別れの(言葉,会) to?Charlie Munger, 99: The 投資するing 知恵 of Buffett's backseat driver

Charlie Munger was 過密な住居 Buffett's sidekick for more than four 10年間s as they went about transforming Berkshire Hathaway from a failed 織物 製造者 into a spectacularly successful 投資 empire.

Munger died, 老年の 99, on Tuesday, 主要な to an outpouring of 尊敬の印s from businessmen, financiers and 政治家,政治屋s.

While Buffett was the 星/主役にする of the show, Munger had far more 影響(力) on Berkshire than his 副/悪徳行為-chairman 肩書を与える 示唆するd.?

'Berkshire Hathaway could not have been built to its 現在の status without Charlie's inspiration, 知恵 and 参加,' said Buffett.

Munger worked closely with Buffett on 投資 決定/判定勝ち(する)s, with Berkshire 持つ/拘留するing hundreds of billions of dollars in 在庫/株s, 含むing Apple, Coca-Cola and Bank of America 同様に as 所有権 of the BNSF 鉄道/強行採決する and Geico 保険会社.

Investment legend: Charlie Munger (pictured) died, aged 99, on Tuesday, leading to an outpouring of tributes from businessmen, financiers and politicians

投資 legend: Charlie Munger (pictured) died, 老年の 99, on Tuesday, 主要な to an outpouring of 尊敬の印s from businessmen, financiers and 政治家,政治屋s

Regarded as the John Lennon and Paul McCartney of the 投資 world, under their 管理/経営 Berkshire 普通の/平均(する)d an 年次の 伸び(る) of 20 per cent from 1965 through 2022 ? 概略で twice the return of the S&P 500.

The results made the pair 億万長者s and heroes to their adoring 投資家s.

Apple boss Tim Cook 述べるd Munger in a 地位,任命する on X as 'a 巨人 of 商売/仕事 and keen 観察者/傍聴者 of the world around him' who has 'helped build an American 会・原則'.

Brian Moynihan, 長,指導者 (n)役員/(a)執行力のある of Bank of America, 追加するd: 'Charlie Munger was a 伝説の 人物/姿/数字 in the 投資 community.'?

Howard 示すs, co-創立者 at Oaktree 資本/首都 管理/経営, said: 'He was a 本物の polymath, 極端に 井戸/弁護士席-read in a large number of areas, and he would 雇う analogies to them when discussing 投資.?

'There were very few things you could talk about where he didn't know more than you.'

Charlie Munger's wit and 知恵...?

?Capitalism without 失敗 is like 宗教 without hell
?I don’t think you can 信用 銀行業者s to 支配(する)/統制する themselves. They’re like ヘロイン (麻薬)常用者s
?We have three baskets in 投資するing: yes, no and too 堅い to understand
?Always take the high road, it’s far いっそう少なく (人が)群がるd
?No man is fit to 持つ/拘留する office who isn’t perfectly willing to leave it at any time
?We recognised 早期に on that smart people do very dumb things
?Three things 廃虚 people: 麻薬s, アルコール飲料, てこ入れ/借入資本
?Remember that 評判 and 正直さ are your most 価値のある 資産s and can be lost in a heartbeat

?

Munger was 批判的な in moving his partner away from buying what Buffett called 'cigar butts' ? mediocre companies that had a puff of smoke left and could be bought for very cheap prices.

'Forget what you know about buying fair 商売/仕事s at wonderful prices, instead buy wonderful 商売/仕事s at fair prices,' Munger would 定期的に remind Buffett.

But it was his sharp wit that made him so beloved to Berkshire 株主s and 信奉者s.

His comments were pithy and entertaining but had the more serious point of 最高潮の場面ing verbose, 誤って導くing 法人組織の/企業の jargon.

At Berkshire's 2017 年次の 集会, known as 'Woodstock for 資本主義者s', he told the 株主s: 'Every time you see the word 'EBITDA', you should 代用品,人 the words bullsh*t 収入s.'

Double act: Munger (pictured with Buffett) had far more influence on Berkshire than his vice-chairman title suggested

二塁打 行為/法令/行動する: Munger (pictured with Buffett) had far more 影響(力) on Berkshire than his 副/悪徳行為-chairman 肩書を与える 示唆するd

He was also not averse to 手渡すing out some life advice and in 2004 quipped: 'You want to 避ける evil or 本気で irrational people, 特に if they are attractive members of the opposite sex. That can lead to a lot of trouble.'

Buffett said of Munger's demeanour: '行方不明になる Manners 明確に needs to do a lot of work on Charlie.'

He was an outspoken critic of 法人組織の/企業の misbehaviour, 述べるing the 補償(金) 一括s given to some 長,指導者 (n)役員/(a)執行力のあるs as 'demented' and 'immoral'.

He himself was 価値(がある) an 概算の £2billion, vastly smaller than Buffett's fortune which is more than £80billion.

He called bitcoin 'noxious 毒(薬)' and '詐欺 and partly delusion', and 警告するd that much of banking had become '賭事ing in drag'.

A lawyer by training, Munger met Buffett in 1959, at the age of 35, when he returned to Omaha to の近くに his late father's 合法的な practice.

He was introduced to Buffett, then 29, by one of Buffett's 投資家 (弁護士の)依頼人s.

The two men 攻撃する,衝突する it off and stayed in 接触する, with Buffett 繰り返して 押し進めるing Munger to make the jump into the 投資 world, telling him that '法律 was 罰金 as a hobby, but he could do better'.

Munger 結局 始める,決める up his own 投資 共同 known as Wheeler, Munger & Company before joining Berkshire Hathaway's board in 1978.

'We never had an argument in the entire time we've known each other, which is almost 60 years now,' Buffett said in 2018.

When Munger 行方不明になるd a special 会合 of Berkshire 株主s in 2010, Buffett brought a cardboard cutout of his partner on 行う/開催する/段階 and mimicked Munger 説: 'I couldn't agree more.'

Munger leaves the company in 安全な 手渡すs. Berkshire has two other chairmen, Greg Abel and Ajit Jain, who 監督する its day-to-day 商売/仕事s and Abel was 指名するd by Buffett a s his 後継者 in 2021.

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