Charlie Munger (nacido en 1924) es vicepresidente y vicepresidente de Warren Buffett, un destacado inversor y presidente de Berkshire Hathaway, Inc., un conglomerado diversificado de $354,6 mil millones con sede en Omaha, Nebraska.
As Buffett’s closest business partner and “right-hand man” for more than four decades, Munger is developing Berkshire into a large diversified holding company with a market value of over $700 billion (as of February 2022) as well as insurance, Rail freight, power generation/distribution, manufacturing and retail.1
Además de desempeñarse como director independiente de Costco Wholesale Corporation, Munger es presidente de la junta directiva de Daily Journal Corporation, una editorial jurídica con sede en Los Ángeles con un negocio de software en el mercado de informes judiciales automatizados. De 1984 a 2011, se desempeñó como presidente y director ejecutivo de Wesco Financial Corporation, filial de Berkshire Hathaway.
tesis central
- Como vicepresidente de la compañía Berkshire Hathaway de $355 mil millones, Charlie Munger ha sido el adjunto del destacado inversor Warren Buffett desde 1978.
- As Buffett’s “right-hand man,” Munger was instrumental in growing Berkshire Hathaway into a $700 billion holding company.
- En 1943 abandonó la Universidad de Michigan para unirse a los Estados Unidos. Army Air Corps, donde se formó como pronosticador del tiempo.
- Although he never earned a bachelor’s degree, he graduated from Harvard Law School in 1948 with a Juris Doctor degree. Top student.
- Munger tiene un patrimonio neto de $2.5 mil millones a partir de 2022, según Forbes.
Educación y carreras tempranas
Born in Omaha in 1924, Munger worked as a teenager at Buffett & Sons, a grocery store owned by Warren Buffett’s grandfather.
Durante la Segunda Guerra Mundial, asistió a la Universidad de Michigan para estudiar matemáticas, pero abandonó unos días después de cumplir 19 años en 1943 para servir en el Cuerpo Aéreo del Ejército de EE. UU., donde se formó como meteorólogo y ascendió al rango de segundo teniente. . Posteriormente, continuó sus estudios meteorológicos en Caltech en Pasadena, California, ciudad que se convirtió en su hogar de toda la vida.
After attending Harvard Law School without a bachelor’s degree, he graduated summa cum laude with a Juris Doctor degree in 1948. leave. Early as a real estate attorney, he founded the well-known California law firm Munger, Tolles & Olson.
La transición del derecho a las finanzas
Después de conocerse en una cena en Omaha en 1959, Munger y Buffett se mantuvieron en contacto a lo largo de los años, mientras Buffett construía su firma de inversión y Munger continuaba trabajando como abogado de bienes raíces.
On Buffett’s advice, Munger left the legal practice in the 1960s to focus on managing investments, including a real estate development partnership with billionaire newspaper executive Franklin Otis Booth.
Before joining Berkshire, Munger ran his own investment firm, which, as his friend Buffett pointed out in his 1984 article “The Super Investors of Graham and Dodsville,” The average annual return between 1962 and 1975 was 19.8%, which is far better than the Dow’s 5% annual appreciation rate over that time period.
In 1962, Buffett began buying Berkshire Hathaway stock; by 1965, he took over the company as chairman and CEO. In 1978, Munger became Berkshire Hathaway’s vice chairman. 6
From Cigar Butts to Buffets – Munger Value Investing
Buffett siempre ha sido un inversor de valor: busca y analiza activamente acciones que cotizan por debajo de su valor real, una estrategia que aprendió de su mentor, Benjamin Graham.
In his 1989 letter to shareholders, however, Buffett praised Munger for making it clear that Berkshire should not pursue a “cigar butt” version of value investing — describing an investor buying a dying company currently worth $1 for $0.75 The company’s term is just “to get a free $0.25 puff” to stay in the store.
As Buffett explained, his career began as a cigar-butt investor—and Munger understood the folly of the approach long before him: “Charlie got it early; I learned it slowly. ”
Trabajando con Munger, finalmente aprendió que para una empresa en dificultades que fracasaba repetidamente, los precios baratos a menudo resultaban ser descuentos falsos, y cualquier ganancia inmediata se veía rápidamente erosionada por los bajos rendimientos. En cambio, Munger y Buffett preferirían “comprar una gran empresa que vale $1 ahora por $1,25, pero que definitivamente valdrá $15 dentro de 10 años”.
En otras palabras, la versión de inversión en valor de Berkshire ha tenido un éxito sorprendente siguiendo el mantra de Munger: “Olvídese del conocimiento de comprar empresas justas a buenos precios; en lugar de eso, compre buenas empresas a precios justos”.
Filosofía de inversión de Munger
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Una razón clave para su exitosa asociación comercial es que Munger y Buffett están totalmente comprometidos a mantener estándares de prácticas comerciales éticas líderes en la industria.
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Munger ha afirmado a menudo que los altos estándares éticos son una parte integral de su filosofía y de su éxito.
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One of his most quoted adages is: “Good business is ethical business. A business model that relies on skill is doomed to fail.”
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An avid reader of great thinkers and clear communicators such as Ben Franklin and Samuel Johnson, Munger introduced the concept of “basic worldly wisdom” in business and finance in several speeches and in his book “Poor Charlie’s Almanac”.
