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Charlie Munger, the influential billionaire philanthropist and vice chairman of Berkshire Hathaway, known for his close association with Warren Buffett, passed away at the age of 99 on Tuesday night in California. Here are ten memorable quotes from Charlie Munger on investment and life: 1. "The big money is not in the buying or selling, but in the waiting.” It implies that the most substantial gains in investing aren't typically made by frequently buying and selling stocks or assets in an attempt to time the market or capitalise on short-term fluctuations. 2. “A lot of people with high IQs are terrible investors because they’ve got terrible temperaments.” This quote by Charlie Munger touches upon the notion that intelligence, as measured by IQ, doesn't necessarily correlate with success in investing. 3. “Spend each day trying to be a little wiser than you were when you wake up.” The quote encapsulates the idea that every day offers an opportunity for self-improvement. 4. "All intelligent investing is value investing, acquiring more than you are paying for. You must value the business in order to value the stock.” 5. "It's so simple to spend less than you earn, and invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, and do a lot of deferred gratification. If you do all those things, you are almost certain to succeed. If you don't, you're going to need a lot of luck." 6. "Invest in a business any fool can run, because someday a fool will. If it won't stand a little mismanagement, it's not much of a business. We're not looking for mismanagement, even if we can withstand it." Charlie Munger's quote highlights the importance of investing in businesses that possess resilience and durability, even in the face of potential mismanagement. 7. "The best armor of old age is a well-spent life preceding it." Munger's focus on a fulfilling life before reaching old age emphasises the importance of making meaningful choices throughout one's lifetime. 8. "Every time you hear EBITDA, just substitute it with bulls." Munger's quote suggests skepticism about the significance or reliability of EBITDA as a useful metric. He was critical of the over-reliance or uncritical acceptance of EBITDA as a meaningful measure of a company's health. 9. "Simplicity has a way of improving performance by enabling us to better understand what we are doing." Munger's advocacy for simplicity in investing underscores the significance of clear understanding and execution of investment strategies. 10. "When you know you have an edge, you should bet heavily. They don't teach most people that in business school. It's insane. Of course you've got to bet heavily on your best bets." Charlie Munger's quote emphasises the concept of having conviction in the best ideas and taking substantial action when one has a clear advantage or edge. #CharlieMunger #WarrenBuffett #Investing #PersonalFinance #PersonalGrowth #Success

💵 𝗟𝗲𝗴𝗲𝗻𝗱𝗮𝗿𝘆 𝗶𝗻𝘃𝗲𝘀𝘁𝗼𝗿 𝗖𝗵𝗮𝗿𝗹𝗶𝗲 𝗠𝘂𝗻𝗴𝗲𝗿 𝗽𝗮𝘀𝘀𝗲𝗱 𝗮𝘄𝗮𝘆 𝗮𝘁 𝘁𝗵𝗲 𝗮𝗴𝗲 𝗼𝗳 𝟵𝟵 💵 Charlie Munger helped build the greatest investing firm that ever was. 𝗛𝗲𝗿𝗲 𝗶𝘀 𝗵𝗶𝘀 𝘀𝘁𝗼𝗿𝘆: Charlie was born in 1924 in Omaha Nebraska. From a young age, he was obsessed with reading, particularly biographies. He believed that if you want to learn about an idea you should learn from the person who developed it. As a teen, Charlie worked at Warren Buffett's grandfather's grocery store for $2 per day. Working in the grocery store taught him an important lesson. Working for someone else was no way to get rich. After high school, Charlie enrolled at the University of Michigan to study mathematics. He would drop out after two years to join the United States Army Air Corps where he was trained as a meteorologist at CALTECH. In 1946 he enrolled at Harvard Law School & graduated in 1948. He then joined the law firm Wright and Garrett in L.A. Warren Buffett and Charlie grew up in the same town & worked at the same grocery store, but had never met. That was until 1959 when they attended a dinner party & became instant friends. It's known that Munger Influenced Buffett to invest in wonderful companies at fair prices. What is less known is that Buffett influenced Munger to quit law & become an investor. Buffett once joked "Law was alright as a hobby, but as a business, it was pretty stupid." Munger developed an interest in investing & began reading the works of Philip Fisher.   Fisher's book Common Stocks and Uncommon Profits taught him the concepts that have guided his investing philosophy. Munger began investing in real estate in 1960 & started an investment partnership in 1962. From 1962 to 1975, Charlie Munger's investment fund had a 19.8% annual return, while the Dow returned just 5.0%. In 1978 he was appointed as vice-chairman of Berkshire Hathaway, where he & Buffett worked together ever since. Building one of the best investing track records of all time. From 1984 to 2011, he served as the CEO & chairman of Wesco Financial Corporation. Munger also serves as the chairman of Daily Journal Corporation & as a director of Costco. 𝗦𝗼𝗺𝗲 𝗼𝗳 𝗵𝗶𝘀 𝗮𝘁𝘁𝗿𝗶𝗯𝘂𝘁𝗲𝘀: 🎯 𝘔𝘶𝘯𝘨𝘦𝘳'𝘴 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨 𝘢𝘱𝘱𝘳𝘰𝘢𝘤𝘩 𝘤𝘢𝘯 𝘣𝘦 𝘴𝘶𝘮𝘮𝘢𝘳𝘪𝘴𝘦𝘥 𝘢𝘴: - Focus on value  - Patience - Discipline "The big money is not in the buying and selling. But in the waiting." - Charlie Munger 🎯𝘒𝘦𝘦𝘱 𝘓𝘦𝘢𝘳𝘯𝘪𝘯𝘨: Munger was a voracious reader & believed that constantly learning & expanding your knowledge was key to success in investing & life. 🎯𝘍𝘰𝘤𝘶𝘴 𝘰𝘯 𝘓𝘰𝘯𝘨-𝘵𝘦𝘳𝘮 𝘝𝘢𝘭𝘶𝘦: Charlie constantly said to focus on the long-term value of a company rather than short-term fluctuations in its stock price. 𝘾𝙝𝙖𝙧𝙡𝙞𝙚 𝙏𝙝𝙤𝙢𝙖𝙨 𝙈𝙪𝙣𝙜𝙚𝙧 (11/01/1924 - 28/11/2023) Content Credit: Value Theory Video Credit: CNBC Television #charliemunger #history #investing #finance

