{"id":54480,"date":"2021-11-08T15:26:00","date_gmt":"2021-11-08T19:26:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=54480"},"modified":"2022-01-08T15:27:48","modified_gmt":"2022-01-08T19:27:48","slug":"charlie-munger-speeches","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/charlie-munger-speeches\/","title":{"rendered":"7 Life Lessons From Charlie Munger\u2019s Speeches"},"content":{"rendered":"\n<p>What life lessons can we learn from Charlie Munger\u2019s speeches? Why is Warren Buffet so important in Munger\u2019s life?<\/p>\n\n\n\n<p>Charlie Munger\u2019s speeches highlight moral character, hard work, focus, good partnerships, and a great sense of humor as the secrets to his success in life. His partnership with Warren Buffet is also crucial because Buffett serves as an invaluable ally for testing out his thinking.<\/p>\n\n\n\n<p>Read on to discover more valuable life lessons from Charlie Munger\u2019s speeches.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-moral-character-and-honesty\"><strong>Moral Character and Honesty<\/strong><\/h2>\n\n\n\n<p>Charlie Munger\u2019s speeches show how much he cares about reputation\u2014the reputation of Berkshire Hathaway, of its owned companies, and of himself. He desires integrity from people he works with and managers of companies he wants to acquire. Companies that have a trusted brand name have a <a href=\"https:\/\/www.shortform.com\/blog\/business-competitive-advantage\/\">competitive advantage<\/a> that can persist over time. Trust takes a long time to build, and an instant to vanish.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u201cWhen you borrow a man\u2019s car, you always return it with a full tank of gas.\u201d People notice these little things.<\/li><li>Track records are important, and if you develop one in an integral trait like honesty, you\u2019ll have a big advantage in the world.<\/li><li>You should be able to make plenty of money without getting anywhere close to the line of legal trouble. Often you\u2019ll <a href=\"https:\/\/www.shortform.com\/blog\/make-more-money\/\">make more money<\/a> by doing the right thing.<\/li><li>What\u2019s the best way to have good friends and relationships? By deserving good friends and relationships by deserving it yourself.<\/li><li>\u201cIt&#8217;s hard for an empty sack to stand upright.\u201d\u2014Benjamin Franklin<\/li><li>\u201cTrickery and treachery are the practices of fools that have not the wits enough to be honest.\u201d\u2014Benjamin Franklin<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-don-t-cheat\"><strong>Don\u2019t Cheat<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\"><li>Warren Buffett hates CEOs who manipulate their financial statements with tricks like adjusted earnings and not counting stock as compensation. \u201cA CEO who, as his company revved up to go public, asked prospective auditors, \u201cWhat is two plus two?\u201d The answer that won the assignment, of course, was, \u201cWhat number do you have in mind?\u201d\u2014Warren Buffett, 2016 BRK shareholder letter<\/li><li>\u201cIf you mix raisins with turds, you\u2019ve still got turds.\u201d No accounting standards or degree of auditing can prevent unscrupulous managers from conducting fraud.<\/li><li>His partner hates the idea of adjusted earnings. In one of Charlie Munger\u2019s speeches, he said, \u201cEvery time you see the word <a href=\"https:\/\/www.shortform.com\/blog\/importance-of-ebitda\/\">EBITDA<\/a> [earnings before interest, taxes, depreciation, and amortization], you should substitute the words \u201cbullshit earnings.\u201d<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-charlie-s-parenting-style\"><strong>Charlie\u2019s Parenting Style<\/strong><\/h2>\n\n\n\n<p>Munger\u2019s children contributed quotes in the <em>Poor Charlie\u2019s Almanack<\/em> book. They comment on his nature\u2014hard-working, perpetually reading, and absent-minded. But they speak well of his lessons on character, <a href=\"https:\/\/www.shortform.com\/blog\/making-better-decisions-2\/\">good decision making<\/a>, and discipline. All seem grateful for the parenting.<\/p>\n\n\n\n<p>His son, Charles Munger Jr. shared a teaching strategy that Munger used. He told a parable, where someone faced an ethical problem. He gave two endings, a good version where someone chose the right path, and a downward spiral tale, where someone chose the wrong path and suffered an endless series of catastrophes. One tale involved a manager who had made an accounting mistake that resulted in big losses. In the correct version of the story, he went to his boss and told him about the mistake. His boss understood, thanking him for admitting to the mistake and forgiving him, also noting that had he tried to hide the mistake, he would have been fired immediately.