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Charlie Munger has died

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Re: Charlie Munger has died

#51

Post by axlee »

paxys wrote: post #46
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?

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…

Value investing has very little to do with investing in ETFs/indexes. By definition, investing in an ETF can't be value investing, because value investing is about picking (yes, picking) stocks that are undervalued. And that implies going against the market. The complete opposite in buying into the market through an ETF.

Re: Charlie Munger has died

#52

Post by chollida1 »

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?

I mean,

Seth Klarman

David Einhorn

Howard S. Marks

Joel Greenblatt

There are alot of famous and very good value investors who are at the top of their game right now.

Re: Charlie Munger has died

#53

Post by graphe »

lenerdenator wrote: post #39
paxys wrote: post #27

Earlier quoted context omitted.

Something happens. Internet: "how fast can I make this about Elon Musk?"

Munger was the guy who kept Buffet at least somewhat grounded. It's relevant because it's true. Or Peter Thiel. Or Larry Ellison. Or Jack Dorsey. Musk is just the most relevant example. We've taken the mahogany-and-tweed businessmen who realized that at some level they had a responsibility to not be _complete_ assholes to the society and systems that created them, and replaced them with business cult figures. Would M…

How was buffet ungrounded? If anything he was too conservative and his real estate still has predatory loans. The recent gains from BH are due to new management to the tech industry from other managers.

Re: Charlie Munger has died

#54

Post by truculent »

paxys wrote: post #46
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?

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…

Value investing is “an investment paradigm that involves investing in stocks that are overlooked by the market and are being traded below their true worth”.

Correct me if wrong, but I don’t think index funds come under that paradigm.

Re: Charlie Munger has died

#55

Post by chollida1 »

paxys wrote: post #46
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?

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…

> 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 icons. It had simply become synonymous with investing at large.

This is passive investing, not value investing.

Value investing is very much active investing, otherwise how would you select the undervalued assets?

Value investing is about finding undervalued companies and buying them while avoiding the properly valued or over valued companies. It has nothing to do with ETF's or index funds.

Re: Charlie Munger has died

#56

Post by garlandkey »

alexb_ wrote: post #9

Everybody should read his speech, "The Psychology of Human Misjudgment": https://fs.blog/great-talks/psychology-human-misjudgment/ It's a fantastic read that can really help you understand why supposedly rational masses of people can end up being so wrong. In the tech world, it ends up being more relevant than one would like it to be.

Wow, what a fantastic read. Thanks for sharing that! Now I'm questioning the foundation of my career. :-S

Re: Charlie Munger has died

#57

Post by Almondsetat »

mdp2021 wrote: post #38
alexb_ wrote: post #9

Everybody should read his speech, "The Psychology of Human Misjudgment": https://fs.blog/great-talks/psychology-human-misjudgment/ It's a fantastic read that can really help you understand why supposedly rational masses of people can end up being so wrong. In the tech world, it ends up being more relevant than one would like it to be.

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

Re: Charlie Munger has died

#58

Post by alexb_ »

mdp2021 wrote: post #38
alexb_ wrote: post #9

Everybody should read his speech, "The Psychology of Human Misjudgment": https://fs.blog/great-talks/psychology-human-misjudgment/ It's a fantastic read that can really help you understand why supposedly rational masses of people can end up being so wrong. In the tech world, it ends up being more relevant than one would like it to be.

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

It was revised and updated by Munger - it's better than the original because it has more experience and information. The old one is fine too, but is harder to read and a bit more dated.
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