[HN Gopher] Charlie Munger has died ___________________________________________________________________ Charlie Munger has died Author : mfiguiere Score : 554 points Date : 2023-11-28 21:03 UTC (1 hours ago) (HTM) web link (www.berkshirehathaway.com) (TXT) w3m dump (www.berkshirehathaway.com) | brian_herman wrote: | :( | morelisp wrote: | :/ | justinzollars wrote: | :{ | GenerWork wrote: | Wow, I knew he was old, but had no idea he wasn't well. | Aftermarket movement of BRK.A/BRK.B seems to be muted, so I guess | right now investors aren't too worried about the future of | Berkshire. | bboygravity wrote: | Most of the trades in that stock have been routed through dark | pools (they don't hit lit exchanges), so even if there are | (huge) trades you wouldn't necessarily see the price move. | jjtheblunt wrote: | Do you have a citation with statistics for this? | | I don't know if it's right or wrong but regardless, it's | extremely interesting as far as assertions go. | jjtheblunt wrote: | Pertinent: https://www.investopedia.com/articles/markets/05 | 0614/introdu... | scott00 wrote: | Dark pool trades are reported to the FINRA TRF within at most | 10 seconds and appear on the consolidated market data feed. | nabla9 wrote: | 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/ | qwytw wrote: | > 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? | zie wrote: | They still show up in the market price, even if they are | traded off exchange. | qwytw wrote: | > so even if there are (huge) trades you wouldn't necessarily | see the price move. | | So you're saying there is an arbitrage opportunity and you | can literally make free money? Because that doesen't make | much sense.. | | You might not see all the trades immediately, but they are | still reflected in the price with minimal delay. | mkl wrote: | No 99-year-old is "well" in absolute terms. A 99-year-old US | man has only about a 66% chance of reaching 100: | https://www.finder.com/life-insurance/odds-of-dying. A 95-year- | old man has about a 16.5% chance of reaching 100, so he'd | already done pretty well. | loganfrederick wrote: | A legend of the business and investing world. | | Acquired podcast got to do one of (possible the) last interviews | with him a month ago for anyone looking for recent content from | him: https://www.acquired.fm/episodes/charlie-munger | | Also Stripe Press is releasing just next week a book (technically | re-release of an older book) on his collected thoughts: | https://press.stripe.com/poor-charlies-almanack | abhayhegde wrote: | Remotely related, but that site of Stripe Press is great! | Thanks for linking. | divbzero wrote: | I highly recommend listening to the _Acquired_ interview. At | age 99 he was still remarkably sharp and up-to-date. | epiccoleman wrote: | I 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 | bmitc wrote: | To be honest, that's pretty easy to say when you're a | billionaire and can make other people your victims. See | Munger's dorm buildings that he pushed upon universities that | make prisons look like hotels. | pastor_bob wrote: | Nobody ever made a billion dollars being generous | Nullabillity wrote: | Exactly. So maybe we shouldn't be celebrating billionaires. | xboxnolifes wrote: | > See Munger's dorm buildings that he pushed upon | universities that make prisons look like hotels. | | I've seen them, and they look preferable to the dorms I | actually lived in. Getting a room to myself instead of 2-4 | people sharing a (what felt like) 100sqft space. | bmitc wrote: | Were your dorm rooms brand new and cost hundreds of | millions of dollars to build and forced upon the university | and city via throwing money around? | | Also, there are plenty of reports of just how bad his | designs are: | https://edition.cnn.com/2021/11/02/business/munger- | residence... | arcticbull wrote: | > Also, there are plenty of reports of just how bad his | designs are. | | There's also plenty of great reviews of it. [1] 8.3/10 | seems hardly catastrophic, especially if it gives people | an affordable place to live. | | I feel like the vast majority of the criticisms come from | people who definitely didn't live in them. | | [1] https://www.veryapt.com/ApartmentReview-a7222-munger- | graduat... | alayne wrote: | the bad ones are in Santa Barbara | spiderice wrote: | The "bad ones" in Santa Barbara never got built, no? So | people definitely didn't live in them. | xboxnolifes wrote: | > Were your dorm rooms brand new and cost hundreds of | millions of dollars to build and forced upon the | university and city via throwing money around? | | Irrelevant to whether or not I would enjoy being