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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharlie Munger: I had a 'much better mind than other people had, and I recognized that quite early'In this CNBC Special Report CNBC's Becky Quick sits down with investing legend Charlie Munger in his last ever interview with CNBC as he looks back at his childhood, the growth of Berkshire Hathaway, his enduring legacy and much more.
Persons: Charlie Munger, Becky Quick, Berkshire Hathaway Organizations: CNBC Locations: Berkshire
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharlie Munger on making money in today's market: 'It's so much harder you can't believe it'In this CNBC Special Report CNBC's Becky Quick sits down with investing legend Charlie Munger in his last ever interview with CNBC as he looks back at his childhood, the growth of Berkshire Hathaway, his enduring legacy and much more.
Persons: Charlie Munger, Becky Quick, Berkshire Hathaway Organizations: CNBC Locations: Berkshire
Munger, Berkshire Hathaway's vice chairman who died Tuesday just a month shy of his 100th birthday, stressed that he and Buffett almost never used this common Wall Street practice, because they always put their shareholders first. "Losing three quarters of the money would've been a big letdown." Munger said he and Buffett had been "very cautious" in handling their shareholders' money over the years. Berkshire shareholders tend to be long-term investors like all the conglomerate's top executives, often treating their stock like a savings account. We would've used more leverage," Munger said in the CNBC special.
Persons: Charlie Munger, Berkshire Hathaway, Warren Buffett, Buffett, would've, Munger, CNBC's Becky Quick, Warren Organizations: Munger , Berkshire Hathaway's, CNBC, Berkshire, Insurance Locations: Berkshire, Munger , Berkshire, Omaha
Charlie Munger didn't manage to help pull off one final deal with his lifelong partner Warren Buffett, but he remained hopeful that Berkshire Hathaway , with nearly $160 billion cash, will find its elephant one day. Not very many," Munger said in CNBC's special "Charlie Munger: A Life of Wit and Wisdom," which aired Thursday. The Omaha-based conglomerate held a record level of cash — $157.2 billion — at the end of September. Squeeze new lemonsMunger, Berkshire's late vice chairman, said such a mammoth deal may have to be done by the next generation of leaders at the conglomerate. "There are worse situations than drowning in cash, and sitting, sitting, sitting.
Persons: Charlie Munger didn't, Warren Buffett, Berkshire Hathaway, Munger, Charlie Munger, CNBC's Becky Quick, Buffett, Berkshire's, Greg Abel, Buffett's, Ajit Jain, Ted Weschler, Todd Combs Organizations: Berkshire, Alleghany Corp, Dominion Locations: Omaha, Munger
Hugh Grant said he "hated" playing an Oompa-Loompa in the new movie, "Wonka." AdvertisementHugh Grant is opening up about playing an Oompa-Loompa in the new "Wonka" movie. AdvertisementTimothée Chalamet as Willy Wonka and Hugh Grant as an Oompa Loompa in "Wonka." Advertisement"Wonka" is a prequel to Roald Dahl's children's book, "Charlie and the Chocolate Factory," which was previously adapted into the 1971 movie "Willy Wonka & the Chocolate Factory," and 2005's "Charlie and the Chocolate Factory." Grant plays an ally of Willy Wonka, a sarcastic Oompa-Loompa named Lofty.
Persons: Hugh Grant, Wonka, Grant, , what's, Willy Wonka, James Corden, Roald Dahl's children's, Charlie, Chalamet, Loompa, Lofty, Paul King, Hugh, King, Olivia Colman, Rowan Atkinson, Keegan, Michael Key Organizations: Service, Metro, Warner Bros Locations: Paddington
But one little bar in Northern Ireland, Charlie’s Bar, has eclipsed them all this year, producing a heart-warming commercial that has gone viral, as social media users praised its “beautiful message” and “poignant” storyline. The video, which is just over two minutes long, finishes with a quote often attributed to the poet W.B. Its manager, Una Burns, worked closely with Teague to produce the commercial. Teague said Burns and a friend came up with the storyline after encountering several customers who were lonely and came to the bar in search of company. “I think this video has really impacted people in ways that we’d hoped but in some ways that we never imagined, either.”