🌟The Dual Sides of Wisdom: Exploring Charlie Munger’s Top 10 Successes and Failures🌟 As the Vice Chairman of Berkshire Hathaway and a long-time partner of Warren Buffett, Charlie Munger was a paragon of investment wisdom. His journey is marked by both brilliant successes and educational failures. 🚀 Top 10 Successes: 1. Berkshire Hathaway Partnership: Munger’s partnership with Buffett transformed Berkshire Hathaway from a textile mill into a conglomerate powerhouse. 2. Investment in Blue Chip Stamps: An early success, where his investment acumen greatly multiplied the company’s value. 3. See’s Candies Acquisition: A prime example of value investing, turning a modest investment into a significant profit source for Berkshire. 4. Advocating for the “Moat” Strategy: Munger’s emphasis on investing in companies with competitive advantages (economic moats) has been a cornerstone of Berkshire’s strategy. 5. Wesco Financial Corporation: As Chairman, Munger led the company to significant growth. 6. The Daily Journal Corporation: His strategic direction has led to impressive returns. 7. Promoting Long-Term Investment Philosophy: Munger has been a vocal advocate for long-term, value-based investing, influencing generations of investors. 8. Philanthropy: His significant charitable contributions, including millions in donations to universities. 9. Authoring ‘Poor Charlie’s Almanack’: A compilation of his wisdom and insights. 10. Munger’s Mental Models: His framework for decision-making has been widely adopted in various fields. ❌ Top 10 Failures: 1. Dexter Shoe Company Investment: A significant loss for Berkshire after the company’s value plummeted. 2. Salomon Brothers Scandal: Though not directly involved, Munger and Berkshire faced reputational challenges due to their investment in Salomon. 3. Early Career Setbacks: Munger faced several failures in his early legal and real estate ventures. 4. Missed Investment Opportunities: Like many investors, Munger has missed out on some high-potential companies. 5. Over-Concentration Risks: Some of Munger’s investment strategies have faced criticism for over-concentration in certain sectors. 6. Blue Chip Stamps Decline: Despite initial success, the company eventually lost its market relevance. 7. Belasco Theatre Investment: An early investment failure that Munger often refers to as a learning experience. 8. Criticisms for Conservative Approach: His cautious investment approach has sometimes been seen as overly conservative, potentially missing high-growth opportunities. 9. Misjudging Technology Stocks: Munger has admitted to underestimating the potential of tech stocks in the early stages of the tech boom. 10. Public Controversies: Munger’s straightforward and sometimes blunt public statements have occasionally sparked controversy. What do you think are the biggest takeaways from Charlie Munger’s career highs and lows? #investmentwisdom #charliemunger #berkshirehathaway #businesslessons