in them. | bmitc wrote: | It's not really irrelevant. If someone spent all that | money and effort on a building and you had no windows or | exposure to outside light until you left the building, | you don't think that would affect your enjoyment of the | building? Especially knowing that perfectly serviceable | and better alternatives exist but that's what they went | with? | infecto wrote: | So I take it you lived here? | fossuser wrote: | +1 these looked great, I would have much rather lived in | this than the triple with zero privacy I lived in during | school. | bmitc wrote: | I lived in my own room with a shared living room in a | dorm room decades ago. And it had a window and opened to | the outside. The point is that better designs exist, but | _people will defend Munger just because his design could | be worse_. | | I think my opinion and reaction is based upon _his_ | reaction. He rejected all criticism outright and refused | to listen to anyone. It was his design, or he would take | his money away. | decafninja wrote: | Better designs exist, but they are rare, often due to | circumstances like costs. | | I too would have welcomed a private windowless dorm room | versus having a forced roommate with no privacy. I | specifically chose to commute an hour+ from my parents | home because I couldn't stand the lack of privacy offered | by any of my school's dorm options. | qwytw wrote: | It could be worse, sure. But those rooms (at least some | of them) don't have any windows. Why would you build | something like that? | psunavy03 wrote: | That's like every university dorm building built before 2010. | KerryJones wrote: | This is a pretty narrow look at his life, I'd encourage | looking more deeply before pointing fingers. I am not | defending his dorm buildings, but this feels misplaced. | Especially today. | bmitc wrote: | It is indeed misplaced, and I apologize about that, as I | mentioned in another comment elsewhere. I have looked into | Munger at various times, but I can withhold. | bloodyplonker22 wrote: | It's easy to make a pithy observation that he's a billionaire | and then proceed to spew hate while thinking everything is a | zero sum game. When Charlie was in his 30s, he was broke, his | 9 year old son died, and he had a divorce. He was never a | victim that blames others for their misfortunes though. | bmitc wrote: | So it's his fault that all that happened to him? | | I am sorry that someone has died, and I regret making a | comment on this particular post before realizing the actual | post topic too late, but I am not too keen on living my | life based upon how billionaires think. Munger, like many | billionaires and as the above quote and his dorm designs | showcase, liked to speak about things he didn't know | anything about, and people like to idolize billionaires in | hope that they will someday be one too. | | Self-pity is a natural human emotion. Rejecting it outright | and replacing it with self-blame seems beyond strange. I | would recommend people to sign up for a therapist and have | a professional help them work through life rather than a | person only well known for hoarding capital and opining on | things he isn't educated in. | megaman821 wrote: | He is sharing what worked for him. Sorry it does not | conform to your world view. | bmitc wrote: | It's not my world view. I prefer to listen to | professionals. | megaman821 wrote: | Maybe you need a professional to tell you to stop | worrying about what other people find inspiring. | bmitc wrote: | I didn't realize this wasn't a discussion forum. | | Although, I am indeed sorry for posting under this | specific topic. | boeingUH60 wrote: | How much do you pay them to tell you that? | wwtrv wrote: | > professionals | | On what human psychology? Name any random opinion, I'll | find you a professional who supports it? It's not a field | (unless you're dealing with individuals and their | specific issues) where being a "professional" matters | much... | ghufran_syed wrote: | "So it's his fault that all that happened to him?" No - | he's saying that _acting_ like everything is his | responsibility and that _believing_ that only _his_ | actions care improve things is much more likely to lead | to actual improvement than feeling like a victim. | nradov wrote: | Could you point us towards some evidence-based clinical | practice guidelines that would support your point? Have | there been any large scale studies which show that | following Charlie Munger's approach produces worse | outcomes than the alternatives? | sethammons wrote: | self-blame is not the same as taking responsibility. Only | one person can