Warren Buffett's tribute to Charlie Munger; My thoughts; Poor Charlie's Almanack; My friend Li Lu's tribute to Munger
I'm looking forward to the most exciting day of the year...
For those of us who (as I like to say) pray in the church of the famed Benjamin Graham, David Dodd, Warren Buffett, and Charlie Munger, that day is the Berkshire Hathaway (BRK-B) annual meeting.
It always takes place in Omaha, Nebraska on the first Saturday in May. (This year, it'll be May 4, and I'll of course be attending – for the 27th consecutive year!)
But the second most exciting day took place this past Saturday. That's when Berkshire released its annual report (you can download it here) – the highlight of which is always Buffett's famous annual letter.
I will share my commentary on the letter in tomorrow's e-mail, but today I want to focus on Munger. For more than half a century, he was Buffett's partner, friend, and vice chairman of Berkshire – and someone I considered a mentor.
The color of Berkshire's annual report cover every year has a particular significance. This year's is black, to honor Munger's passing on November 28, just a month shy of his 100th birthday:
At the very front of the annual report, Buffett shared this beautiful eulogy of Munger, which I want to share in its entirety – including Buffett's formatting:
We should all hope to have at least one friend who would write something so heartfelt about us!
To learn more about Munger and his teachings, simply doing a quick Google search will bring up hundreds of videos, interviews, and articles. I would suggest starting with his 1995 classic, "24 Standard Causes of Human Misjudgment" (transcript here and audio here).
There are also well over a dozen books about Munger. But Peter Kaufman's biography, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger, stands head and shoulders above the rest.
Kaufman invited me to be a contributor to it because I had transcribed five of Munger's speeches that comprised the heart of the book. It was one of the great honors of my life to be a part of the project.
Poor Charlie's Almanack is also available for free online on the website of publisher Stripe Press here. The landing page looks like this:
I want to give the last word today to my friend Li Lu. He moved from New York City to Pasadena, California roughly 15 years ago to work directly with Munger, who was like a father to him.
After Munger's passing on November 28, Li Lu posted this beautiful tribute to his mentor. I shared the whole thing in my December 4 e-mail, so here's an excerpt:
[Munger] insisted on making money in the most morally sound way, entering transactions only when, if positions were reversed, he would comfortably take the other side. He sought worldly wisdom through life-long learning. He guided life with rationality devoid of mental deficiencies such as envy, resentment and self-pity. He faced and persevered through countless adversities with stoicism and equanimity.
As he gained in wealth and stature, he showed little appetite for the trappings of that success, and instead spent his wealth on worthy causes and tirelessly spread his worldly wisdom to those who would listen, often with humor. He remained deeply engaged with family, friends, partners, and the broader world with loving assiduousness through his last days...
Charlie's teachings will continue to spread, inspire and impact the world even more profoundly. That will be his eternal legacy.
Rest in peace, Charlie Munger. You are missed. And thank you for making such a difference in my life.
Best regards,
Whitney
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