#WEALTHCREATIONTHURSDAY ✨How can Maverick Pioneers and Visionary Founders Create More Wealth?✨ Wealth creation will always be a hot topic as it is ever evolving. Here our top suggestions to master it: 1. Do a deep dive on what products and services are most likely be the next trend. Next, reach out to people in this market already and ask them if they would they like you to broker their product or service for them. 2. After this it’s essential to back your decision 100% and educate yourself quickly on this new product or service. Sometimes it may be just a case of pivoting and improving the market fit of an existing product or service. The biggest block for many when they hear this is that they think it's too much work and probably a waste of time. Well our question to them is this: would you rather spend a month of down time to do proper research into where things are going that gives you a much greater chance of getting things right? Or would you rather keep going regardless like the captain of the titanic and hope for the best? We have never agreed with the adage “it is better to be doing something than doing nothing,” and after our Co-Founder’s 2 ten figure exits we definitely don't agree with it now. There can be no price or value put on proper research. In our opinion it’s the number one key to successful wealth creation. Warren Buffett is a master at this, he admits he reads endless reports and data. Well then it is no wonder he is one of the most iconic wealth creators for the past 70 years. Knowledge is power and there is simply no getting away from this. This is why we are staunch advocates of continued financial and business education which we are passionate about passing on to our clients. The clients that have implemented our teachings have not looked back whereas those who haven't have either stayed stagnant which is going backwards because of inflation, or have only very marginally moved ahead. 3. Our final tip for wealth creation is to have a proper tax structure. Taxes and debt are the biggest bills you have and in turn if not properly addressed will have you working like a slave with very little to show for it. This is why a fair jurisdiction for tax- one that is respected and trusted- is a win for all people involved. If you're paying ridiculous taxes your wealth is dramatically affected. At Quantum Stellium we see the larger picture of legacy creation and as an innovation advisory board we can help you map out a clear and sustainable plan for success, impact, and fulfillment for centuries to come. Reach out and connect with us to see how we can support and exponentially expand your wealth creation efforts now and far into the future: https://lnkd.in/gi8zqAh6

Warren Buffett, widely considered one of the most successful investors in history, is a billionaire businessman, investor, and philanthropist. Known as the "Oracle of Omaha," he is the chairman and CEO of Berkshire Hathaway and is renowned for his value investing philosophy, discipline, and long-term approach. Some key aspects of Warren Buffett's success and philosophy include: 1. Value Investing: Focus on buying undervalued companies with strong fundamentals. 2. Long-term Approach: Hold investments for the long haul, ignoring short-term market fluctuations. 3. Discipline and Patience: Avoid impulsive decisions, and wait for the right opportunities. 4. Business Quality: Invest in companies with strong management, competitive advantages, and growth potential. 5. Frugality and Simplicity: Embrace a modest lifestyle and avoid unnecessary complexity. 6. Continuous Learning: Stay informed, read widely, and seek knowledge. 7. Philanthropy: Give back to society through significant charitable donations. 8. Humility and Integrity Remain humble, honest, and ethical in all business dealings. Sir #WarrenBuffett's remarkable achievements and wise investment principles have inspired generations of investors, entrepreneurs, and business leaders worldwide.Warren Buffett's story is a testament to the power of patience, persistence, and smart investing. Here's a brief overview of how he became a billionaire after the age of 50: - Warren Buffett started his investment career at a young age and had already built a sizable portfolio by his mid-40s. - However, it wasn't until his 50s that he made some of his most savvy investments, which would ultimately propel him to billionaire status. - In 1977, at the age of 47, Buffett invested $12 million in the struggling Geico insurance company. By 1995, Geico's value had increased to $2.3 billion. - In 1988, at the age of 58, Buffett invested $1.3 billion in Coca-Cola, which became one of his most successful investments. - Throughout his 50s and 60s, Buffett continued to make shrewd investments, including in American Express, Wells Fargo, and Gillette. - By 1990, at the age of 60, Buffett's net worth had surpassed $1 billion. - By 2000, his net worth had grown to over $30 billion. - Today, Warren Buffett's net worth is over $100 billion, making him one of the richest people in the world. Warren Buffett's story is a reminder that success is not solely reserved for the young, and that experience, wisdom, and patience can be powerful tools in achieving greatness. So all those who brings age as a barrier while building their carrier rethink as the very grey matter could turn Grey into pink . #leadership #bestadvice #success

