Charlie Munger: The Complete Investor by Tren Griffin

By Tren Griffin

Charlie Munger, Berkshire Hathaway's visionary vp and Warren Buffett's essential monetary associate, has outperformed industry indexes time and again, and he believes any investor can do an analogous. His thought of "elementary, worldly wisdom"--a set of interdisciplinary psychological types related to economics, enterprise, psychology, ethics, and management--allows him to maintain his feelings out of his investments and stay away from the typical pitfalls of undesirable judgment.

Munger's process has prompt his investments for 40 years and has guided generations of profitable traders. This ebook offers the basic steps of Munger's making an investment process, condensed the following for the 1st time from interviews, speeches, writings, and shareholder letters, and coupled with observation from fund managers, worth traders, and business-case historians. Derived from Ben Graham's value-investing process, Munger's process is simple adequate that standard traders can use it on their portfolios. This e-book isn't easily approximately making an investment. it really is approximately cultivating psychological versions to your complete lifestyles, yet specially to your investments.

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They let it balloon and balloon and balloon. —CHARLIE MUNGER, BERKSHIRE ANNUAL MEETING, 2003 If you could take the stock price and multiply it by the number of shares and get something that was one third or less of sellout value, [Ben Graham] would say that you’ve got a lot of edge going for you. Even with an elderly alcoholic running a stodgy business, this significant excess of real value per share working for you means that all kinds of good things can happen to you. You had a huge margin of safety—as he put it—by having this big excess value going for you.

1 Keeping things as simple as possible, but no more so, is a constant theme in Munger’s public statements. ”2 By focusing on finding decisions and bets that are easy, avoiding what is hard, and stripping away anything that is extraneous, Munger believes that an investor can make better decisions. 3 Focus enables both simplicity and clarity of thought, which in Munger’s view leads to a more positive investing result. If something is too hard, we move on to something else. What could be simpler than that?

Be motivated when you’re buying and selling securities by reference to intrinsic value instead of price momentum. ”2 That a famous Graham value investor like Munger or Buffett may make a statement about current economic conditions or market indicators does not mean that they purchase stocks based on that view or that they think they can make successful predictions about what the macroeconomy might do in the short term. Famous Graham value investors may also make positive statements in the press and at conferences about the future state of the economy in the long term.

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