Charlie Munger, Who Helped Buffett Build Berkshire, Dies at 99
- Thread starter vanzandt
- Start date
munger was only worth 2.x billion because he chose to be.
lol
Munger did talk his book constantly nor did he fail to mark the loss on his short index puts due to "strong fundamentals" of the mkts. Munger was actually fairly ethical.
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IN MY WHOLE LIFE,I have known no wise people who dont read all the time, zero;
Said his kids laugh @ him thinking he is a book with legs sticking out LOL- Charlie Munger
{ I wonder if that last statement is REALLY true LOL??} Good overall quote anyway LOL.
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I WISH everybody worked as well as COST[COST Co]; think what a blessing that would be .-C M
I like his old fashioned , old school school suit + tie, sure not needed, or value clothing most likely. He may have bought it @ Goodwill for all i know/value clothes LOL
IN MY WHOLE LIFE,I have known no wise people who dont read all the time, zero;
Said his kids laugh @ him thinking he is a book with legs sticking out LOL- Charlie Munger
{ I wonder if that last statement is REALLY true LOL??} Good overall quote anyway LOL.
}I WISH everybody worked as well as COST[COST Co]; think what a blessing that would be .-C M
I like his old fashioned , old school school suit + tie, sure not needed, or value clothing most likely. He may have bought it @ Goodwill for all i know/value clothes LOL
While that short put trade didn't work out, I thought it was pretty genius.
Well, it worked out as he wasn't forced to MTM. You think the timing or structure was genius (or both)?
He shorted 1540 SPX and we hit 667.
No collateral. No mtm. And they were only vol seller while every insurance company had to buy (for regulatory accounting reasons). Vol was so rich that if you took the 1300 worst days of the 20th century, it still wasn’t carrying). And Berkshire understood this.
why they didn’t delta hedge I don’t get. Maybe if they did, they couldn’t claim the hold to maturity accounting treatment, which was critical to the trade. It’s why they were the only sellers.
He shorted mid teens on vol. Why would Buffett hedge? It was his thesis (multiple expansion, strong earnings, etc.) Well, I doubt Buffett has ever uttered multiple expansion outside of derision.
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He 's a good read.
As a kid he worked for W Buffets grandad in grocery business....................................
He 's a good read.
As a kid he worked for W Buffets grandad in grocery business....................................