Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger
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Praise for Damn Right!
From the author of the bestselling WARREN BUFFETT SPEAKS. . .
"Charlie Munger, whose reputation is deep and wide, based on an extraordinary record of brilliantly successful business strategies, sees things that others don't. There is a method to his mastery and, through this book, we get a chance to learn about this rare individual." -MICHAEL EISNER, Chairman and CEO, The Walt Disney Company
"Janet Lowe uncovers the iconoclastic genius and subtle charm behind Charlie Munger's curmudgeonly facade in this richly woven portrait of our era's heir to Ben Franklin. With a biographer's detachment, an historian's thoroughness, and a financial writer's common sense, Lowe produces a riveting account of the family, personal, and business life of the idiosyncratically complex and endlessly fascinating figure." -LAWRENCE CUNNINGHAM, Cardozo Law School, Author of The Essays of Warren Buffett: Lessons for Corporate America
"For years, Berkshire Hathaway shareholders and investors worldwide (me included) have struggled to learn more about Warren Buffett's cerebral sidekick. Now we can rest and enjoy reading Janet Lowe's book about this rare intellectual jewel called Charlie Munger." -ROBERT G. HAGSTROM, Author of The Warren Buffett Way
"Charlie has lived by the creed that one should live a life that doesn't need explaining. But his life should be explained. In a city where heroism is too often confused with celebrity, Charlie is a true hero and mentor. He lives the life lessons that he has studiously extracted from other true heroes and mentors, from Ben Franklin to Ben Graham. This book illuminates those life lessons." -RONALD L. OLSON, Munger, Tolles & Olson llp
"Janet Lowe's unprecedented access to Charlie Munger and Warren Buffett has resulted in a first-class book that investors, academics, and CEOs will find entertaining and highly useful."-TIMOTHY P. VICK, Money Manager and Author of How to Pick Stocks Like Warren Buffett
Wrigley's Chewing Gum. "It's such a huge advantage to be by far the best-known gum company in the world. Just think of how hard it would be to replace that image. If you know you like Wrigley's Gum and you see it there for two bits, are you really going to reach for Glotz's Gum because it's 20 cents and put something you don't know in your mouth? It's not worth it for you to think about buying an alternative gum. So it's easy to understand why Wrigley's Gum has such a huge advantage." Once
Combination of Big Ideas 1. From a letter by Charles Munger, as reported: Robert Dorr, "Ex-Omahan Traded Law for Board Room," Omaha World Herald, August 31, 1977. 2. Warren E. Buffett, "The Superinvestors of Graham and Doddsville," Speech, Columbia Business School, May 17, 1984. 3. David Eisner, "It Works: Buying $1 for 40 cents," Chicago Tribune, December 8, 1985, Section 7, p. 1. 4. Robert Dort, "Buffett's Right Hand Man..." Omaha World Herald, August 10, 1986. 5. Charles Munger, Wesco
thinks he's the cutest thing." Nancy was youthful, healthy, and had energy. A skilled athlete, she played tennis and kept skiing well past the age of 60, and despite recent hip replacement surgery, still plays golf. "She's a great self-investor," said Molly. "What you learn from Nancy is never give up on yourself. Just keep working on your stuff. She does very beautiful watercolor painting, which she began in her 50s. She cooks French food at a gourmet level." Charlie and his second wife
law. I welcome your help in doing rightly, all factors considered." Charlie made some mistakes as a young lawyer, including drafting legislation granting property tax exemption to university buildings under construction. The law passed as he wrote it, but Munger was embarrassed to realize that it covered the buildings, but failed to mention the land under the buildings. Another partner was able to get the situation corrected. Nevertheless, Munger moved ahead nicely. But he also sometimes found
caused some rancor between the executor and family members. The aunts had not been receiving interest payments and for several years were not able to get any money. Charlie proposed that he and Guerin buy the two $80,000 notes held by the elderly aunts. "Under the circumstances, it would be typical to bid less than face value," said Guerin, but Charlie insisted on paying the full $80,000 for each note. "Charlie was not willing to benefit from their distress. He could have taken advantage of