Sad news to hear about the passing of a great investor teacher and a legendary thought leader.
Charlie Munger was a huge influence in shaping our investment philosophy ... as we're sure he was for many others.
Some of our favourite quotes of his:
"More investors don’t copy our model because our model is too simple. Most people believe you can't be an expert if it's too simple.
How did Berkshire’s track record happen? If you were an observer, you’d see that Warren did most of it sitting on his ass and reading."
"I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do."
"If you remove just a few of Berkshire’s top investments, its long-term track record is pretty average"
"If you’re not willing to react with equanimity to a market price decline of 50% two or three times a century, you’re not fit to be a common shareholder and you deserve the mediocre result you’re going to get"
"Warren Buffett has become one hell of a lot better investor since the day I met him, and so have I.
If we had been frozen at any given stage, with the knowledge we had, the record would have been much worse than it is.
So the game is to keep learning, and I don't think people are going to keep learning who don't like the learning process"
There are many more. Thank you Charlie for making us all better investors.