Celebrating Charlie Munger w/ Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis (RWH037)

Рет қаралды 52,412

7 ай бұрын

William Green celebrates the life & legacy of investing legend Charlie Munger. He shares personal anecdotes about his own interactions with Charlie & showcases an array of rich insights about Charlie from four famed investors: Mohnish Pabrai, Tom Gayner, Joel Greenblatt, & Chris Davis. They share some of Charlie’s most valuable lessons about investing, business, & life while also conveying what made him such an inspiring & idiosyncratic character.
IN THIS EPISODE, YOU’LL LEARN:
- What it was like for William Green to interview Charlie Munger.
- What William learned from Charlie about trying to be less stupid.
- How Charlie’s friendship changed Mohnish Pabrai’s life.
- What was distinctive about Charlie’s reading habits.
- How his hard, brusque exterior concealed a soft, sensitive interior.
- Why it’s a huge competitive advantage to be trustworthy.
- How Warren Buffett & Charlie Munger surpassed General Electric.
- Why it’s invaluable to have a partner who challenges your beliefs.
- What Charlie taught Chris Davis about how to learn from our mistakes.
- How to succeed by structuring your life to avoid your weaknesses.
- How Charlie was different from Warren.
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▶️ RELATED EPISODES:
- Find Out Charlie Munger's Advice to Investing Guru Mohnish Pabrai: • Find Out Charlie Munge...
- How To Succeed In Business, Investing, & Life w/ Tom Gayner: • How To Succeed In Busi...
- What I’ve Learned From Warren Buffett & Charlie Munger w/ Chris Davis: • What I’ve Learned From...
- Secrets of Investment Success w/ Joel Greenblatt: • Secrets of Investment ...
- What I’ve Learned From Charlie Munger, Mohnish Pabrai, Tom Gayner, & John Spears: • What I’ve Learned From...
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📖 BOOKS MENTIONED:
- Poor Charlie’s Almanack by Charles T. Munger & Peter D. Kaufman: amzn.to/47KdJl7
- Richer, Wiser, Happier by William Green: amzn.to/3EC7aUT
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On Richer, Wiser, Happier, William Green interviews high-profile guests such as Howard Marks, Joel Greenblatt, and Ray Dalio. Exploring what they can teach us about how to succeed in markets and life.
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Пікірлер: 81

@WeStudyBillionaires 7 ай бұрын

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@Johnathon-kv4kt 7 ай бұрын

Thank you for flagging this for those who may be misled!

@tulipmania4923 7 ай бұрын

Thank you William. You're doing a great service to his honor

@WeStudyBillionaires 7 ай бұрын

Thank you so much for watching! 🙏

@RicherWiserHappier 7 ай бұрын

That's kind of you to say. Thank you! Warm wishes, William

@alverzenongkhlaw5688 7 ай бұрын

May his memory be a blessing...that's a great tribute Mr William to Mr Baba Munger.

@RicherWiserHappier 7 ай бұрын

Many thanks. Warm wishes, William

@LoneMonk1111 7 ай бұрын

Beautiful tribute!Thanks for bringing it all together William!

@RicherWiserHappier 7 ай бұрын

Thanks so much, @LoneMonk1111. Warm wishes, William

@ReflectionOcean 7 ай бұрын

- Focus on reducing mistakes as much as on being smart [0:17] - Build relationships based on trust and mutual respect [1:36] - Learn from mistakes by openly acknowledging them [1:50] - Structure your life to avoid situations that exploit your weaknesses [2:10:15]

@scottinguito5997 3 ай бұрын

Amazing. Thanks. Second time listening through. So much wisdom.

@WeStudyBillionaires 3 ай бұрын

Glad it was helpful! 💡

@dannthegentleman4261 5 ай бұрын

Fantastic episode! You are a fantastic storyteller as well! I can imagine the situations vividly by simply listening to your word descriptions!

@WeStudyBillionaires 5 ай бұрын

Glad you enjoyed it! 🎉

@albertolucchini7326 7 ай бұрын

Thank you Mr. Green for this incredible content. I'll follow Charlie's advice and buy myself a copy of your book for Christmas. He was a truly oustanding person and thinker.

@WeStudyBillionaires 7 ай бұрын

Thank you so much for the support! 🙏

@RicherWiserHappier 7 ай бұрын

Many thanks, @albertolucchini7326. I hope you enjoy the book. Warm wishes, William

@value_investing 7 ай бұрын

Another wonderful episode from William.