Persons: John Lewis, W.B . Yeats, ” “, ” Aoife Teague, Una Burns, Teague, Burns, ” Teague, Missy, Martin McManus, ” “ There’s, , , we’d Organizations: CNN, Disney, Charlie’s, Facebook Locations: British, Northern Ireland, Enniskillen, Belfast, , Canada, United States, Germany
The Chinese internet lamented the death of Henry Kissinger death on Wednesday. Just four hours after his death was announced, topics on Kissinger hit a whopping 660 million combined view count on Weibo, China's version of Twitter. "Old friends are dying, like leaves in the wind," wrote one Weibo user in a top comment, referencing a line attributed to the ancient Chinese warlord Cao Cao. Chinese leader Xi Jinping even called him an "old friend of the Chinese people" when Kissinger visited China in July. AdvertisementWith his death, and that of Berkshire Hathaway's Charlie Munger, "an era in the United States has ended," wrote one Weibo user in a heavily upvoted comment.
Persons: Henry Kissinger, Kissinger, , Cao Cao, Guan Yu, Cao Cao's, Xi Jinping, Charlie Munger, Kissinger —, Munger, that's, Richard Nixon Organizations: Service, Weibo, Twitter, Sino, Business Locations: Weibo, China, American, Washington, Beijing, Berkshire, United States
“The great wealth transfer is gaining significant momentum as many billionaire entrepreneurs age,” Benjamin Cavalli, who oversees strategic clients in the global wealth management unit at UBS, told reporters. Their combined wealth rose 9% to $12 trillion, before taking inflation into account. Arnault is the world’s third-richest man, with a net worth of $167 billion, according to the Bloomberg Billionaires Index. Risks and opportunity for UBSThe “staggering” transfer of wealth to younger generations presents a huge opportunity for UBS, but also poses considerable risks, according to Cavalli. Heirs lean more toward impact investing — that is, socially or environmentally beneficial investing — over “classic grant-giving philanthropy,” Cavalli said.
Persons: , ” Benjamin Cavalli, LVMH's Bernard Arnault, Helene, Frederic, Delphine, Antoine, Alexandre, Bernard Arnault, Arnault, Tesla’s Elon Musk, Jeff Bezos —, , India’s Gautam Adani, Mukesh Ambani, Cavalli, , Morgan Stanley —, Stefan Wermuth, ” Cavalli, Charlie Munger, Henry E Organizations: London CNN, UBS, Bloomberg, Adani Group, Reliance Industries, Suisse, Getty, , Berkshire Hathaway, Huntington Library, Art Locations: Paris, Europe, France
Munger, a billionaire investor and vice chairman of Buffett’s investment firm Berkshire Hathaway, died Tuesday morning at 99 years old. (Berkshire Hathaway shares, which didn’t have different classes then, ended 1977 at $138 a share.) Projections of Warren Buffett, Berkshire Hathaway Inc. chairman and chief executive officer, and Charles Munger, vice chairman of Berkshire Hathaway. Berkshire outperformed the S&P 500 during 31 of the 46 years Munger was at the company, according to Bespoke. The Christmas Price Index, now in its 40th year, is a tongue-in-cheek take on the Bureau of Labor Statistics’ Consumer Price Index and is meant to highlight market changes over time while educating consumers about the economy.
Persons: Charlie Munger, Warren Buffett, Berkshire Hathaway, Buffett, Munger, ” Munger, Charlie, Michael Broggie, , , Charles Munger, Daniel Acker, Buffett’s, – Munger, inflation’s, Alicia Wallace, Read, Jordan Valinsky, didn’t Organizations: CNN Business, Bell, New York CNN, Berkshire, Berkshire Hathaway, Investment, Harvard Law School, Berkshire Hathaway Inc, Bloomberg, Getty, Daily, PNC Financial Services, Bureau of Labor Statistics ’, Nevada . Rite, Rite Aid, Amazon, Walmart, Target, Costco Locations: New York, Munger, Omaha, Berkshire, California, Pennsylvania, Ohio , Virginia, Washington, Michigan , New Jersey , Oregon, Connecticut , Maryland, Nevada
Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion. Citi raises Club holding Costco (COST) price target to $585 per share from $530, citing an acceleration of November sales. Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion. Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion. Ford (F) issues slightly worse full-year guidance: $10 billion to $10.5 billion in adjusted earnings before interest and taxes (EBIT) and adjusted free cash flow of between $5 billion and $5.5 billion.
