As we typically do as the current calendar is soon to be replaced by a new one, our thoughts hark back to those that we lost in 2023.

 

The investment world lost a great one on November 28, 2023 when Charlie Munger left us and the board of Berkshire Hathaway, possibly destined to sit on the committee that oversees the investment fund of the after-life. Warren Buffett would be pleased to know that even at 99 years of age his insight, straight-talk and rational views of the world continue to be effective and valued greatly.

 

The approachable and timeless Poor Charlie's Almanack: The Essential Wit and Wisdom of Charles T. Munger, first published in 2005, will forever be essential reading for any stock picker worthy of their view that capital markets are inefficient. Mr. Munger, not unlike his perhaps more famous friend and colleague, Mr. Buffett, had an uncanny knack for making things that are complex much more simple. His wit was ever present and his wisdom grew exponentially (compounded, he might suggest) with age and experience.

 

Following are a short collection of quotes from his book and otherwise that offer immediate insight into Charlie Munger,

• “The great algorithm to remember in dealing with this tendency is simple: an idea or a fact is not worth more merely because it’s easily available to you.”
• “Understanding both the power of compound interest and the difficulty of getting it is the heart and soul of understanding a lot of things.”
• “Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day-if you live long enough-like most people, you will get out of life what you deserve.”

 

Thanks for sharing your with and wisdom, Charlie,