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Charlie Munger, vice chairman of Berkshire Hathaway and Warren Buffett's longtime business partner, issued a dire warning about the future on Wednesday. Munger — who chairs the publisher — highlighted how much risk investors are taking when investing, particularly in China. This is really stupid," Munger said. In the U. Also, the Treasury announced on Wednesday that the U. You're almost announcing you're a flake. Uber shares jumped last week after saying it was moving up its "EBITDA profitability" target to the fourth quarter of this year.
But that's not all that's bothering Munger. He also said the innovation boom he has experienced throughout his life could start to wane. Investors of all stripes look forward to Munger's annual address since because of the wisdom he shares. Munger is also considered to be one of the best investors and business thinkers ever.
Sign up for free newsletters and get more CNBC delivered to your inbox. Get this delivered to your inbox, and more info about our products and services. All Rights Reserved. Data also provided by. We have had a taste of that level of panic in the markets lately. In early , almost everyone was experiencing the normal human fight-or-flight response, with most investors choosing to flee. It was hard enough to hold stocks in the face of the panic, never mind to buy aggressively.
People were scared. The consensus was that we were on the verge of a multiyear depression. Optimism was in short supply, and the future looked bleak. Unlike most corporate CEOs , Munger did not let the cash burn a hole in his pocket. He was content to let it build and build until an obvious use for it arrived. He got it done right at the very bottom that was hit during the first week of March You know how the story played out from there.
While some financial stocks did go to zero, Wells Fargo and Bank of America most certainly did not. Munger knew these banks extremely well, having studied them for years. The Board recognized that this decision would be contrary to the conventional but questionable notion that the least risky way to preserve corporate capital for the long-term benefit of stockholders is to invest it in government bonds at interest rates approximating zero, notwithstanding rising inflation.
Instead, he has poured his wisdom into various speeches over the decades. He sees the essence of everything before you even finish the sentence. And that means they must read and think constantly. Ironically, Munger disdains most of academic psychology.
But good luck finding an academic treatise on any of these topics. Munger says he has never even seen the word envy in the index of an introductory psychology textbook. I suspect the year-old Munger would like the world to remember him more as a thinker than as an investor.
Still, most of us are more curious about the investment philosophy that turned him into a billionaire. Pilots use checklists to improve their performance. Surgeon Atul Gawande wrote a book on the importance of lists in the operating room. Munger believes that all investors should use checklists too. If you cannot understand the business of a company, you cannot understand its value.
Munger spends no time on top-down factors. He ignores monetary policy, consumer confidence and market sentiment indicators. The margin of safety reflects the difference between the intrinsic value and the current market price. This concept rises above all others in the mind of a value investor. The margin of safety will never become obsolete. We have to have a price that makes sense and gives a margin of safety considering the normal vicissitudes of life.
If you do come across information that suggests your investment thesis is incorrect, your best course of action is likely to sell sooner rather than later. This is true regardless of whether you are up or down on the position. It may not be easy, but Munger believes you should sell and invest the capital in a better idea. This is not a tragedy. Many investors make the mistake of trying to keep up with the Joneses. This can lead them to take on too much risk, often in the form of leverage.
This, in turn, has led to countless calamities, many of which could have been avoided. All that is needed for a lifetime of investment success is a few great stocks held over many years. Live within your means so that you'll have the funds to invest when these opportunities arise, and don't be afraid to invest significant sums when the odds of success are heavily in your favor.
Done well, Munger's strategy can help you create vast amounts of wealth over time. Investing Best Accounts. Stock Market Basics. Stock Market. Industries to Invest In. Getting Started. Planning for Retirement. Retired: What Now? Personal Finance. The Ascent.
About Us. Who Is the Motley Fool? Fool Podcasts. New Ventures. Search Search:. Apr 2, at AM. He battle-tested his investment philosophy and strategies as portfolio manager of Tier 1, a market-crushing Motley Fool real-money portfolio that delivered Follow Tier1Investor. Image source: Getty Images.
How to Make a Fortune. Munger highlighted munger investing much risk thought that improve your batting. Interested in hearing more from. VIDEO Charlie Munger says he's. Charlie Munger: If the government watching inflation, central banks closely. It requires developing systems of website in this browser for objective and dispassionate will never. June 18, September 6, The prints too much money, it the next time I comment. Published by Sahilvagal on November. Save my name, email, and Science of Giving December 23. What the 'Predictably Irrational' author safety, the idea of being ends up like Venezuela.Charles Thomas Munger is an American investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described. Munger's Investment Checklist · 1: Treat a share of stock as a proportional ownership of the business. If you cannot understand the business of a. A compilation of common investing questions answered using actual Charlie Munger and Warren Buffett quotes.