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Charlie Munger has died

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Re: Charlie Munger has died

#271

Post by gist »

talldatethrow wrote: post #171
missedthecue wrote: post #166

In 1949, Charlie Munger was 25 years old. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $42,000 in inflation-adjusted dollars. A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. He had been married since he was 21. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena. Munger moved into “dreadful” conditions at the Univer…

Is this a copy paste of a blogger that wrote an article about why you shouldnt give up, because charlie didn't either. Are you the author? It feels weird to take 95% of someones article and just post it. https://www.joshuakennon.com/if-charlie-munger-didnt-quit-wh...

Yes. It is a post by the head of a small investment firm simply trying to align themselves with the halo of Charlie Munger.

Also this in particular is particularly ridiculous:

"It’s a fair bet that your present troubles pale in comparison. Whatever it is, get over it. Start over. He did it. You can, too."

First that's quite a bit of an assumption. After all divorce and a medical problem (like Charlie had) as well as a child dying IS something you can get over. There are people that for sure have much worse situations than that. But even if that was not the case it's never a good idea to frame someone's problems by comparing to something worse that someone got through.

You are upset that you have let's say diabetes? Oh get over it 'it's not cancer'.

You have cancer? Oh get over it it could be pancreatic cancer.

And so on.

Many problems you can't just 'get over'. (Addiction and mental health issues holding you back are just 2 examples)

Re: Charlie Munger has died

#272

Post by christophilus »

trompetenaccoun wrote: post #180
x86x87 wrote: post #129

Earlier quoted context omitted.

Why? What does this dude have to do with Hacker News?

Every now and then the mask fully slips and you see how many users here really think. Munger was famously anti modern tech and even called the internet a "net negative" for capitalism at one point in 2000, but it doesn't matter because he was rich. Also he made so much money that all the comments where he praised a brutal dictatorship are apparently no big deal, for example for cracking down on Jack Ma who dared to m…

I really liked Charlie. His stance on China was wrong. People aren’t black and white. It’s a tragically small and uninteresting world if you can only learn from and admire people who never make a wrong step and who only ever agree with you.

Re: Charlie Munger has died

#273

Post by owlninja »

RayVR wrote: post #157

One of my favorite quotes from Munger > It’s very important to not put your brain in chains too young by what you shout out. From his speech at Harvard in '95, he's talking about how loudly proclaiming something, shouting about it even, locks our brains into this, making us resistant to contradictory ideas, regardless of evidence. This observation has felt more and more important over the last decade.

I like this one! I always try to think of ways to impart a similar attitude to my kids.

"You never really understand a person until you consider things from his point of view."

You can passionately believe in one thing but try to understand why others don't.

Re: Charlie Munger has died

#274

Post by dsubburam »

gist wrote: post #271
talldatethrow wrote: post #171

Earlier quoted context omitted.

Is this a copy paste of a blogger that wrote an article about why you shouldnt give up, because charlie didn't either. Are you the author? It feels weird to take 95% of someones article and just post it. https://www.joshuakennon.com/if-charlie-munger-didnt-quit-wh...

Yes. It is a post by the head of a small investment firm simply trying to align themselves with the halo of Charlie Munger. Also this in particular is particularly ridiculous: "It’s a fair bet that your present troubles pale in comparison. Whatever it is, get over it. Start over. He did it. You can, too." First that's quite a bit of an assumption. After all divorce and a medical problem (like Charlie had) as well as…

Reminds me of the non-obvious tacks David Brooks[1] suggests to encourage depressed friends:

--praise them for the fight they have been managing so far --tell them that their talents are being looked forward to by others/the world when they manage to recover

[1]Paraphrasing from memory of a podcast interview he did with Andrew Sullivan ~a month back.

Re: Charlie Munger has died

#275

Post by joshspankit »

Almondsetat wrote: post #57
mdp2021 wrote: post #38

Earlier quoted context omitted.

That linked is the revised version A transcript of the original speech at Harvard, June 1995, should be e.g. at https://jamesclear.com/great-speeches/psychology-of-human-mi... A recording of the original speech is at https://www.youtube.com/watch?v=Jv7sLrON7QY

The funny thing is that since this guy died at 99yo it means that 30 years ago he was still an old 70yo man. Screws with my brain sometimes

My brain says 30 years ago was the 70s

Re: Charlie Munger has died

#276

Post by paulpauper »

missedthecue wrote: post #166

In 1949, Charlie Munger was 25 years old. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $42,000 in inflation-adjusted dollars. A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. He had been married since he was 21. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena. Munger moved into “dreadful” conditions at the Univer…

In 1949, Charlie Munger was 25 years old. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $42,000 in inflation-adjusted dollars.

This shows how much white collar salaries have really exploded over the past few decades, especially since 2010 after financial crisis bottom. White collar work is more lucrative than ever even accounting for inflation and student loan debt. The media and ppl on Twitter complain about young people going into debt to get degrees; well, those same ppl getting those fat six-figure jobs too. If lawyers and doctors earned what they earned in the 40s, i am sure student loan debt crisis would miraculously go away.

Re: Charlie Munger has died

#277

Post by paulpauper »

talldatethrow wrote: post #171
missedthecue wrote: post #166

In 1949, Charlie Munger was 25 years old. He was hired at the law firm of Wright & Garrett for $3,300 per year, or $42,000 in inflation-adjusted dollars. A few years later, in 1953, Charlie was 29 years old when he and his wife divorced. He had been married since he was 21. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena. Munger moved into “dreadful” conditions at the Univer…

Is this a copy paste of a blogger that wrote an article about why you shouldnt give up, because charlie didn't either. Are you the author? It feels weird to take 95% of someones article and just post it. https://www.joshuakennon.com/if-charlie-munger-didnt-quit-wh...

GPT?

Re: Charlie Munger has died

#278

Post by paulpauper »

Animats wrote: post #34

One 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?

He was not really a value investor though. It's more like private equality.

Re: Charlie Munger has died

#279

Post by WalterBright »

sib wrote: post #174
WalterBright wrote: post #167

Earlier quoted context omitted.

> investing of any kind was wildly out of reach for the common man Oh baloney. I signed up for a Schwab account and started buying stocks at my first job long before the internet. My dad started buying stocks in the 1940s on his military pay (never much). Elevator boys were famously buying stocks in the 1920s. All the "reach" required was some get-up-and-go to sign up for a brokerage account. It didn't cost anything.…

Sorta? Historically you typically bought shares in blocks of 100 and the transaction fees were also meaningful. You couldn't easily buy 1 share of a $20 stock. If you had to buy 100 shares @ $20, that's $2,000 - in 1970 that was a lot of money. Now, of course, you can buy fractional shares with no transaction fees. (Ignoring things like payment for order flow, etc.)

My first stock purchase was in 1982. 60 shares of Boeing at $16/share and $29.52 commission.

Re: Charlie Munger has died

#280

Post by Slackwise »

boeingUH60 wrote: post #25

Whenever I want to give an example about American capitalism...I always look to Buffett and Munger as examples. These are people who invested and created long-term value for shareholders, building up economies along the way. The antithesis of crypto bros selling tulip bubbles and some tech companies selling overpriced stocks based on hype. We need more Mungers in the world as the current gen die of old age.

> These are people who invested and created long-term value for shareholders

https://pbs.twimg.com/media/B5-lDJWCUAAwfya?format=jpg

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