Munger, was a lawyer. Army Air Corps , where he became Second Lieutenant. However, the dean relented after a call from Roscoe Pound , a former dean of Harvard Law and a Munger family friend. He wound up Wheeler, Munger, and Co. It began as a savings and loan association , but eventually grew to control Precision Steel Corp.
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The last chapter Practical thought about practical thought is a masterpiece. Sep 23, InvestingByTheBooks. When Damn Right! And whereas a lot is written about Munger as an investor, in this biography we get to know him on a more personal level from his birth to his 70s around the year Munger and his family always wanted to remain out of the public eye, causing very little information to be available about Munger before Damn Right!.
Still, the author Janet Lowe told Munger that she was going to write about him with or without his consent and after a while he agreed to be cooperative. Lowe is an investment writer and author.
She specializes in books about business leaders and has among others portrayed Benjamin Graham, Warren Buffett and Bill Gates. Damn Right! His family taught him the sound morals of Thomas Jefferson and Benjamin Franklin from an early age. Early in his career he suffered from both distractive events as being forced into military service, as well as sad ones with a divorce and the tragic death of his son.
It took him until his thirties to start accumulating his fortune which he built out of savings from his legal practice, invested into real estate projects. Having realized that debt is a vital ingredient to be successful in real estate investing together with it being a full-time job, he soon moved on to other interests.
This involved starting an investment partnership and resigning from being a lawyer after having co-founded the law firm Munger, Tolles and Olsen - which is used by Berkshire to this day.
Munger ran a concentrated investment portfolio with huge success but also wild fluctuations. He frequently discussed his investment ideas with Warren Buffett who he later famously went into business with, taking the subordinate position as vice Chairman of Berkshire Hathaway. Munger is famously known for teaching Buffett that it pays off to pay up for quality.
What is not so known but explained in the book is that he himself also learnt that lesson fairly late. Munger is of the view that honesty and hard work will take a person a long way. Although the book is filled with timeless quotes from both Munger and Buffett I still feel that some quotes are a bit misplaced where one subject is discussed and then followed by a quote or writing which is not really connected with the prior text disrupting the flow of the reading.
However, this is more of a minor observation than a large negative. For me, a book about Munger could never be boring.
The part I enjoyed the most was to get more insight into Charlie Munger the person and not only his sharp quotes and wisdom, even if the book gives the reader plenty of that too. The only thing I would ask for now is for someone to fill in the gaps of the last 20 years of the fascinating life of Charlie Munger.
Who is Charlie Munger? Wit and Wisdom From The World’s Most Irreverent Billionaire
Search Who is Charlie Munger? Below is an attempt to capture that wisdom in one shareable place. Discharge your duties faithfully and well. Systematically you get ahead, but not necessarily in fast spurts. Nevertheless, you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day.
Damn Right!: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger
Damn Right: Behind the Scenes With Berkshire Hathaway Billionaire Charlie Munger
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