He leaves behind a legacy greater than most intellectuals of his time. He has profoundly touched many lives and I am forever grateful for his existence on this earth. Thank you for all the wisdom Charlie, you will be deeply missed.
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Charlie Munger has died
121–130 of 454 posts
Re: Charlie Munger has died
#122Also responsible for the windowless college dorm: https://news.ycombinator.com/item?id=29038356
That tells you about as much as you need to know about the guy, doesn't it? Incredibly successful, and yet a penny pinching tasteless bore until the bitter end. At least "robber barons" of the past built things that looked good. That he's worshiped around these parts of the internet is truly embarrassing and sometimes makes me question how I ended up here.
I actually agreed with his reasoning on this and don't think it was motivated by greed at all.
Firstly it would have been cheaper for the students. But secondly and more importantly, the buildings did have windows, it was only the dorms themselves which didn't, but the reasoning for this was that were primarily built for sleeping so he argued they didn't need windows. And not requiring windows meant that each student would get their own room and would not need to share. The building was designed so that when not sleeping the students would make use of the communal areas which did have windows.
You don't have to like it, but it wasn't a completely stupid idea. The main problem really was just that the idea of a billionaire who wanted to build dorms without windows to save on development costs was too tasty of a story for the media to not run with.
Re: Charlie Munger has died
#123Earlier quoted context omitted.
bboygravity is right. >BRK.A Off Exchange & Dark Pool Summary >Today's Off Exchange & Dark Pool volume is 6,792, which is 98.11% of today's total volume. Today's Lit volume is 131, which is 1.89%. Over the past 30 days, the average Off Exchange & Dark Pool volume has been 97.51%. The average Lit volume has been 2.49%. https://chartexchange.com/symbol/nyse-brk.a/exchange-volume/
> bboygravity is right. So you're saying I (or whoever) can can buy shares for less in one of the "dark pools" and sell them on the market and make free money?
For you and me it offers an opportunity to lose money.
Re: Charlie Munger has died
#124Earlier quoted context omitted.
bboygravity is right. >BRK.A Off Exchange & Dark Pool Summary >Today's Off Exchange & Dark Pool volume is 6,792, which is 98.11% of today's total volume. Today's Lit volume is 131, which is 1.89%. Over the past 30 days, the average Off Exchange & Dark Pool volume has been 97.51%. The average Lit volume has been 2.49%. https://chartexchange.com/symbol/nyse-brk.a/exchange-volume/
They still show up in the market price, even if they are traded off exchange.
afterwards. Order book is hidden before trade.
Re: Charlie Munger has died
#125[dead]
Re: Charlie Munger has died
#126One of the greats of investing. And a value investor. It's all about the profits, not the growth. Munger is gone, Bogle is gone, Buffett is 93. Who takes up the mantle of value investing now?
You have to remember that Bogle/Munger/Buffet all gained prominence when value investing wasn't a thing and investing of any kind was wildly out of reach for the common man. Today anyone can go online and buy VTI in minutes. Every financial advisor and 401k plan recommends index funds by default, and it is how the vast majority of people and organizations store their wealth. It doesn't need any more cheerleaders or i…
In addition to getting in on the 'value investing' train early, they built their fortunes because they were there with capital in the 1960s, the best time to begin a 'buy and hold' strategy.
Back in the '60s and '70s, stock market capitalization grew roughly in line with GDP. But from the 1980s onwards, it grew at a level that far outpaced GDP growth [0]. So investors who were already wealthy in the '60s had the capital necessary to take advantage.
[0] The Big Bang: Stock Market Capitalization in the Long Run, 2022: https://doi.org/10.1016/j.jfineco.2021.09.008
Re: Charlie Munger has died
#127Earlier quoted context omitted.
Was he? I listened to an interview of his a year or two ago and he didn't seem to be all that sharp at point. Amazingly sharp for a guy who was almost a hundred, sure, but not relative to a typical 80-year-old. He must have been amazing when he was younger, though.
I think it depends on what you mean by sharp. Quick? No, physical capabilities. His understanding of companies/markets/etc still were considered quite sharp by most investors I know.
Still didn't get bitcoin.
Re: Charlie Munger has died
#128"Every time you hear EBITDA, just substitute it with bullshit." Absolute legend. RIP.
Re: Charlie Munger has died
#129RIP Charlie
Why? What does this dude have to do with Hacker News?
Re: Charlie Munger has died
#130I have a Munger quote on my corkboard behind my monitor, which I read every so often and try to embody: > Feeling like a victim is a perfectly disastrous way to go through life... self-pity is not going to improve the situation... If you just take the attitude that, however bad it is in any way, it’s always your fault and you just fix it as best you can, I think that works
Someone posted this as a follow-up, no doubt, to the current thread: Charlie Munger – Feeling Like a Victim Is Perfectly Disastrous - https://news.ycombinator.com/item?id=38451543
As the discussion here is veering off topic, I think we may as well merge this subthread into that thread and magically make them all on topic again.