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-benefits-of-old-age\"><strong>Benefits of Old Age<\/strong><\/h2>\n\n\n\n<p>Old age comes with declining physical health, but it comes with increased wisdom and comfort of a life well-lived.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>In the Trojan war of mythology, Agamemnon in the war on Troy &#8220;never once wished for ten more men with the strength of Ajax but, instead, wanted ten more with the wisdom of Nestor.\u201d<\/li><li>\u201cThe best Armour of Old Age is a well-spent life preceding it; a Life employed in the Pursuit of useful Knowledge, in honourable Actions and the Practice of Virtue: in which he who labours to improve himself from his Youth, will in Age reap the happiest Fruits of them; not only because these never leave a Man, not even in the extremest Old Age; but because a Conscience bearing Witness that our Life was well-spent, together with the Remembrance of past good Actions, yields an unspeakable Comfort to the Soul.\u201d\u2014Cicero<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-work-hard-on-good-work\"><strong>Work Hard on Good Work<\/strong><\/h2>\n\n\n\n<p>Success doesn\u2019t come without hard work.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>In Charlie Munger\u2019s speeches, he repeatedly emphasized that passion is more important than natural talent or brain power. Berkshire has many companies with people who are fanatics about their business.<\/li><li>Munger and Buffett are both famous for reading a lot. But reading isn\u2019t enough\u2014you need to have the courage to choose the right ideas and do good things with them.<\/li><li>In one of Charlie Munger\u2019s Speeches, he stated that McDonald\u2019s is one of the most successful educational institutions in the world. It provides first jobs to millions of young people, many who have trouble in traditional education, and teaches them a valuable lesson\u2014show up daily and do good work to succeed.<\/li><li>Munger once collaborated with a construction firm with two partners who made a simple agreement\u2014\u201dsplit the work equally, and when we\u2019re behind, we will both work 14 hours a day, every day of the week, until we\u2019re caught up.\u201d Naturally, they succeeded and were admired.<\/li><li>&#8220;Perhaps the most valuable result of all education is the ability to make yourself do the thing you have to do, when it ought to be done, whether you like it or not. It is the first lesson that ought to be learned and however early a man&#8217;s training begins, it is probably the last lesson that he learns thoroughly.\u201d\u201419th century biologist Thomas Henry Huxley<\/li><\/ul>\n\n\n\n<p>It\u2019s also important to do <a href=\"https:\/\/www.shortform.com\/blog\/fulfilling-work\/\">meaningful work<\/a>. An admirable person works on outcomes that she will not survive to see.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-focus\"><strong>Focus<\/strong><\/h2>\n\n\n\n<p>Munger\u2019s children and friends noted his ability to focus on the problem at hand. When he concentrates on a problem, he won\u2019t even acknowledge someone who comes into his room.<\/p>\n\n\n\n<p>Focus helps in business management too. General Electric CEO <a href=\"https:\/\/www.shortform.com\/blog\/jack-welch-ge-leadership\/\">Jack Welch<\/a> inherited a business that played in far too many fields, an approach he rejected: \u201cTo hell with it. We\u2019re either going to be #1 or #2 in every field we\u2019re in or we\u2019re going to be out. I don\u2019t care how many people I have to fire and what I have to sell. We\u2019re going to be #1 or #2 or out.\u201d (Shortform note: Steve Jobs would do the same to Apple when he returned, killing the many forms of unsuccessful devices to focus on only a handful, including the original iMac.)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-partnering\"><strong>Partnering<\/strong><\/h2>\n\n\n\n<p>Warren Buffett and Charlie Munger\u2019s partnership is one of the most famous in the business world. They both have nice things to say about each other.<\/p>\n\n\n\n<p>Buffett considers Munger an invaluable ally who tests his own thinking: The importance of this partnership was addressed in one of Charlie Munger\u2019s speeches when he said, \u201cLook for someone both smarter and wiser than you are. Ask him not to flaunt his superiority so that you may enjoy acclaim for many accomplishments that sprang from his thoughts and advice. Seek a partner who will never second-guess you nor sulk when you make expensive mistakes. Look also for a generous soul who will put up his own money and work for peanuts. Finally, join with someone who will constantly add to the fun as you travel a long road together.