@RicherWiserHappier 7 ай бұрын

Many thanks, @value_investing! That's very kind of you. Warm wishes, William

@charleskellymoneytipspodca9121 7 ай бұрын

Fascinating ❤ Thanks for your honesty in sharing your mistakes as well!

@RicherWiserHappier 7 ай бұрын

Many thanks, Charles. Warm wishes, William

@ChristianSoschner 4 ай бұрын

Excellent tribute

@WeStudyBillionaires 4 ай бұрын

Thank you very much! ♥

@williamcloutier9401 7 ай бұрын

Thank you for this episode.

@WeStudyBillionaires 7 ай бұрын

Thank you so much for watching!🙏

@evercleancarcare 6 ай бұрын

I appreciate your channel.

@WeStudyBillionaires 6 ай бұрын

We appreciate the support! 🙏

@austinlin42 7 ай бұрын

Thank you for this tribute.

@WeStudyBillionaires 7 ай бұрын

Thanks so much for watching! 🙌

@HavardJonassen1 7 ай бұрын

Thank you for always bringing insightful information.

@WeStudyBillionaires 7 ай бұрын

Thank you so much!🙏

@Cloninginvesting 7 ай бұрын

Thank You William 🤝

@WeStudyBillionaires 7 ай бұрын

Thanks so much for watching! 🙌

@amirjon 6 ай бұрын

There''s a great story about Charlie having completely forgotten about a bridge game with Buffett and Kay Graham and he just shows up very late, sits down, and says let's play!

@MitchellVasovski 7 ай бұрын

❤❤❤❤❤ thanks for this

@RicherWiserHappier 7 ай бұрын

Thanks for listening, @Mitchell@Vasovski

@jimjackson4256 2 ай бұрын

Studying stupidity I think is an original idea by Charlie .No doubt others have thought along those lines but he is the only one i know who actually .enunciated it and it is a useful idea.

@WeStudyBillionaires 2 ай бұрын

Thank you for watching! 💡

@kgr_alex 6 ай бұрын

William just wanted you to know... I read the intro + first chapter of your book, then ordered 5 more copies to gift to my friends. 🙃 I can tell it's gonna be a banger.

@WeStudyBillionaires 6 ай бұрын

Enjoy reading! Thank you so much for the support! 📖🙌

@RicherWiserHappier 6 ай бұрын

Thanks so much! Warm wishes, William

@justinbeghly1435 7 ай бұрын

William investing Alibaba was not a stupid mistake. When those two men make a recommendation you take it every single time. BYD made them look foolish for six years, until it didn’t.

@RicherWiserHappier 7 ай бұрын

Thanks, @justinbeghly1435. I appreciate your message. Warm wishes, William

@jc5688 7 ай бұрын

Take heart Mr. Green. The sun hasn't set on Alibaba. Even Charlie Munger's Daily Journal didn't completely sell out of their position so they must still believe in the company.

@Historyteacheraz 7 ай бұрын

Great conversation and perspective from wise men on one of the wisest men of all time. A Teenager’s Guide on how to Invest Like Warren Buffett and Charlie Munger teaches his investment principles.

@RicherWiserHappier 7 ай бұрын

Many thanks! Warm wishes, William

@HepCatJack 7 ай бұрын

Munger was right about Sears, the strange thing about how Amazon went on to dominate retail is that Sears began as a type of a late 19th Century Amazon without the Internet. People would order all sorts of items (including houses) from a Sears catalog. Sears was an Amazon prototype before there was an Amazon.

@jimjackson4256 2 ай бұрын

You are right I had thought of that too. What is epic is that they blew all their advantage. They even had their own appliances and tools and clothing .The fact that bezos started from nothing and overtook them shows just how special bezos is.

@HepCatJack 2 ай бұрын

@@jimjackson4256 I think that Wall-Mart's dominance in this arena prior to Amazon weakened them to the point that they couldn't survive. The Zellers, K-Mart, Simpsons and Sears are mostly gone now. Sam Walton was able to walk in a competitor's store (or send his employees to do so) and identify features that they were doing better than he was and copy these ideas from his competitors. This is similar to how Microsoft took ideas and features from the products of their competitors and made their own versions, or in some cases better versions such as Excel was better than Lotus 123 and Word better than WordPerfect.

@BritishwarrenBuffett 6 ай бұрын

Il be honesty here I don’t like to say anyone is lying but I would love see proof of Munger saying what’s been portrayed in this video, I’m going to have tune out at the 29 minute mark there is to much promoting your book. Your book is okay I wouldn’t say it’s revolutionary in the slightest. Just my opinion.