change you: you. Taking responsibility for | yourself is the only way I know how that works. | tqi wrote: | > I am not too keen on living my life based upon how | billionaires think | | Yeah I mean, it's just a thought he expressed once. I | don't think OP is saying Munger invented or owns the | concept, just that it encapsulated a view that they | liked. That doesn't strike me as "living life based upon | how billionaires think." | alliao wrote: | maybe he's discouraging university education... | endtime wrote: | I lived in the Munger building at Stanford for a year and it | was amazing. Maybe the other buildings aren't like that? But | it was the best dorm I ever lived in, by far. | patmorgan23 wrote: | The proposed Munger Hall at UC Sana Barbra is what is being | referenced. The building does not currently exist. The | University Architect resigned in protest over it's design. | I don't think the Munger designed the other buildings that | bare his name. | | https://en.wikipedia.org/wiki/Munger_Hall | adventured wrote: | It's very easy to say even when you're poor. | | I grew up relatively poor. I spent numerous years of my adult | life poor. | | It was easy to say regardless of how much money I had. | | In fact, I hate the opposite premise: everything that happens | to me is out of my control, my choices are out of my control, | my mindset is out of my control. I'd rather own 100% of the | blame for my circumstances than wallow in victimhood forever. | Wallowing gets you nowhere, it won't actually get you out of | the situation; taking responsibility in one way or another | (either for your present mindset, or for choices you made | that got you there), is the required minimum to get out. | | This is a choice you get to make. How much willpower do you | possess? How much discipline do you possess? What are you | willing to do about your circumstances? More money doesn't | dictate willpower or discipline, if anything it makes you | soft, gelatinous. | sethammons wrote: | I grew up poor. Something I realized early on is I had a lot | of victim-mentality people around me. The world happened to | them. I decided at an early age (like, under 10) that | everyone is 100% responsible for everything that happens to | them, including by chance. You get hit by a car? You were | standing there. In this world view, you can have more than | 100% responsibility because the driver that hit you is also | 100% responsible. | | Armed with that, instead of accepting and complaining about | my situation, I worked my ass off to change it. And I did. By | a lot. When I had kids, I tried to teach them the same thing. | '"She made me sooooo mad" -- no, you are mad because you. | Yes, your sister should not have pushed you. Yes, it is also | on you to control your emotions. Let's go talk with your | sister about pushing you.' | | I expect there will be people who downvote this. Keep looking | for others to blame and see how that works out. Take | responsibility. Fix a thing. | | This also leads to another of my early discoveries (also, | under 10): if you can't do something about a situation, don't | -- and don't worry. If you can, do -- and don't worry. | | These have served me well, even if "wrong." | anonuser123456 wrote: | >See Munger's dorm buildings that he pushed upon universities | that make prisons look like hotels. | | Do you mean the highest rated campus housing on University of | Michigans campus? Yeah. He sure victimized students there. | mritchie712 wrote: | I try my best to do this. When I find myself blaming person X | for thing Y, it's pretty easy to come up with a way to blame | myself instead (e.g. I shouldn't have involved person X in | thing Y to begin with). | | It oddly makes me feel better and move on with a solution | instead of stewing over person X's blunders. | JohnMakin wrote: | Predators take advantage of this quality to gaslight/scam | people, FYI. | hotsauceror wrote: | Yeah. "He wouldn't have hit me if I had just kept my mouth | shut, I know how angry it makes him when I ask about | money." | | I want to say this position is despicable, but that's not a | very charitable reading. But I fail to see how 'making | everything your own fault' is in any way a healthy | mechanism for dealing with others. Other people DO make | mistakes. Other people have loads that they ARE expected to | carry. Other people ARE expected to comport themselves a | certain way. This not only absolves anyone but yourself of | any responsibility to do anything, but it also offers | yourself up as a scapegoat to anyone who needs one. | boeingUH60 wrote: | Personally, I don't make bad things my own