4/10/2023 0 Comments Musick peeler![]() Munger, along with Buffett, is one of the main inspirations behind the book Seeking Wisdom: From Darwin to Munger. Munger, "worldly wisdom" consists of a set of mental models framed as a latticework to help solve critical business problems. In multiple speeches, and in the book Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Investment philosophy "Elementary, worldly wisdom" Since Wesco meetings ended, the Daily Journal annual meeting has grown in importance, as investors flock to the meeting to listen to him speak at length. Munger is also the chairman of the Daily Journal Corporation. Meeting notes have been posted on the Futile Finance? website, but no updates exist beyond 2011. Such meetings were often perfunctory, but Munger interacted with the other Wesco shareholders at considerable length, sometimes speculating about what Benjamin Franklin would do in a given situation. Munger's meetings were nearly as legendary in the investment community as those he co-hosts with Buffett in Omaha. Pasadena was also the site of the company's annual shareholders' meeting, which were typically held on the Wednesday or Thursday after the more famous Berkshire Hathaway annual meeting. Wesco is based in Pasadena, California, Munger's adopted hometown. Munger believes that holding a concentrated number of stocks that he knows extremely well will in the long term produce superior returns. Wesco Financial also held a concentrated equity portfolio of over US$1.5 billion in companies such as Coca-Cola, Wells Fargo, Procter & Gamble, Kraft Foods, US Bancorp, and Goldman Sachs. It began as a savings and loan association, but eventually grew to control Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers Surety Company, and other ventures. Munger was previously the chairman of Wesco Financial Corporation, now a wholly owned subsidiary of Berkshire Hathaway. ![]() According to Buffett's essay " The Superinvestors of Graham-and-Doddsville", published in 1984, Munger's investment partnership generated compound annual returns of 19.8% during the 1962–75 period compared to a 5.0% annual appreciation rate for the Dow. Īlthough Munger is better known for his association with Buffett, he ran an investment partnership of his own from 1962 to 1975. He then partnered with Jack Wheeler to form Wheeler, Munger, and Company, an investment firm with a seat on the Pacific Coast Stock Exchange. He then gave up the practice of law to concentrate on managing investments and later partnered with Otis Booth in real estate development. In 1962 he founded and worked as a real estate attorney at Munger, Tolles & Olson LLP. He moved with his family to California, where he joined the law firm Wright & Garrett (later Musick, Peeler & Garrett). Opportunity comes, but it doesn't come often, so seize it when it does come." Investment career ![]() "What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don't get a big edge often. In college and the Army, he developed "an important skill": card playing. At Harvard, he was a member of the Harvard Legal Aid Bureau. Munger excelled in law school, graduating magna cum laude with a J.D. However, the dean relented after a call from Roscoe Pound, the former dean of Harvard Law and a Munger family friend. When he applied to his father's alma mater, Harvard Law School, the dean of admissions rejected him because Munger had not completed an undergraduate degree. Through the GI Bill Munger took a number of advanced courses through several universities. After receiving a high score on the Army General Classification Test, he was ordered to study meteorology at Caltech in Pasadena, California, the town he was to make his home. Army Air Corps, where he became a second lieutenant. In early 1943, a few days after his 19th birthday, he dropped out of college to serve in the U.S. During his time in college, he joined the fraternity Sigma Phi Society. He enrolled in the University of Michigan, where he studied mathematics. district court judge and state representative. His grandfather was Thomas Charles Munger, a U.S. His father, Alfred Case Munger, was a lawyer. As a teenager, he worked at Buffett & Son, a grocery store owned by Warren Buffett's grandfather. 4.1 Architectural efforts and controversy.3.4 Criticism of cryptocurrencies and Robinhood.
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