@sreecharan4300 5 ай бұрын

56:00

@justinbeghly1435 7 ай бұрын

Was Alibaba a bad investment because you paid too much or the company is lacking?

@RicherWiserHappier 7 ай бұрын

Hi @justinbeghly1435. That's a good question. When I interviewed Peter Lynch many years ago, he talked to me about a fashion brand that was very profitable and then got unpredictably crushed by a change in styles due to the "Bonnie & Clyde" movie's success. Peter told me that his boss, Ned Johnson (who ran Fidelity), said to him, "Things come out of left field every now and then." I think Alibaba was a case where you couldn't really have predicted that Jack Ma would alienate the Chinese government, which would then set out to teach him and his company a lesson, with a bombardment of regulatory and political pressure that would knock it off track for several years. So, for me, I think this loss (on paper, at least) is a helpful reminder that I need to diversify, not put too many eggs in one basket, and be very humble about my ability to predict the future... Warm wishes, William

@sebfox2194 7 ай бұрын

Alibaba was bad because investors were looking at the quality of the business in isolation, without giving enough consideration to the environment that the business operates in. It was always a great business, but it's success is subject to the whims of the Chinese government, and since Jack Ma annoyed them, they have knocked Alibaba down a few pegs. Western investors didn't expect the government to be so punative to one of it's own companies, but in China it's politics first and business second. This has also enabled up and coming rivals to take market share from Alibaba in the e-commerce and cloud sectors. The company should still do OK, as long as the government has finished punishing them, and gives them a chance to recover from the damage they received enough to maintain a decent level of success in the face of increased competition. Alibaba is currently very cheap, but it's not without risk. Personally, I prefer Tencent out of the Chinese tech giants. It's not as cheap, but it's also not as risky.

@alverzenongkhlaw5688 7 ай бұрын

Correct..invest in tencent..

@alexc5228 7 ай бұрын

@@sebfox2194no.

@alexc5228 7 ай бұрын

@@alverzenongkhlaw5688no.

@codezero1016 7 ай бұрын

You keep repeating ..... A mini shirt not ony draws attention but also covers the contents well.

@jumbojet8 7 ай бұрын

Host talks too much with fluff language.

@RicherWiserHappier 7 ай бұрын

Hi @jumbojet8. I'm sure my kids would agree. Warm wishes, William

@jumbojet8 7 ай бұрын

yes, couldnt last. Wanted to get to the meat of the principles and lessons but alas could not last. Best wishes.@@RicherWiserHappier

@Hddftkkk 7 ай бұрын

@@RicherWiserHappierhaha love that you keep your sense of humor. I don’t mind the colorful language

@Cutix 7 ай бұрын

No ones perfect, we all have things to improve on. Being kind is a virtue.

@BritishwarrenBuffett 6 ай бұрын

I’ve only made it to the 29 minute mark, I am in very much doubt that Charlie Munger has said what Richard has said. I don’t in the slightest think munger said his book is revolutionary. I think there a few lies being told here for books sales, I’ve read the book and it’s meh

@bluegtturbo 7 ай бұрын

Does Charlie not get too much credit in comparison to Buffett? . I don't think Warren would have ploughed so much money into the likes of Alibaba. Most of the great investments were Warren's.

@ElLotdog 7 ай бұрын

Charlie completely changed Warren’s model from looking for fair companies selling at good prices to looking for good companies selling at fair prices. Without him there would be no Coke, AMEX, BofA, Wells Fargo, Apple (and many others) investments

@theyomie5482 7 ай бұрын

And also, don’t forget, baba is a bad investment up until this point in history for Charlie. Someday that may change. But as with all investing, the sentiment can shift rapidly in the future. There’s a reason he hasn’t sold out on it yet. It has been his worst investment up to this point in time. There’s a difference. Poor investment vs good fundamentals with a poor performance for a long while.

@MegaRichyD 7 ай бұрын

@@theyomie5482 well said

@Benlevin01 7 ай бұрын

The acquisition of Sea’s candies was the watershed moment everyone points to where Charlie convinced Warren to pay up for a quality business. Of course Alibaba didn’t work out great but look at BYD and Apple

@sebfox2194 7 ай бұрын

Nah, Charlie doesn't get enough credit in comparison to Warren. Charlie influenced Warren to change his investing style from buying and flipping cheap companies to focusing more on longer term quality compounders. Charlie was the one who pushed Berkshire towards investing in companies like Apple and BYD.