\u201d<\/p>\n\n\n\n<p>Munger joined Berkshire Hathaway as a second-in-command rather than an equal partner. Given that he had run his own investment firm before joining, others were surprised, but he didn\u2019t mind it. \u201cThere are some people that it is okay to be a subordinate partner to&#8230;there are always people who will be better at something than you. You have to learn to be a follower before you become a leader.\u201d<\/p>\n\n\n\n<p>A funny story: Buffett would often call Munger to discuss a deal, and Munger would often respond in shock, pointing out any number of risks. After discussing them through, Buffett would usually admit that Munger was right and turn down the deal. But once in a while, Buffett would say that he was going to go forward with the deal anyway. And at some points, Munger would show how he really felt when he responded, \u201cWarren, if you do it, could I have a percentage of it?\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-munger-s-sense-of-humor\"><strong>Munger\u2019s Sense of Humor<\/strong><\/h2>\n\n\n\n<p>In each of Charlie Munger\u2019s speeches, he shows his wry sense of humor, which allows him to state otherwise controversial opinions in palatable ways. Here\u2019s a sample of quotes (read the full speeches for more):<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u201cI&#8217;m right, and you\u2019re smart, and sooner or later you&#8217;ll see I\u2019m right.\u201d<\/li><li>On the <a href=\"https:\/\/www.shortform.com\/blog\/why-math-is-important\/\">importance of math<\/a>: \u201cIf you don\u2019t get this elementary, but mildly unnatural, mathematics of elementary probability into your repertoire, then you go through a long life like a one-legged man in an ass-kicking contest.\u201d<\/li><li>\u201cThe fun never stops. I suppose that it does stop eventually when you\u2019re drooling in the convalescent home at the end.\u201d<\/li><li>On investing in new technology: \u201cThe company that needs a new machine tool, and hasn\u2019t bought it, is already paying for it.\u201d<\/li><li>On hiring professors with extreme political ideologies: it \u201cmade regain of objectivity almost as unlikely as regain of virginity.\u201d<\/li><li>\u201cI don&#8217;t use formal projections. I don\u2019t let people do them for me because I don\u2019t like throwing up on the desk.\u201d<\/li><li>On accountants who set up an <a href=\"https:\/\/www.shortform.com\/blog\/what-is-incentive-meaning-and-definition-economics\/\">incentive<\/a> structure that rewarded destructive lending practices: \u201cThese people became the equivalent of an armored car cash-carrying service that suddenly decided to dispense with vehicles and have unarmed midgets hand-carry its customers\u2019 cash through slums in open bushel baskets.\u201d<\/li><li>\u201cTo say accounting for derivatives in America is a sewer is an insult to sewage.\u201d<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What life lessons can we learn from Charlie Munger\u2019s speeches? Why is Warren Buffet so important in Munger\u2019s life? Charlie Munger\u2019s speeches highlight moral character, hard work, focus, good partnerships, and a great sense of humor as the secrets to his success in life. His partnership with Warren Buffet is also crucial because Buffett serves as an invaluable ally for testing out his thinking. Read on to discover more valuable life lessons from Charlie Munger\u2019s speeches.<\/p>\n","protected":false},"author":10,"featured_media":13667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[20,7,33],"tags":[533],"class_list":["post-54480","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethics","category-lifestyle","category-people","tag-poor-charlies-almanack","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>7 Life Lessons From Charlie Munger\u2019s Speeches - Shortform Books<\/title>\n<meta name=\"description\" content=\"What are the key life lessons from Charlie Munger&#039;s Speeches? Discover the importance of honesty, hard work, and partnership to success.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/charlie-munger-speeches\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"7 Life Lessons From Charlie Munger\u2019s Speeches\" \/>\n<meta property=\"og:description\" content=\"What are the key life lessons from Charlie Munger&#039;s Speeches? 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