors of Graham-and-Doddsville", published in 1984, Munger's investment partnership generated compound annual returns of 19.8% during the 196275 period compared to a 5.0% annual appreciation rate for the Dow. Although it took years, ownership interests in all of the firms were eventually consolidated into Berkshire Hathaway. Questions may be submitted to CNBC at DailyJournalQuestions@CNBC.com. Our First Child, Dorian Alexander Kennon-Green, Was Born! The broad contours of this part of the story are quite well known. In addition to the his role alongside Buffett, Munger is chairman of the publisher the Daily Journal Corp. and is on the board of the big-box retailer Costco. Charlie Munger was born on the 1st of January, 1924. "And all these simple rules work so well to make your life better. This proved to be a problem when he attempted to enrol at the Harvard Law School. Charlie Munger has had the kind of career people dream of. If it didnt, he says, he doesnt know how the human race could continue. Franklin has been Charlie Mungers lifelong hero and I suspect that Franklins determination to move on after the death of his son provided inspiration. Powered and implemented by Interactive Data Managed Solutions. At the age of nine, Teddy died of leukaemia. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. Charlie Mungers Early Years [1] His father, Alfred Case Munger, was a lawyer. The price tag was three times book value, a figure that no doubt gave Warren Buffett heartburn! Buffett himself regards him as his partner. Elon Musk is losing the plot by making basic security a paid feature on Twitter. Leo Tolstoy advocated serious efforts to leverage what we learn from others. A traditional midwestern upbringing during the Great Depression is a big part of Charlie Mungers life experience. This page was last edited on 16 February 2023, at 08:55. Further Reading In 1949, Charlie Munger was 25 years old. [4][52], Munger has been a trustee of the Harvard-Westlake School in Los Angeles for more than 40 years, and previously served as chair of the board of trustees. He also serves as the chairman of the Daily Journal Corporation, based in Los Angeles, California, as well as a director of Costco Wholesale Corporation. [4][53] In 2006, Munger donated 100 shares of Berkshire Hathaway Class A stock, then valued at $9.2 million, to the school toward a building campaign at Harvard-Westlake's middle school campus. Many readers familiar with Charlie Munger will find the chapters on worldly wisdom and psychology to be familiar ground, but this book presents this material in a concise and approachable manner that can be read in a short period of time. The Omaha doctor who introduced us predicted that we would hit it off and we did," Buffett wrote of his long-time partner in his 2014 annual letter to shareholders. Rick Guerin, Charlies friend, said Munger would go into the hospital, hold his young son, and then walk the streets of Pasadena crying. Great investing requires a lot of delayed gratification. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Its bigger than the housing crisis: An influential economist just blamed NIMBYs for American decline, and Elon Musk CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Behind the Scenes with Charlie Munger, Click to email a link to a friend (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Reddit (Opens in new window), Click to share on Skype (Opens in new window), Click to share on Pinterest (Opens in new window), Click to share on Telegram (Opens in new window), Click to share on Tumblr (Opens in new window), Click to share on Pocket (Opens in new window), Click to share on WhatsApp (Opens in new window). 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