RIP Charlie Munger

Investment Analysis Clubs Macro Economic Trends and Risks
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One less rational voice among the helots.

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A very good long life. Take care Charlie, I learned from you.

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Just saw these and chuckled a bit (had to change a couple of words):

Here are 10 Mungerisms that truly capture his ethos of success:

  • 10. On debt vs equity: “Three things ruin people: drugs, liquor, and leverage.”
  • 9. On the importance of staying open to new ideas: “Without the method of learning, you’re like a one-legged man in an (behind)-kicking contest. It’s just not going to work very well.”
  • 8. On AI: “I am personally skeptical of some of the hype that has gone into artificial intelligence. I think old-fashioned intelligence works pretty well.”
  • 7. On the decline and disappearance of newspapers: “And what do we get in substitute? We get a bunch of people who attract an audience because they’re crazy.”
  • 6. On frugality: “There once was a man who became the most famous composer in the world but was utterly miserable most of the time, and one of the reasons was because he always overspent his income. That was Mozart. If Mozart can’t get by with this kind of asinine conduct, I don’t think you should try.”
  • 5. On the importance of trust: “If your proposed marriage contract has 47 pages, I suggest you not enter.”
  • 4. On derivatives: “What do you think a derivatives trading desk is? It’s a casino in drag. They make the witch doctors look good.”
  • 3. On cryptocurrency: “I’m proud of the fact that I avoided it. It’s like some venereal disease or something. I just regard it as beneath contempt"
  • 2: On accounting principles: “I think you would understand any presentation using the word EBITDA if every time you saw that word, you just substituted the phrase ‘bull(ship) earnings.'”
  • 1. On the power of inverse thinking: “All I want to know is where I’m going to die so I’ll never go there.”
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Seen elsewhere…

On management fads: "I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, ‘My God, they’re purple and green. Do fish really take these lures?’ And he said, "Mister, I don’t sell to fish.’ "

WTH

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