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Charlie Munger's close friend and confidant, Li Lu, recently penned a tribute to the late investor. AdvertisementA close friend and confidant of Charlie Munger recently published a tribute to the legendary investor who died last week, highlighting the values and principles that made him unique. Li Lu, the only person other than Warren Buffett who Munger trusted to invest his personal fortune, penned a eulogy titled "Remembering my teacher Charlie Munger" on Facebook. Li has roughly quintupled the sum since then, making it little surprise that Munger — Buffett's right-hand man and Berkshire Hathaway's vice chairman — has dubbed him the "Chinese Warren Buffett." "Charlie Munger answered those questions through his long exemplary life."
Persons: Charlie Munger's, Li Lu, Warren Buffett's, Li, Munger, , Charlie Munger, Warren Buffett, Charlie Organizations: Service, Facebook, Berkshire Hathaway's, Berkshire, Daily, Capital Management Locations: BYD, China
But Munger made mistakes too, and cited Alibaba and Belridge Oil as two of his biggest investing errors. AdvertisementLegendary investor Charlie Munger was a shrewd investor who helped Berkshire Hathaway make billions. Here are the mistakes Munger has admitted to:Alibaba was 'one of the worst mistakes' Munger madeMunger's Daily Journal quadrupled its holding of Alibaba stock in the third quarter of 2021. Oil giant Shell acquired Belridge Oil in 1979 for about 30 times the price Munger had paid for the company's shares. "But I would have had twice as many billions if I'd just made a different decision about Belridge Oil."
Persons: Charlie Munger, Warren Buffet, Berkshire Hathaway, Munger, , Munger —, Pinker, Alibaba, Jack Ma, they're Organizations: Service, Berkshire, Munger's Daily, Daily, Oil Munger, Belridge, Shell, Belridge Oil Locations: Berkshire, California, Munger's
Munger, Warren Buffett's trusted right-hand man, died on Tuesday at the age of 99. One of the legendary investor's rules: "Don't work for anyone you do not respect and admire." "A lot of employers will permit that if you're shrewd enough to work it out with some tact," wrote Munger, Buffett's close confidant. Munger's other two rules for career happiness were: "Don't sell anything you wouldn't buy yourself" and "work only with people you enjoy." "I have been incredibly fortunate in my life when it comes to these basic rules," Munger wrote.
Persons: Charlie Munger, Warren Buffett's, , Munger, Berkshire Hathaway, Buffett's, Munger's, Munger —, Buffett, Warren Buffett Organizations: CNBC, Service, Berkshire Locations: Munger, Berkshire, Omaha , Nebraska
Warren Buffett and Charlie Munger appeared skeptical of AI during an annual shareholder meeting. Billionaire investors Warren Buffett and Charlie Munger haven't quite bought into the artificial intelligence hype. "I am personally skeptical of some of the hype that is going into artificial intelligence," Munger said. Both Buffett and Munger have questioned in the past whether artificial intelligence will be beneficial to society. Earlier this year, Buffett's righthand man said AI won't be able to do "everything that we want," like cure cancer.
Shareholders watch Warren Buffett and Charlie Munger from the overflow room during the Berkshire Hathaway annual meeting on Saturday, May 6, 2023, in Omaha, Neb. Berkshire Hathaway 's annual shareholder meeting on Saturday included dozens of questions spanning topics such as investing strategy, artificial intelligence and politics for the legendary investors at the helm of the conglomerate: Chairman Warren Buffett and Vice Chairman Charlie MungerBut it wasn't all strictly business. Buffett and Munger — who are 92 and 99 years old, respectively — cracked jokes and shared wisdom from decades in the investing world throughout the more than five hours spent answering questions. Tens of thousands congregated at the CHI Health Center in Omaha, Nebraska were left laughing on multiple occasions by quips from the nonagenarians. Here's some of the best moments from the "Oracle of Omaha" and Munger:
Warren Buffett's Berkshire Hathaway should invest some of its excess cash in Tesla, Elon Musk said. Charlie Munger had the chance to buy into Tesla at a $200 million valuation in 2008, Musk said. Munger could have made 3,000 to 6,000 times his money, as Tesla is worth over $600 billion today. Musk's tweet suggests that Munger — Buffett's 99-year-old business partner and Berkshire's vice-chairman — could have bought, say, 5% of Tesla for a measly $10 million in 2008. Munger and Buffett have never publicly invested in Tesla, but both men have weighed in on Musk and his car company.
UC-Santa Barbara's Munger Hall may not be built after 13 people said it could pose health risks. The dorm — backed by a $200 million donation from Munger — was supposed to be 11-stories high with 4,500 beds across 70 square-foot bedrooms with no windows, according to the Times. Munger Hall has been criticized for its lack of windows in the bedrooms where students would live. Panelists said that Munger Hall could pose challenges to the mental and physical health of students, Vice reported. As far as the report, Munger told The Real Deal that the it's "all horseshit," adding that "it's ridiculous."
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