Protected: Thank You Charlie – Charlie’s Best Quotes – Sweat Your Assets EBOOK 02
Protected: Thank You Charlie – Charlie’s Best Quotes – Sweat Your Assets EBOOK 02
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Charlie’s Best Quotes

Charlie Munger died on November 28, 2023, at age 99. He’s the lesser-known half of the partnership team that built Berkshire Hathaway. Still, he was the most colorful of the pair.

Thanks to his witty, no-BS comments, it is always a treat to read or listen to his interviews. For sure, there will be times (frauds, crazy valuations), when we ask ourselves: what would Charlie have said about it? In his spare time, he chaired the Daily Journal, designed buildings, and played the part of a walking, talking encyclopedia. He’s a learning machine who built his system of mental models to reduce errors in this complex world. His unique view of uncommon sense, as he calls it, can be seen in how he invests.

Extreme concentration and inaction best describe Munger’s approach. He’s comfortable with only three or four wonderful businesses in his portfolio. That’s far short of the popular broad diversification strategies recommended today (such as the 50/50, 60/40 Asset Allocation,  the all-weather portfolio, and the Yale Model).

Extreme concentration is not for everyone. First, finding a handful of wonderful companies worth owning is never as easy as it sounds. Someone not skilled in the art is likely to find awful companies more often than wonderful ones. Second, it takes a particular mindset to own a handful of stocks and do nothing because the byproduct of concentrated portfolios is higher volatility.

Despite his financial success, It might be Munger’s multidisciplinary mindset that offers the greatest lesson. He dedicated his life to learning and improving one day at a time — compounding wisdom. And he generously shared so much of it over the years. He was a teacher, above all else, for anyone open to learning. His multi-disciplinary mindset is what gave him the “thirty-second mind” that Mr. Buffett could turn to on nearly any topic under the sun:

“Charlie has the best thirty second mind in the world. He goes from A to Z in one move. He sees the essence of everything before you even finish the sentence.” Warren Buffett

How can you develop a 30-second mind like Charlie? The answer is straightforward, but it is not easy or simple. It requires a multi-disciplinary education that builds a latticework of mental models. Only on top of a sound foundation can we layer specialization.

His articles and speeches are pretty long and dense. Still, it is possible to isolate brilliant thoughts that summarize his humor and cunning spirit. Check out this EBOOK with a collection of my favorite Charlie’s best quotes.

Financial Wisdom + Discipline = Financial Freedom

 

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