Persons: Marc Benioff, Einstein, Jeff Marks, Charles Munger, Warren Buffett's, Charlie, Peter Arduini, Jim Cramer's, Jim Cramer, Jim, Andrew Caballero, Reynolds Organizations: Nasdaq, Dow, UAW, General Motors, Citi, Club, Costco, Barclays, Company, NBA, GE Healthcare, Nvidia, Brands, Barrick, Jim Cramer's Charitable, CNBC, Economic Cooperation, APEC, AFP, Getty Locations: U.S, Asia, San Francisco , California
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email'A Life of Wit and Wisdom': Charlie Munger special airs tonight at 8PM ETCNBC's Becky Quick previews the Charlie Munger special tonight at 8PM ET.
Persons: Charlie Munger, Becky Quick
Rates futures markets are showing cuts being priced as early as May 2024, according to LSEG data. The prospects for rate cuts received a boost on Tuesday after Fed Governor Christopher Waller, deemed a hawk, hinted at lower interest rates in the months ahead if inflation continued to ease. Deutsche Bank economists on Monday projected 175 basis points in Fed rate cuts in 2024, but said that those cuts would come with a mild recession in the first half of next year. “Absent rapid Fed easing, we expect a more challenging macro backdrop for stocks next year,” they wrote in a Wednesday report. Others said investors may be overestimating how quickly the Fed might react to signs of slowing inflation.
Persons: Carlo Allegri, Jack Ablin, ” Ablin, Christopher Waller, , Jake Schurmeier, Schurmeier, Thomas Barkin, Charlie McElligott, Michael Green, David Randall, Lewis Krauskopf, Saqib Iqbal Ahmed, Ira Iosebashvili, Andrea Ricci Organizations: REUTERS, Federal Reserve, Treasury, Cresset, Gross, Harbor, Reuters, Richmond Fed, Nomura Securities, Deutsche Bank, JPMorgan, Management, Thomson Locations: Manhattan, New York City , New York, U.S, stoke, Carolina, New York
What Warren Buffett Said About Charlie Munger
  + stars: | 2023-11-29 | by ( Nicole Friedman | ) www.wsj.com   time to read: 1 min
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Persons: Dow Jones, hathaway Locations: munger, berkshire
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCharlie Munger will be remembered for his philanthropy and integrity, says Barbara GoodsteinBarbara Goodwin, Managing Partner at R360, discusses Charlie Munger's passing and the road ahead for Berkshire Hathaway.
Persons: Charlie Munger, Barbara Goodstein Barbara Goodwin, Charlie Munger's, Berkshire Hathaway Organizations: Berkshire
Berkshire Hathaway vice chairman Charlie Munger has died at 99. Munger was known for his pragmatic life advice, including tips for longevity. AdvertisementCharlie Munger, vice chairman of Berkshire Hathaway and right-hand man to Warren Buffett, died Tuesday. To remain cheerful, Munger said that it's key to let go of negative emotions. Buffett also credited Munger with the success of Berkshire Hathaway, saying it was "built to Charlie's blueprint."
Persons: Charlie Munger, Munger, , Berkshire Hathaway, Warren Buffett, Forbes —, Still, Warren Buffet, Buffett, Candy Organizations: Berkshire Hathaway, Service, Berkshire, CNBC, Harvard, Daily Locations: Omaha, Munger munched
Charlie Munger died at the age of 99 on Tuesday. The Berkshire Hathaway vice-chairman became an investor after meeting Warren Buffett at a dinner party. AdvertisementCharlie Munger, the vice-chairman of Berkshire Hathaway and Warren Buffett's righthand man, died at the age of 99 on Tuesday. "Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation," Buffett said in a press release. Munger was a successful lawyer before Buffett convinced him to try out finance, and then to join Berkshire Hathaway in 1978.