Berkshire Hathaway’s “Big Four”
As vice chairman, Munger also represents all assets, including what Buffett calls Berkshire’s “Big Four” — the four investments that make up the bulk of Berkshire’s value. 11
Insurance float: Topping the list in 2021 is a group of wholly-owned insurance companies that make Berkshire the world’s leading provider of insurance float—all Berkshire has held for years The investment period of the premium funds. Investing in yourself can benefit before you pay off your claim. During Munger’s tenure, Berkshire’s outstanding shares have grown from $19 million to $147 billion by 2022. Even with periodic underwriting losses due to catastrophic events (such as the terrorist attacks of September 11, 2001), long-term value creation is enormous, which is why insurance liquidity ranks among the top four of Berkshire’s Big Four .
Apple, Inc: and Floating Insurance Following Berkshire’s investment in Apple, Inc. Contrary to a wholly-owned investment in the company, Berkshire will only hold a 5.55% stake in Apple at the end of 2021, making it an important part of the company’s manufacturing company. However, Apple does encounter a very high Munger-Buffett investment barrier for the simple reason that its 5.55% ownership interest has increased from 5.39% last year as Apple repurchased its own stock. Given Apple’s enormous value, Berkshire Hathaway brought in $100 million for every 0.1% increase, from 5.39% to 5.55% — excluding Berkshire Hathaway’s expenses.
BNSF (Burlington North Santa Fe Company): Berkshire Hathaway’s third-largest BNSF operates one of the largest rail freight networks in North America, with 8,000 locomotives and 32,500 miles of track. The investment is a prime example of Munger-Buffer’s preference for investing in companies with an economic moat — a built-in competitive advantage that protects competitors’ long-term profits and market share. In the case of railroads, the massive seed capital required to lay railroad tracks in the United States protects railroads from competitors, like a moat around a medieval castle. In 2021, Berkshire received a record $6 billion in revenue from BNSF.
BHE (Berkshire Hathaway Energy): The fourth giant, BHE, a portfolio of locally owned utilities, is another prime example of Munger-Buffet’s preference for companies with economic moats — needed to run power lines Huge sums of money to embarrass the U.S. to protect BHE from competitors. Under Munger’s leadership, BHE will not only achieve record sales of $4 billion in 2021 (up from $122 million when Berkshire first took a stake in 2000), but also has a strong presence in wind, solar and hydropower. Zero renewable energy capacity spreads across the United States. Berkshire owns 91.1% of BHE as of 2021.
¿Cuál es el patrimonio neto de Charlie Munger?
Munger tiene un patrimonio neto de $2.5 mil millones a partir de 2022, según Forbes.
¿Por qué Charlie Munger odia Bitcoin?
Munger is known for his bluntness and investment genius. When Buffett deftly sidestepped questions about cryptocurrencies during a question-and-answer session at the 2021 shareholder meeting, Munger bluntly stated that Bitcoin is “created out of thin air” and is “criminals’ favorite payment method.” He was appalled that billions of dollars were being sent to “a guy who just invented a new financial product out of thin air.” He also praised China’s cryptocurrency ban and criticized the U.S. for its heavy involvement in cryptocurrencies.
What are Charlie Munger’s charities?
Munger’s philanthropy focuses on education, including large donations to the University of Michigan Law School ($3 million for lighting improvements in 2007 and $20 million for home improvements in 2011). 1314 He also donated to Stanford University ($43.5 million in Berkshire Hathaway stock. 2004 to build graduate housing) and UC Santa Barbara ($200 million in 2016 for state-of-the-art student housing).
Resultado final
As Buffett’s “right-hand man,” Munger was instrumental in growing Berkshire Hathaway into a $700 billion holding company.
As vice chairman, Munger is also deputy head of all assets, including what Buffett calls Berkshire’s “Big Four” — the four investments that make up most of Berkshire’s value: 1) Insurance subsidiary “insurance funds” 2) Apple; 3) BNSF (Burlington North Santa Fe); 4) BHE (Berkshire Hathaway Energy).
Buffett applauds Munger for ensuring Berkshire Value Investing follows Munger’s mantra: “Forget the knowledge of buying fair companies at good prices; instead, buy good companies at fair prices.”
Munger ha afirmado a menudo que los altos estándares éticos son una parte integral de su filosofía y de su éxito.
Como vicepresidente, Munger también es el segundo al mando de todos los activos, incluidos los que Buffett llama los “cuatro gigantes” de Berkshire: las cuatro inversiones que representan la mayor parte del valor de Berkshire: 1) “flotación de seguros” de compañías de seguros subsidiarias; 2) Apple, Inc; 3) BNSF (Corporación Burlington Northern Santa Fe); 4) BHE (Energía de Berkshire Hathaway).
Buffett le ha dado crédito a Munger por garantizar que la inversión en valor de Berkshire se adhiriera al mantra de Munger: “Olvídese de lo que sabe acerca de comprar negocios justos a precios maravillosos; en lugar de eso, compre negocios maravillosos a precios justos”.
Munger ha afirmado a menudo que los altos estándares éticos son parte integral de su filosofía y de su éxito.
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