𝟲 𝗘𝗮𝘀𝘆 𝗦𝘁𝗲𝗽𝘀 𝗜𝗻 𝗙𝗶𝗻𝗱𝗶𝗻𝗴 𝘁𝗵𝗲 𝗥𝗶𝗴𝗵𝘁 𝗜𝗻𝘃𝗲𝘀𝘁𝗼𝗿𝘀 𝗳𝗼𝗿 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 💎 Raising funding from the right investors on the right terms is critical for business owners. Diverse small businesses, from start-up cafes to high-growth tech companies, can find values-aligned investors. Finding the right investors takes time and effort, but the right strategy can lead to lifelong benefits for all stakeholders. ✅Step 1: Clarify your goals and values ✅Step 2: Identify the right investors ✅Step 3: Create your offer ✅Step 4: Choose your legal compliance strategy ✅Step 5: Design your investor enrollment strategy ✅Step 6: Address obstacles head on Read the rest at Entrepreneur Media , written by Jenny Kassan. (ctto) Share your takeaways in the comments below! ➖➖➖ During the last 25 years, I’ve managed over $500 million for 300 families. I built an 8 figure retirement planning firm serving the top 1% of American households and helped over 1000 families create Financial Independence. The key to my and my clients' success is being goal-focused and planning-driven. Most recently I have dedicated my life to coaching real people in the real world to harness markets to exceed their retirement and financial goals. Financial Independence requires knowing your starting point, your ending point, and having an easy plan to follow, which is why I created my proprietary Retirement Planning Calculator. ****** 👉 Type “ACTION” in the COMMENTS below, and I'll send you the link for FREE, or, you can click on the link in the first comment to download, so you can start your journey towards financial independence. https://ayr.app/l/jbRr #innovation #personaldevelopment #sustainability #investing #strategy #financialeducation

"The Journey of Opportunity" In the heart of a vibrant city, nestled between towering skyscrapers & bustling streets, there lived a young woman named Maya. Maya had always dreamt of financial independence & stability, but with her modest savings, she felt her aspirations were out of reach. One day, while browsing the internet, Maya stumbled upon an article about investing in the stock market. Intrigued by the idea of growing her wealth, she delved deeper into the world of finance, soaking up knowledge like a sponge. With newfound confidence & determination, Maya decided to take the plunge into investing. Armed with research & a thirst for opportunity, she opened her first brokerage account & began her journey as a retail investor. At first, Maya was cautious, dipping her toes into the market with small investments in well-known companies. As she gained experience & insight, her confidence grew & she started to explore new avenues for growth. She discovered the thrill of discovering hidden gems—undervalued stocks with the potential for significant gains. Maya poured over financial reports, analyzed market trends & sought advice from seasoned investors, honing her skills & instincts along the way. With each investment, Maya's portfolio grew & so did her confidence. She learned to weather market fluctuations, seeing them not as obstacles, but as opportunities to buy low & sell high. As Maya's wealth began to accumulate, she realized the power of compounding returns. With patience & discipline, she watched her investments grow exponentially over time, laying the foundation for a secure financial future. But Maya's journey wasn't just about building wealth, it was also about making a difference. Inspired by her success, she sought to empower others to take control of their financial destinies. She became a mentor to friends & family, sharing her knowledge & experience to help them navigate the complexities of investing. She encouraged them to set ambitious goals, take calculated risks & never stop learning. Through Maya's guidance, many found the courage to start their own investment journeys, each one a testament to the transformative power of opportunity. And so, Maya's story became more than just a journey of personal success, it became a beacon of hope for retail investors everywhere. It showed them that with determination, diligence & a willingness to seize opportunity, financial freedom was within reach. As Maya looked back on her journey, she couldn't help but feel grateful for the opportunities that had come her way. And as she looked ahead to the future, she knew that the best was yet to come. For in the world of investing, the journey never truly ends, it simply evolves, presenting new challenges, new opportunities & new horizons to explore. And for Maya, that was the most exciting part of all.