fault. But I | consider them my _responsibility to fix._ | blooalien wrote: | > "I don't make bad things my own fault. But I consider | them my responsibility to fix." | | ^^^ This! It's only your fault if it's _actually your | fault_ - If the blame genuinely lies with someone else, | there 's nothing left to do but take actions to a) fix | it, and b) ensure that it never happens again. Can't rely | on others to fix things, because the fact is that most | people simply won't even try. | hotsauceror wrote: | "Can't rely on others to fix things, because the fact is | that most people simply won't even try." | | That is a much more charitable interpretation of this | idea, and when I look at my own life that's pretty much | where I am at. The bar for everyone else is zero. There | never seem to be any consequences for others' laziness or | stupidity, and the expectation is always that I will fix | it. It's not fair of me to expect them to know or care | what they're doing, or to fix what they've done, and it's | unseemly to complain about it. | graeme wrote: | I would read it as "My choices have caused me to be here, | and I must rely on my choices not to keep me here" | | That obviously has limits; anything taken literally to an | extreme does. For instance, Munger lost a nine year old | son to cancer; I doubt he thought "This is my fault, I | did this, if only I had acted differently". | | The central point of the quote is to believe you have | agency. That if you are in a situation you do not like, | you can act to get out of it. There are times when this | isn't true, but if you act as if it is you'll be more | likely to get out of such situations. | | And then you have to use human common sense to know when | something is literally impossible. | | So, back to the example of someone abusive, you might | think "it is my fault I am dealing with this | person/situation" and consider what actions can get you | out. I would distinguish this from victim blaming: First, | you are doing it, not an outsider. Second, the point is | not to feel shame for yourself, but consider positive | actions. | mritchie712 wrote: | I'm talking strictly in a work setting. | | I don't absolve people, I just don't let myself stew over | how it's their fault. | hotsauceror wrote: | So now you have two workloads, and they have half a | workload, and there are differing standards to which you | and they are held? | | I admit that I come at this question from a very bitter | place. I have been woken up many, many, many times at 3 | AM to deal with a problem that someone else caused, out | of sheer laziness or incompetence. Those people suffered | no consequences. Had I applied the same level of due care | to my own duties in fixing the problem, however, the | consequences would have been different, and significant. | It is difficult, in such circumstances, not to stew over | things a bit. | ls612 wrote: | The more charitable reading is that either you do have | agency over how you got to where you are and how you can | get out of it, in which case it is better to focus on | believing what you do matters, or you don't, in which | case it doesn't matter either way. That is why it's | better to have a mindset of "I can change my situaion for | the better" instead of "Life sucks I'm a victim". | hotsauceror wrote: | If one person on a team consistently does poor quality | work, and the others do not, I do not see the utility in | blaming the high performing team members for not doing | more to prevent the poor performer from making a mess, or | in convincing them that the fault is theirs and that they | should look inward to better understand what they did | wrong. Each person is carrying their own part of the | total load. That person has a duty of care, and is not | exercising it. It's not about agency or helplessness. | wyldberry wrote: | Certainly, but in every aspect of life, bad people try to | take advantage through a variety of tactics. Checking | inward for responsibility, accountability, and improvement | first is a fine tactic, especially in leadership. Over | time, and likely through experience, you'll learn how to | sniff out the bad actors. | | This is of course, harder to achieve when you have | significant emotional investment in the conflict at hand. | Detaching and analyzing yourself, and the situation can be | a super power here. | jrflowers wrote: | > If you just take the attitude that, however bad it is in any | way, it's always your fault | | I like the idea of having an inspirational quote that shares a | premise with a suicide note pinned to the wall, it is very | motivating | epiccoleman