Persons: Charlie Munger, Warren Buffett, , Berkshire Hathaway, Warren Buffett's, Buffett, Munger, didn't Organizations: Berkshire Hathaway, US Army Air Corps, Service, Berkshire Locations: Omaha , Nebraska
In death, Charlie Munger is loved by China
  + stars: | 2023-11-29 | by ( Matthew Loh | ) www.businessinsider.com   time to read: +4 min
Chinese social media is treating Charlie Munger, who died at 99 on Tuesday, with great reverence. AdvertisementAs Wall Street mourns the death of investing legend Charlie Munger, Chinese social media is tipping its hat to the man. Advertisement"Live long, be rich, have children and grandchildren, what a perfect life," wrote another user under a news report about his death. Munger, who amassed a net worth of around $2.3 billion, had a reputation for witty one-liners on life, geopolitics, business, and governance. Munger, who was outspoken against cryptocurrencies, also lauded China's main bank for banning crypto in 2021.
Persons: Charlie Munger, , Berkshire Hathaway, Munger, aplenty, Warren Buffet's, Xi Jinping, Jack Ma, Ma, cryptocurrencies, Elon Musk's Tesla Organizations: Service, Berkshire, Weibo, Twitter, Sina Finance, Business, Communists Locations: Weibo, Munger, China, Berkshire, Nebraska, America, Washington, Beijing, Shenzhen
Warren Buffett is arguably the most celebrated investor of our generation, but he couldn't have earned the title without Charlie Munger's influence. Munger, Berkshire Hathaway's vice chairman who passed away Tuesday at the age of 99, was instrumental in directing a young Buffett into buying strong-brand quality companies instead of dirt-cheap failing names that he called "cigar butts." The blueprint Munger instilled in Buffett was simple: To buy a wonderful business at a fair price, not a fair business at a wonderful price. In 1972, Munger convinced Buffett to sign off on Berkshire's purchase of See's Candies for $25 million even though the California candy maker had annual pretax earnings of only about $4 million. "Overall, we've kept moving in the direction of better and better companies, and now we've got a collection of wonderful companies, Buffett said.
Persons: Warren Buffett, couldn't, Charlie Munger's, Buffett, Munger, Charlie Munger, Benjamin Graham, we've Organizations: Munger , Berkshire Hathaway's, Berkshire, Oracle, Columbia University Locations: Munger , Berkshire, Berkshire, Omaha, California
The late billionaire investor Charlie Munger loved Costco, and called himself a "total addict." "I wish everything else in America was working as well as Costco does," Munger said last year. AdvertisementWith the death of billionaire investor Charlie Munger on Tuesday, Costco is losing one of its most ardent fans. Munger famously declared himself a "total addict" of the company on whose board he served for more than a quarter century. "I love everything about Costco," Munger said last year.
Persons: Charlie Munger, Munger, , I'm, Craig Jelinek, Jelinek, Costco, they've, Berkshire Hathaway, Warren Buffett, Buffett Organizations: Costco, Service, CNBC, Berkshire Locations: America, Berkshire
Stock Market Today: What's Next for Berkshire Hathaway
  + stars: | 2023-11-29 | by ( ) www.wsj.com   time to read: +1 min
The yield on the benchmark 10-year U.S. Treasury note fell below 4.3% Wednesday, a significant level when considering where it started the month—hovering above 4.8%. This comes a day after a formerly hawkish Fed official endorsed an extended pause on rate moves. Investors are also digesting Tuesday’s death of Berkshire Hathaway titan Charlie Munger . Contracts tied to the S&P 500, Dow industrials and Nasdaq-100 each ticked up modestly. The benchmark S&P 500 is on pace to end November with its best month since July 2022.
