Charlie Munger

Charlie Munger

Last Update: 04-13-2018

Number of Stocks: 4
Number of New Stocks: 0

Total Value: $160 Mil
Q/Q Turnover: 0%

Countries: USA
Details: Top Buys | Top Sales | Top Holdings  Embed:

Charlie Munger past Portfolios

Charlie Munger 13F Filings

Portfolio DateNumber of StocksTotal Value (Mil)Number of New StocksQ/Q Turnover

Charlie Munger 13D/G Filings

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Charlie Munger Watch

  • Buffett on Leverage: Do as I Say, Not as I Do?

    Warren Buffett (Trades, Portfolio) is unquestionably the greatest living value investor, so whenever he gives advice it is a good idea to listen closely. In late February, during an interview with CNBC, Buffett dished on a range of investment-related topics, but his chief concern of the day was leverage. Specifically, he outlined his disdain for financial leverage, calling it “crazy.” He also invoked the words of his long-time associate, Charlie Munger (Trades, Portfolio):


  • Introducing the Idea of the Investment Brain Drain

    I was recently introduced to one investment concept that has a bearing on every single investors' life, but due to the difficulty in quantifying its impact on investment performance, it is largely ignored.

    The concept I'm talking about is the idea of the investor's "brain drain." Not to be confused with the economic idea of a brain drain (losing highly qualified employees to different countries), the idea of an investor's brain drain is based on the fact every investor has to spend a significant amount of time and effort researching each opportunity.


  • Tips From Charlie Munger on How to Develop as an Investor

    Charlie Munger (Trades, Portfolio) is considered to be one of the world's best investors. He is also one of the investment world's most celebrated thinkers.

    However, the vast majority of articles out there concentrate on Munger's investment prowess, so I wanted to do something that focuses on Munger's generalized way of thinking about the world and learning, rather than just his advice on investing.


  • How to Buy Fiat, Ferrari and PartnerRe at a Large Discount

    Exor NV (MIL:EXO) is an Italian conglomerate that is controlled by the Agnelli and Elkann families. Its primary holding is Fiat (NYSE:FCAU), which has been something of a value investor favorite over the last five years, with guys like Mohnish Pabrai (Trades, Portfolio) and Guy Spier holding large stakes. The company just released its letter to shareholders, which is an interesting read offering perspective on its investment portfolio as well shedding light on the discount to NAV it trades at. You can find the full letter here.

    Exor trades at around $74 per share while its NAV is more like $117 per share or a 37% discount. This seems somewhat undeserved as Exor sports an impressive investment record in terms of compounding its net asset value per share:


  • Tech as a Value Investment?

    In the world of value investing, it is rare that big tech stocks ever enter into the conversation.

    Tech is, to some degree, considered to be out of bounds, mostly because it is difficult to understand how intellectual property factors on the balance sheet and the volatility that investing in these companies tends to involve. A lack of tangible assets on the balance sheet and ghosts of the early 1990's tech bubble only add to value investors' caution


  • Notes From Charlie Munger's Partnership

    Before he built a reputation as Warren Buffett (Trades, Portfolio)'s right-hand man at Berkshire Hathaway, Charlie Munger (Trades, Portfolio) made a name for himself managing money for investors at his own partnership -- similar to the way Warren Buffett (Trades, Portfolio) originally built his following.

    Munger ran his partnership in the same way he has continued to invest ever since, in a few select opportunities, which says a lot about his intellect. Most investors gain experience throughout their career, but it seems Munger was born with all the knowledge needed to be a successful investor.


  • When to Sell a Stock, as Told by Charlie Munger

    Warren Buffett (Trades, Portfolio)'s right-hand man, Charlie Munger (Trades, Portfolio), is famously a long-term investor. He likes to buy and hold companies, rarely making any changes to the portfolio he managers at the Daily Journal Corp. (NASDAQ:DJCO).

    That said, over his career, Munger has sold stocks -- initially, when managing his partnership portfolio before joining Berkshire Hathaway (NYSE:BRK.A)(NYSE:BRK.B), and at Berkshire Hathaway alongside Warren Buffett (Trades, Portfolio), as he manages the conglomerate portfolio.


  • Kraft Heinz Moving Up After Downward Movement in Early Trading

    Shares of The Kraft Heinz Co. (NASDAQ:KHC) jumped 1% after being down all morning on the heels of Friday’s announcement that Warren Buffett (Trades, Portfolio) was leaving its board of directors.

    Kraft Heinz was up by 1.04% to $69.74 a share in late afternoon trading.


  • Benjamin Graham's Timeless Advice

    Of all the well-known investors out there today, none has a reputation that comes anywhere near that of Benjamin Graham. Even though this godfather of investing has been dead for many years, he still shapes the investment ideas and styles of thousands of investors alive today thanks to his timeless advice.

    Indeed, despite the fact that the financial world has changed tremendously since Graham’s death, his advice is still highly relevant as, as he once said, “The underlying principles of sound investment should not alter from decade to decade, but the application of these principles must be adapted to significant changes in the financial mechanisms and climate.”


  • 2018 DJCO Meeting Notes

    I had the pleasure of attending Daily Journal’s annual shareholder meeting for the fifth consecutive year and listened to almost two hours of spectacular Mungerism.

