In an article for The Wall Street Journal, columnist Jason Zweig recounted a dinner with Berkshire Hathaway vice chairman Charlie Munger. Describing Warren Buffett’s 95 year-old business partner as a man with a “superabundance of stamina, curiosity and concentration that many people a third his age would envy,” Zweig adds, “Charlie Munger is a living reminder that to be a great investor, you must be a great learner.” Here are some highlights and key insights… Read More
At the annual meeting of the Daily Journal Corporation in February, board chair Charlie Munger said that there is only one person, other than partner Warren Buffett, that he trusts with his money. This according to an article in Quartz. That person is Li Lu, founder and chairman of Himalaya Capital, a Seattle-based fund focused on investment in China. According to the article, Munger and others have called Li the “Chinese version of Warren Buffett.… Read More
Jamie Harmon, Portfolio Manager of Fidelity Advisor Small Cap, shared some takeaways from his 18 years of attendance at the Berkshire Hathaway annual meeting. In an interview with Andrew Daniels of Morningstar, Harmon said, “I think the thing that I really focused on from this year is the importance of great management and how they [i.e. Buffett and Munger] try to find great management in the companies that they buy, and they try to nourish… Read More
In the spirit of Berkshire’s Hathaway’s annual meeting this weekend, we thought it would be good to put together a list of articles and links that may be interesting for Buffett followers. We’ll continue to update this from time to time as we find interesting Buffett-related commentary. Berkshire Hathaway’s annual letters (1977-2015) – Buffett’s shareholder letters are jam-packed with Buffett wisdom. Must-reads. If you don’t have the $219,000 to put up for Berkshire’s A shares,… Read More
Morgan Housel of The Motley Fool writes a good piece on how difficult it can be buy and hold the very best performing stocks over time. As Housel points out, the best performing individual stock from 1995-2015 was Monster Beverage — up 105,000% over that 20 year period. That return would have turned $10,000 into a cool $10 million. But, as Housel points out, Monster has been an incredibly volatile stock, so volatile that most investors… Read More
The Wall Street Journal offers some broad lessons from the oil bust. “If oil stocks have burned you, use that as motivation to rethink how you form your expectations of the future,” author Jason Zweig suggests. Citing Ipreo data, he notes that between the end of 2007 and the end of 2014, oil and gas companies raised $255.7 billion in IPOs and other offerings. Further, almost 100 Energy-specialized funds brought in $64 billion from the… Read More
Warren Buffett’s 50th anniversary letter to Berkshire Hathaway shareholders has now been analyzed by a myriad of pundits who have dissected just about every sentence of it. But, given that Buffett offers plenty of his trademark wisdom and wit in the 15-page communique, what are the most essential parts of the letter for investors? There’s plenty to pick from, but we think these two pages stand out.
Charlie Munger isn’t nearly as high-profile as his Berkshire Hathaway partner Warren Buffett, but The Wall Street Journal’s Jason Zweig recently caught up with him for a fascinating interview in which Munger talked about everything from Socrates and Confucius to derivatives and accounting practices to why he doesn’t love Benjamin Graham the way Buffett does.
Warren Buffett is known as a value investor, and to an extent he is. But more than that, Buffett is a “high-quality” investor, and in a recent interview with Fortune he and partner Charlie Munger talk about how Buffet’s philosophy on that changed after meeting Munger. Munger showed Buffett that buying okay businesses at bargain prices wasn’t as successful as buying great businesses, even if the price were higher. The duo also discuss how they… Read More
Value investor Mohnish Pabrai has gotten the chance to do what few other investors have: Eat lunch with investing legends Warren Buffett and Charlie Munger. What did he learn from those lunches? Pabrai says Munger told him that an investor could produce vastly better results than most others by doing three things. “One is carefully look at what the other great investors have done,” he tells The Motley Fool’s Morgan Housel. “And the second thing he… Read More