wrote: | Eh, I don't read it like that, but that's the cool thing | about words and individuals I guess. You can view it as a | fatalistic acceptance of too much responsibility for one's | own suffering or a motivating reminder of your agency. Or | somewhere in between. I often find it inspirational when I'm | stuck in a self pitying mode. | pjmorris wrote: | This reminds me of something a friend said that's stuck with me | for ~30 years: 'The bad news about taking responsibility is now | it's your fault. The good news about taking responsibility is | now you can do something about it.' | jay-barronville wrote: | I love it. Without even knowing about this particular quote, | this has been my standard for myself for some years now. The | "it's always your fault" concept is scary to some folks--and I | understand why--but it's changed my life since I adopted it | years ago. | | Generally speaking, my framework is: | | 1. I'm NOT a victim. | | 2. I accept that everything that happens in my life is my | fault. | | 3. I control the controllables; I can't fix what I can't | control. | | 4. I must be a problem solver rather than a complainer. | | 5. Whatever happens in life, I give myself a cap of 48 hours to | get over it--this includes being sad, grieving, being | unproductive, etc. | | I have a few more points in my framework, but these are the key | ones. | | Now, I want to be clear that you can, in fact, be a victim and | things can happen in your life that isn't your fault, which | makes #3 seem a bit contradictory. But if you're thinking like | this, you're missing the point. | | The point is to have a framework that allows you to progress in | life without allowing room for excuses. | | When my wife first started dating me, she was skeptical of my | framework--she said it seemed a bit too robotic. As we've gone | through stuff life has thrown at us and she watches me fight | through it all without ever curling up in a ball, she's fully | on board now. | | I say all of this to say: Take control of your life. You can do | it and it works. | nickjj wrote: | Oftentimes 3 and 4 can lead to you escaping everything which | may make your big picture situation worse. | | "It's becoming miserable to work at X because so-and-so is | very challenging to work with". | | You can't control so-and-so and stewing in this environment | while complaining isn't going to help the situation so the | only choices are to never bring them up again and be | internally miserable or leave. If you leave, the outcome of | that might mean you can't pay your bills. | matteoraso wrote: | >1. I'm NOT a victim. | | >Now, I want to be clear that you can, in fact, be a victim | and things can happen in your life that isn't your fault | | Going to be honest here, I have no idea what you're talking | about. Are you saying that people should go through life | never feeling like a victim, even if they are one? I don't | see how that would be helpful. | | >5. Whatever happens in life, I give myself a cap of 48 hours | to get over it--this includes being sad, grieving, being | unproductive, etc. | | You must seriously loathe yourself or live an incredibly | sheltered life if you actually follow this (e.g. not just | bottling up your emotions and pretending that you're okay). | If your dad died, are you seriously just going to take a | weekend to try and power through the grieving process? | Actually, if you think spending more than 48 hours being | unproductive is something that you have to "get over", do you | even let yourself have weekends off from work? This is the | kind of mindset that leads to people committing suicide. | ethanbond wrote: | I think they're saying that you can use belief as a tool in | your thinking, even if you know intellectually it's not | true now and certainly won't be true always. | | The belief that you are not a victim is (often) a very | useful belief because it prompts change in the only place | you're reliably able to produce it: your own decisions. | This is true _irrespective_ of whether you 're actually a | victim today or tomorrow. Obviously if your "I am not a | victim" mentality is prompting you not to leave a situation | you really should be leaving, then that's a bad | application. Note what happened here though: it's not the | _truthfulness_ of the belief that changed, it 's the | _usefulness_ of the belief. | | > This is the kind of mindset that leads to people | committing suicide. | | Citation please? That's an extremely bold claim to be | throwing out as established fact. | SoftTalker wrote: | Personally, thinking "it's always your fault" is as not nearly | as important as