    It’s absolutely amazing that Charlie Munger, at the age of 94, is still so sharp. This year’s meeting was held at a venue with much higher capacity than the previous ones. But the amount of attending groupies also vastly outnumbered that of the previous meetings. Therefore, many groupies had to either stand for two hours or watch the meeting from the overflow areas outside of the conference hall. Still, compared to the number of shareholders who attend Berkshire’s annual meetings, the number of Munger groupies is very small.


  • Li Lu: How to Be a Value Investor

    Li Lu is one of the world's most under-appreciated value investors in my view. While most investors are aware of Warren Buffett (Trades, Portfolio) and Charlie Munger (Trades, Portfolio), both of whom Li Lu learned from, Li Lu is less well-known even though he moves in the same circles.

    According to various sources, Li Lu's firm, Himalaya Capital Investors L.P., has produced an annual return for investors of more than 20% since its founding in 1998, this puts the value investor in the same league as Buffett and Munger in terms of returns.

  • Interview With James East: Finding Opportunity Worldwide

    It is just plain common sense to buy low and sell high. Yet although everyone can easily observe the wide variation in stock prices, it seems that very few of us are able to do so.

    James East has a proven track record and is one of those very few outsider investors. He has delivered an 11.3% return annually since the partnership’s initiation in 2007. Moreover, he directed one of the very few funds in U.S. that delivered positive returns during the 2008-09 financial crisis while avoiding derivatives and short selling! Surprisingly, from what we learned from our last interview with East, he afforded little attention, if any, to macroeconomic conditions. Instead, he is very much micro-oriented toward buying individual stocks and part ownership in businesses with significant margins of safety.


  • Do Quality and Value Matter for Juniper Networks?

    Juniper Networks (NYSE:JNPR) proves that not all tech companies receive love. It’s a $10 billion company involved in enterprise networking and IT solutions. Selling, installing, managing and optimizing networks means they compete with names like Cisco (CSCO), HP (HPE) and F5 Networks (FFIV).

    But Juniper is the topic of the day as it shows up in my Sleeper Stock screen.


  • Charlie Munger's Comments in 1987 on Whether Buffett Paid Up for Cap Cities and Tom Murphy

    I was reading the October 1987 issue of Outstanding Investor Digest and came across some interesting comments from Charlie Munger (Trades, Portfolio) on Tom Murphy and Warren Buffett’s purchase of Cap Cities from the 1987 Wesco annual meeting. Below are my notes and excerpts from the issue.

    A question was raised regarding paying a premium for good management. Here is Charlie’s response, which is great but may not knock your socks off:


  • The Evolution of My Research Process - Part I

    I was recently invited to visit the headquarter office of an investment research platform, whose research product I’ve been using for quite a while. I had a meeting with the product team, during which I walked through my research process and shared some feedback of their product.

    During the Q&A section, one of the product manager asked this question: “How has your research process changed over time and how can we make sure that our product can create value for you even with the change in your process?”


  • What Charlie Munger Can't Understand

    Charlie Munger (Trades, Portfolio) is Warren Buffett (Trades, Portfolio)’s right-hand man and an extremely accomplished investor in his own right. His experience means that when it comes to investing, there’s not much Munger does not understand or have some insight into. However, there’s one topic he has expressed some lack of understanding of in the past.

    The following extract is taken from Charlie Munger (Trades, Portfolio)’s “A Lesson on Elementary Worldly Wisdom as It Relates to Investment Management & Business” from a lecture to the students of Professor Guilford Babcock at the University of Southern California Marshall School of Business as published in the Outstanding Investor Digest's May 5, 1995, Edition.


  • Bitcoin Prices Tumble 11% on South Korean Ban Fears

    Bitcoin's price was volatile Wednesday into Thursday, as South Korea announced a plan to sign a bill that would ban cryptocurrency trading in the country. All cryptocurrencies tumbled on the news, with Coindesk reporting an 11% drop in bitcoin value on the day.

    South Korea's government has cracked down on tax evasion, with the country's tax authorities and police raiding local bitcoin exchanges.


  • Some Thoughts on Combining the S&P 500 With Value Investing

    Index funds and value investing sit in two distinctly different investment groups.

    On one hand, you have value investing; the principle that stocks should only be acquired if they are trading below intrinsic value.


  • We Didn’t Start the Fire

    What should long-duration common stock owners like us do with the news of the horrific flood in Texas, the Category 5 hurricane in the Caribbean, the heightened tensions created by North Korea’s Dictator, Kim Jong-un, and the 8.1 magnitude earthquake in Southern Mexico? What is wise behavior in a more volatile stock market environment created by outside events?

    More than 30 years in the industry have taught us that outside events come and go, but patience matters. Just look at the similarities with Billy Joel’s 1989 hit “We Didn’t Start the Fire.”1 The song named 100 major people, political and economic events in the first 40 years of his life. As you can see, it is interesting how the same subjects continue to pop up in the 28 years since the song hit the top of the Billboard charts.


  • GuruFocus Value Conference 2018: Suggest a Speaker

    GuruFocus Value Conference 2018 will be held at the DoubleTree Hotel in downtown Omaha from the evening of May 3 to the afternoon of May 4, the Thursday and Friday before the annual Berkshire Hathaway meeting.

    We are reaching out to a group of excellent investors and fund managers to speak at the conference. If you have any suggestions for speakers, please let us know in the comment area of this article. If you think you are a good investor and good speaker, feel free to contact us.


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