2023: A Rollicking Year I don’t often do an end of year look back but this year was so unusual that I wanted to put it down in words before it gets lost to the mists of time. Personal On the personal front, the year was a big rollercoaster. I lost a childhood friend who departed much too early in his 40s and left behind a young family. It was also the year when I got to check off a few things off my bucket list including attending my first Berkshire Hathaway meeting 🚘, presenting for the first time at ValueX Vail ⛷ and completing my first book 📗. I also got a chance to be a guest on a couple of podcasts 🎧  including one with Jesse Felder that I enjoyed a ton. This was also the first year I got to spend almost full time on my investment research business InsideArbitrage and launch my advisory service Inside Arbitrage Advisors. I had to work on myself to improve productivity, spend quality time with family, dedicate time to do deep dives into investment opportunities, train an amazingly supportive team and introduce non-negotiables in my life (learn a foreign language and workout everyday). Three books I enjoyed reading this year included Relentless: From Good to Great to Unstoppable, The Voltage Effect by John List and Towers of Debt: The Rise and Fall of the Reichmanns by Peter Foster. InsideArbitrage Business When I launched InsideArbitage six years ago, it was a part-time passion project that complemented my personal investment journey with a focus on event-driven or special situations investing. Last year I decided to quit my job at a private equity-funded healthcare services company in San Francisco to focus full time on InsideArbitrage. We decided to expand both the breath and depth of the platform by adding C-suite transitions, a daily event-driven monitor, a curated gurus section, a screener that includes event-driven filters like buybacks, user portfolios, an M&A calendar, an online community and more. I was also lucky enough to convince a friend and one of the smartest yield-focused investors I know, to launch the Yield Guru service on InsideArbitrage. Revenue growth for 2022 fell 1% shy of my 50% goal and is on track to slightly exceed my 35% goal for 2023. I hope to ramp up growth an additional 50% in 2024 through a series of initiatives and experiments including our first acquisition that we plan to announce in January. Thinking of growth initiatives as experiments was important to help me double down on what was working and not regret the time and money spent on things that didn’t work. The platform has been an amazing source of new investment ideas for me and I have enjoyed exchanging ideas with a small group of investors that I meet on a regular basis over Zoom or for lunches all over the San Francisco Bay Area. Check out the full article on InsideArbitrage here: https://lnkd.in/gC8kMRtK

The Indefensible! Warren Buffett is famous for a few things: -Superb investment decision making -Frugality -Ethics After adding $600m to Berkshire Hathaway's market cap in 1986, he realised that he was burning too much time in airports and on indirect flights between company meetings (I imagine they weren't nearly the hell holes they are now; perhaps half or a quarter as bad). He spent $850k on a used jet to eliminate this waste of time. At this time he fought ferociously with his long term partner, Charlie Munger (even more frugal). The pair of them had spent years arguing passionately against corporate jets. Between them, they nicknamed the jet, "The Indefensible". Munger was even more biting, in the words of Buffet “Charlie doesn’t like it when I equate the jet with bacteria; he feels it’s degrading to the bacteria” Years later, in his 1992 letter, he reflected on his "uncharacteristic flexibility". He had managed to favour maximising shareholder value (by spending to better leverage his own time) over his attachment to the principle of frugality. The jet was later renamed "The Indispensable". STOP STOP STOP STOP STOP Yes, the recent deals are great but right now I think Spot Ship shareholders may be terrified that Henry Waterfield and I are finalising docs on a sexy Spot Ship branded PJ. We're not. Breathe. We do talk a lot about whether frugality is a value of Spot Ship (it isn't). But it is a symptom of our commitment to spend investor dollars for maximum return. Which we have been very good at. While we do not give out laptops as standard (I think we have given them to about 40% of Europe team and 100% of Asia team right now), Gardie recently twisted my arm into accepting a very snazzy Thinkpad from Mark Hardwick. Old laptop: BSOD 10 times per day in its last few days' service No battery (I assume there was one at some point but it had to be plugged in to work) 5kg 8 years' old James's Indefensible Never BSOD 4 hour battery 1kg Turns out Spot Ship prefers me leading product meetings, talking to customers and raising money rather than bellowing sweet expletives at an ancient device on its way to the glue factory #founder #frugality #startup #shipsandshipping #maritime #raising

"If you were starting out again today in your early 30s, what would you do differently or the same in today's environment to replicate your success? In short, Mr. Buffett, how can I make $30 billion?" Buffett’s response didn't focus on get-rich-quick schemes or risky ventures. Instead, he unveiled a timeless blueprint for building wealth, emphasizing the importance of starting early, harnessing compounding interest, and practicing disciplined investing. Buffett then detailed his strategy if he were starting out today. "I would do it exactly the same if I were in an investment world. If I were getting out of school today and I had 10 thousand dollars to invest, I'd start with the A's. I would start going right through companies and probably focus on smaller companies because I would be working with smaller sums and there's more chance that something is overlooked in that arena." He added, "You have to buy businesses and your little pieces of business are called stocks. You have to buy them at attractive prices, and you have to buy into good businesses." https://lnkd.in/gTyCKZ_v