Persons: Berkshire Hathaway, Charlie Munger, Dow, Gold, Hang Seng, Organizations: Treasury, Fed, Dow industrials, Nasdaq, Futures, Hormel Foods Locations: Europe, Berkshire, Asia, Hong
Billionaire and investing legend Charlie Munger died on Tuesday at the age of 99. "Berkshire Hathaway could not have been built to its present status without Charlie's inspiration, wisdom and participation," Buffett said in a statement. Munger was already a wealthy man by the time he joined Buffett at Berkshire Hathaway, and went on to grow his fortune to an estimated $2.3 billion by early 2023. : Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger." Buffett and Munger both got rich making concentrated investments in individual companies, and Munger, in particular, scoffed at financial professionals who spread their bets across an array of names.
Persons: Charlie Munger, Berkshire Hathaway, Warren Buffett's, Buffett, Munger, it's Organizations: Berkshire, Oracle, Berkshire Hathaway, University of Southern California Law, Daily Journal Corporation Locations: Omaha, Munger, Berkshire
Charlie Munger died Tuesday at the age of 99. He said, however, that he probably wouldn't go after that particular dream at his old age. I never caught one," Munger told Quick in an interview filmed right before his 100th birthday. Advertisement"I am very good at recognizing unfair advantages, and I got unfair advantages at old age in the way I got an unfair advantage in not old age. While at Berkshire Hathaway , Munger served as vice-chairman alongside CEO Warren Buffett.
Persons: Charlie Munger, , Becky Quick, Munger, Quick, Price, You've, Berkshire Hathaway, Warren Buffett, CNBC's, Buffett, We've Organizations: Service, CNBC, Berkshire, Berkshire Hathaway Locations: California
Charlie Munger's unique partnership with Warren Buffett, spanning over half a century, helped forge one of the most successful conglomerates in history. The journey to their unparalleled success was full of learning, experience and laughter, but never an argument. Compared to Buffett's folksy image, Munger often spoke bluntly, sprinkling witty zingers that his followers adored. It's been so much fun," Munger said of his partnership with Buffett. Munger's Costco obsessionOn the rare occasions they disagreed, the two icons dealt with it by wielding laughter.
Persons: Charlie Munger's, Warren Buffett, Munger, Berkshire Hathaway, Charlie, Buffett, We've, it's Organizations: Buffett, Costco Locations: Omaha, Berkshire
Charlie Munger, the investing legend, once advised Warren Buffett to live life backwards. Think about what you want your obituary to say, and work towards it, Munger advised Buffett, he told CNBC. AdvertisementCharlie Munger, Warren Buffett's right-hand man at Berkshire Hathaway, once advised the CEO to think about what he'd want his obituary to say, then live life according to it, CNBC reported Tuesday . Munger told Buffett "he should write his obituary the way he wants it written, and then live his life accordingly," Quick said. In a recent unaired interview with Quick, Munger commented on the advice and said "It's not a bad idea" to start at the end and work backward.
Persons: Charlie Munger, Warren Buffett, Munger, Buffett, , Warren Buffett's, he'd, CNBC's Becky Quick, Quick, It's, Berkshire Hathaway, Warren Organizations: CNBC, Service, Berkshire Hathaway, Berkshire Locations: California, Omaha
Charlie Munger, Warren Buffett's right-hand man at Berkshire Hathaway, died at age 99 on Tuesday. He had planned his birthday party which would have fallen on New Year's Eve, according to CNBC. AdvertisementCharlie Munger, Berkshire Hathaway's vice chairman and investing legend, had plans in place for his birthday on New Year's Eve when he would have turned 100 years old, CNBC reported Tuesday . In a recent unaired interview with Munger, Quick asked if he had anything left on his bucket list of things he'd like to do. He led Berkshire Hathaway alongside Buffett since 1978 and amassed a $2.6 billion fortune along the way.
Persons: Charlie Munger, Warren Buffett's, Berkshire Hathaway, , CNBC's Becky Quick, Munger, Quick, It's, Warren Buffett, Buffett, Duke, Worcester Organizations: Berkshire, CNBC, Service, Charlie Munger , Berkshire Hathaway's Locations: Charlie Munger , Berkshire, California, Berkshire
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