Charlie Munger

Charlie Munger Google Talk?

I just recently found out that Charlie Munger was interviewed by Ruth Porat, CFO Alphabet Inc. I found a set of notes from this blog: http://d0j.blogspot.com/2016/09/notes-from-charlie-munger-talk.html. The notes are from 2016. Despite the weird formatting, it looks legit and it’s Charlie in the picture. However I can’t find any video evidence of this. Usually Google Talks are recorded, available on Youtube with 40 views. There’s nothing on Google either (I even tried Bing in case Google was suppressing results). It appears to be a private talk. If anybody know more about this feel free to share.

Q1 hedge fund letters, conference, scoops etc

Charlie Munger

Other business: I got back from the Fairfax AGM and have a ideas for a couple new posts in the coming weeks.

I made a copy of the notes below just in case they get lost on the Internet. It seems to be the only copy I could find.

Charlie Munger notes from Alphabet interview. Sorry for the formatting. It’s straight copy and paste from the website.

Reposted from d0j.blogspot.com

By thus spake hareesh nagarajan

Notes from the Charlie Munger Talk

Charlie Munger was interviewed by Ruth Porat, CFO Alphabet Inc earlier in the Mountain View campus today. Here are some (unedited) notes I jotted down:

Munger: “What you have to learn is to fold early when the odds are against you, or if you have a big edge, back it heavily because you don’t get a big edge often. Opportunity comes, but it doesn’t come often, so seize it when it does come.”

take a simple idea and take it seriously

to get a good spouse, you need to deserve a good spouse

the google culture is unique

what do you like about google culture?

you got more brain power

Larry created a different culture

Ruth “incrementalism leads to irrelevance”

charlie: not all companies keep growing. you cannot compound infinitely

Berkshire Hathaway is decentralized

we are similar to google in how to accumulate money. we don’t know what to do with it.

investing money is difficult

professional investment used to be simple and stupid in old days

when u compete with idiots you can do well

Ruth “competition is one click away”

audience “which sectors are attractive to you”

folks that have momentum

if i had to buy one tech stock id buy google

the Chinese are hungry. the engineers are coming out of poverty

Berkshire is like a swimmer that keeps swimming with or without the tide. we don’t anticipate swings in the tide.

VC in 2000 took 100B

Sam Goldwyn – “Gentlemen, You May Include Me Out “

we own the biggest carbide cutting tools company

these Israeli guys run it as fanatics

we don’t know anything about carbide cutting tools.

but these Israeli guys are winning

the culture they’ve created fosters winning

Berkshire avoids mistakes by continuous learning

judging people has been crucial

our philosophy: if a guy can juggle 20 milk bottles, then why would we interfere?

a mistake we learned from:

guy we had from beginning from Berkshire had cancer. we kept him. but he signed bad contracts. we learned from that. you don’t want wrong compassion

advice for the young:

underspend your income.

you may not get rich but you won’t do badly.

keep at it.

investing money is harder TODAY

world today is radically different

you don’t have the time to find value stocks like warren used to.

ibm let gates put out software on their hardware. they lost.

“it’s never going to be easy”

avoid the craziness

crazy bubbles should be avoided.

“i want a fair advantage”

you have to specialize to succeed

specialization works

5-10% time to think of your hobbies

what i learned from other fields:

psychology was most important. “why is everyone so crazy”

i was going to synthesize psychology with everything else i do.

psychologists on the other hand just focus on psychology.

but i’m trying to figure out how to use psychology in investing and everything else i do .

you have to be alert when the rare opportunity comes by. u have to have patience.

‘your opportunities are rare but you have to move’ said his great grandfather

few decisions get to be very important

venture capital is a bubble. there has been overpaying.

i dont understand computer software. i don’t understand your culture.

but it can’t be easy

what we are good at: “we know how to buy businesses”

you need to be able to destroy your own idea.

you should be OK with making a dumb mistake

everyone is useful. he can always be used as a bad example

Article by Brian Langis


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