thinking "I am the only one who can do anything | (or cares) to make this better." | | Misfortune isn't always our fault. How we respond to it is. | toss1 wrote: | Yup. I heard once a great way of putting it: | | It may or may not be your fault, but it is now your problem | to fix. | | Whether it's a problem you made so can fix by adjusting your | attitude/behavior/skills/etc., or a problem that someone else | made, or the universe made, and requires some other fix, | focusing _not_ on how things got worse, and actually focusing | on how to make things better, is the only way to make things | better. | epiccoleman wrote: | The "your fault" part of the quote isn't something I take | literally, just a pithy way of saying what you said in your | post - that I'm the only one who's going to take | responsibility for making it better. I also often remember a | quote from Unsong - "somebody has to, and no one else will". | | I will say, though, that often things I don't like in my life | _are_ my fault, and being willing to honestly assess those | things is an important razor to cut through the bullshit of | self pity. | | It's a quote best taken with a slight grain of salt, a lens | for looking at a problem which you might not always want to | wear. But I like it. | faeriechangling wrote: | I've never been fond of this line of reasoning because some | people actually are victims and deluding yourself rarely has | great outcomes. I think a truthful and accurate self-perception | is loads better than just insisting you are never a victim. | jancsika wrote: | I recently watched a coworker lose a job by embodying this very | logic. | | I think the problem comes from the conflict between | denying/rejecting victimhood, on the one hand, and realizing | that one must _get the fuck out of a very, very bad situation | immediately, by any means_ on the other. From what I could tell | it quickly becomes an inescapable cycle between "it's always | my fault and I'll fix it"-- which implies leaving-- and "I've | always been a victim and will always be one"-- which implies | staying. | | There has to be a big enough window when the person admits to | themselves and others that they are unable to get out of the | conundrum on their own. And, ironically, that's the the moment | when they start to accept help and start living without feeling | like such a victim. But that window of opportunity is at odds | with "it's always your fault and you just fix it," which | strongly implies you _and only you_ fix it. That doesn 't leave | much/any room to realize just how much you must rely on outside | help to get out. | | Edit: added to the fact that apparently a lot of people also | cycle between getting out of and _going back to_ a bad | situation. That makes me think it 's less like flipping a bit | and more like designing a high-pass filter to attenuate the | victimhood frequencies. | bena wrote: | Most philosophies come to this realization. Buddhism and | Stoicism kind of center this whole ethos: If you can't do | anything about it, you don't have to worry about it. | | Same thing is going on here. Munger is saying essentially that | the past doesn't matter. The situation is what it is and the | only thing that matters is what you can do to change it. | stillwithit wrote: | "Self-pity doesn't work, but if you hallucinate the pitiful | state of things is your fault, it works." | | Self pity and self blame are just euphemisms for the same | emotional context of being down on yourself. | | Not really sure he says anything here, leverages swapping one | term for another. | | It may be consistent within the context of human language but | human feelings? How does "self pity" feel different from | blaming myself for pitiful state of things as motivation to fix | them. | | I'm not so sure last century's rent seeker investors who worm | tongued politicians into propping them up are dropping novel | nuggets of philosophy. | pepy wrote: | Farewell Charlie. Thanks for all the wisdom.We will miss your | witty remarks. | cainxinth wrote: | As billionaires go, he seemed unusually down to earth. I listen | to his lecture on "The Psychology of Human Misjudgement" every | few years: | | https://www.youtube.com/watch?v=pqzcCfUglws | alexb_ wrote: | 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. | mdp2021 wrote: | 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 | Almondsetat wrote: | 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 | schnebbau wrote: | 30 years ago I was in diapers and barely aware of what was | going on around me. This old man was still an old man. | | Youth really is fleeting. | alexb_ wrote: | 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. | garlandkey wrote: | Wow, what a fantastic read. Thanks for sharing that! Now I'm | questioning the foundation of my career. :-S | auchenberg wrote: | RIP Charlie | Astronaut3315 wrote: | Genuinely sad to hear. His wit and sage advice will be missed. | For anyone who has the means to visit a Berkshire Hathaway annual | shareholder meeting, it's worth it at least once. | KerryJones wrote: | Started going 2 years ago, also made it to DJCO meeting. So | happy I did. | pastor_bob wrote: | Pretty Sharp til the end. The fact that people were still | listening to what he has to say about investing in Alibaba as | recently as this month is actually pretty nuts (in an impressive | way). | peterfirefly wrote: | 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. | KerryJones wrote: | 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. | madspindel wrote: | I'll miss his wisdom: https://youtu.be/tGmhFx_7w4I | WinstonSmith84 wrote: | "wisdom"... It's a really great video, to illustrate something | else. Humanity continues to progress and evolve, as time is the | ultimate boundary to those in power - time empowers new | generations to perceive the world from a fresh perspective. | artursapek wrote: | Oh was that the guy who designed the windowless dorms? | scrlk wrote: | Yeah: https://en.wikipedia.org/wiki/Munger_Hall | artursapek wrote: | I guess he's on his way to a windowless dorm now aha | paxys wrote: | > Munger donated $200 million to the project on the condition | that the university follow his design exactly. | | Multibillionaire hubris is truly something else. | graphe wrote: | What do you think of Steve Jobs? | bagful wrote: | A man who fell to his own hubris? | graphe wrote: | Would you say that about Stanley Kubrick who died even | younger and wanted exacting specs? https://old.reddit.com | /r/StanleyKubrick/comments/11dqr7m/_/j... | | If it's from rich people it's hubris. If someone less | famous who got what they wanted it's cool. | paxys wrote: | What do _you_ think of Steve Jobs? | graphe wrote: | I expected a non answer and I got it. Bye! | divbzero wrote: | ... at least the halls were wide and the ceilings high. | yonran wrote: | Every plan should be on the table to provide more safe, | affordable, community-oriented housing than is available today. | Artificial light and ventilation in bedrooms are routine (e.g., | every skyscraper in the winter) and should not have been a | dealbreaker, especially if this is one choice out of many for | the students. | Waterluvian wrote: | I'd support excluding windows in dorms if we've already | checked the cushions for other possible cuts around campus | and couldn't come up with any. | artursapek wrote: | Imagine taking on $50k in student loans to live in a | windowless room | rrrrrrrrrrrryan wrote: | "Imagine taking out much smaller student loans, to live | in a space with vastly improved common areas, and having | your own isolated space to sleep instead of having to | share it with 1-2 others." | | To be clear, I think the building is awful and fails at | most of its stated goals, but I think the goals | themselves were solid. | divbzero wrote: | I am not a fan of windowless but, to be fair, Munger himself | mentioned this as the underlying rationale: having fewer | windows flows logically from maximizing interior space. | lenerdenator wrote: | Elon Musk is a case study in why you need a Charlie Munger to | every Warren Buffet. | paxys wrote: | Something happens. | | Internet: "how fast can I make this about Elon Musk?" | mhh__ wrote: | Could have been worded differently but it is good to note | that Munger and Buffett were different men that complimented | eachother. | lenerdenator wrote: | 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 Munger and Buffet make layoffs despite having billions? | Sure. But they actually _believed_ in the system and would | work to protect it in a way that protected their interests as | well as the interests of others. See how BH handled Goldman | Sachs vs. how Peter Thiel handled SVB, or how Musk handled | the takeover of Twitter. | graphe wrote: | 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. | DoesntMatter22 wrote: | To illustrate that even good investors miss huge opportunities | KerryJones wrote: | Charlie Munger is one of the closest things to a "hero" I've ever | had. Others have named them, but Poor Charlie's Alamanack or his | Psychology of Human Misjudgement are both incredible. | | I've made a point of seeing him at Berkshire Hathaway's annual | meeting every last few years. He had many trials in his life but | lived it well. His wit and wisdom will be missed. | ChrisArchitect wrote: | Related: | | the recent Stripe Press release- | | _Poor Charlie 's Almanack: The Essential Wit and Wisdom of | Charles T. Munger_ | | https://news.ycombinator.com/item?id=38384587 | | RIP | boeingUH60 wrote: | 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. | bakul wrote: | More Mungers, fewer punters? | nonethewiser wrote: | Oh man. Very sad news. Rest in peace Mr. Munger. Prayers for him | and his family. | paxys wrote: | Missed his century by one month (born 1/1/1924). RIP Charlie. | bloodyplonker22 wrote: | That is very unfortunate. I saw an interview with Charlie | recently and he was talking about what he had planned for his | 100th birthday party. | Animats wrote: | 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? | bloodyplonker22 wrote: | That is a good question. With Gen Z being trained to only be | interested in get rich quick schemes and having a TikTok | attention span, we may never see another great pure | fundamentals investor for a long time. | sfsylvester wrote: | "The youth of today love luxury; they have bad manners, | contempt for authority, disrespect for elders, and love | talking" ~ Socrates, 432 BC. | | The only older than elders writing off the youth is the youth | proving them wrong. Let's hope some follow Charlie's quote | instead: "If you've got anything you really want to do, don't | wait until you're 93. Start now, and don't stop!" | jeffreyrogers wrote: | Gen Z has fat tails, it will produce both great investors and | great traders of all types. | paxys wrote: | 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 icons. | It had simply become synonymous with investing at large. | axlee wrote: | 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. | intotheabyss wrote: | Value investing is being right when everyone else is wrong, | and waiting until everyone realizes you were right all | along. | truculent wrote: | 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. | sokoloff wrote: | It depends on how the index is constructed. A market cap | index cannot be value investing. A market sector index is | almost surely not value investing (unless that entire | sector is undervalued). | | An index constructed specifically using value measures as | the criteria for inclusion can be (at least arguably so). | | Click on "value indexes" here: | https://www.crsp.org/indexes/ to see some underlying value | indexes, and funds like this one track the Large Cap | version of it: https://fundresearch.fidelity.com/mutual- | funds/summary/92290... (perhaps not surprising, the fund's | largest holding is Berkshire B shares) | chollida1 wrote: | > 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. | diarrhea wrote: | How is that different from just... normal investing? | chollida1 wrote: | 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. | voisin wrote: | Prem Watsa, the Buffett of Canada. Also, I'd suggest Sardar | Biglari - check out his letters. | christophilus wrote: | Mohnish Pabrai is another good candidate. | throw0101b wrote: | > _Munger is gone, Bogle is gone, Buffett is 93. Who takes up | the mantle of value investing now?_ | | Bogle was not a value investor. He was a _low(er)-costs | advocate_ (and not even necessarily passive /index investing: | e.g., Vanguard has active funds). | hintymad wrote: | He did an interview with the Acquired Podcast a few weeks ago. | Sharp as a whip. I wish I could be like him when I get old. | swyx wrote: | did he ever coment on his longevity and health practices? | qd011 wrote: | Diet of coca-cola, sweets and dry humor. | pashariger wrote: | He was a titan and a gentleman. RIP. | jwmoz wrote: | Damn, time gets us all. | chaostheory wrote: | _"Show me the incentive and I will show you the outcome."_ | ra wrote: | Can we show the black banner, please? | davidivadavid wrote: | When is it that "hackers" and people into doing risky | businesses started getting so into in the most boring, most | conservative investor of all time? | | That tells you enough about how this whole segment of the | population jumped the shark and just started worshiping the | same version of success as Wall Street. | | The day HN shows a black banner for him, that site is | officially over. | carabiner wrote: | Also responsible for the windowless college dorm: | https://news.ycombinator.com/item?id=29038356 | bagful wrote: | May his afterlife be exactly as comfortable as his idea of a | dorm room | bobberkarl wrote: | Taught many with few words. ___________________________________________________________________ (page generated 2023-11-28 23:00 UTC)