Charlie Munger Biography
Charlie Munger is an American prominent businessman, investor, and philanthropist. He is the vice-chairman of Berkshire Hathaway. He is a business partner of Warren Buffet. From 1984 through 2011 he served as chairman of Wesco Finacial Corporation. He is currently the chairman of Daily Journal Corporation based in Los Angeles and a director of Costco Wholesale Corporation.
Charlie Munger Age
He was born on January 1, 1924, in Omaha Nebraska as Charles Thomas Munger. He is 97 years.
Charlie Munger Family
In 1945, he married Nancy Huggins a Pasadena native who had been Munger’s sister’s roommate at Scripps College. Together they had three children, Wendy, Molly, and Teddy who died at the age of 9 due to leukemia. His marriage with Huggins ended in divorce in 1953.
After a couple of years, he remarried. He married Nancy Barry and they were blessed with four children. He also had two stepchildren. Barry later died in 2010.
Charlie Munger Early life and education
He was born and raised up in Omaha, Nebraska. He worked at Buffet and Son a grocery store that was owned by Warren Buffet’s grandfather.
He enrolled at the University of Michigan where he studied mathematics and never returned to Omaha except to visit. He dropped out of College in 1943, a few days after turning 19 years to serve in the U.S. Army Air Corps where he became the second Lieutenant. He was later ordered to study meteorology at Caltech in Pasadena, California after he received a high score on the Army General Classification Test.
He took a number of advanced courses through several universities through GI Bill. But when he applied to Havard Law School, the dean of admissions rebuffed him at first, because Munger had not completed an undergraduate degree. However, he was later admitted at Havard Law School, after the dean reconsidered him after a call from Roscoe Pound, a former dean of Harvard Law and a Munger family friend. He graduated magna cum laude in 1948, with a J.D.
Charlie Munger Investment
He founded in 1962 and worked as a real estate attorney at Munger, Tolles & Olson LLP. He later concentrated on managing investments and gave up the law practice later partnering with Otis Booth in real estate development. Together with Jack Wheeler, they partnered forming an investment firm with a seat on the Pacific Coast Stock Exchange known as Wheeler, Munger, and Company.
From 1962-1975, he ran an investment partnership of his own. He was previously the chairman of Wesco Financial Corporation which is now a subsidiary of Berkshire Hathaway. It eventually grew to control Precision Steel Corp., CORT Furniture Leasing, Kansas Bankers Surety Company, and other ventures but initially began as a savings and loan association.
He believes that holding a concentrated number of stocks, that he knows extremely well, will in the long term produce superior returns.
Charlie Munger Net Worth
He has a net worth of U.S$2.2 Billion.
Charlie Munger Advice
During an interview with CNBC’s Becky Quick in the middle of February 2019, he highlighted the following advice quotes of a long and happy life;
“You don’t have a lot of envy.
“You don’t have a lot of resentment.
“You don’t overspend your income.
“You stay cheerful in spite of your troubles.
“You deal with reliable people.
“And you do what you’re supposed to do.
“And all these simple rules work so well to make your life better. And they’re so trite.”
His prescription is logical, he says.
“Staying cheerful” is “a wise thing to do,” Munger told Quick, adding that in order to do so, you have to let go of negative feelings.
“And can you be cheerful when you’re absolutely mired in deep hatred and resentment? Of course, you can’t. So why would you take it on?” Munger said. Adapted from CNBC.com.