Charlie Munger, every mention
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every year anyone David Senra 75David Rosenthal 54Ben Gilbert 35Steve Ballmer 5Howard Marks 5Michael Lewis 2Jim Weber 2Brinton Johns 2Michael Mauboussin 1Ben Miller 1
Verbatim, from the transcripts: the passages where Charlie Munger comes up
The Walt Disney Company: The most successful enterprise for monetizing human nostalgia (Audio) · Acquired
- ▶ 2:51:04 Ben Gilbert And even more so like Charlie Munger investing, because it was a great business at a great price.
Vanguard: The communist capitalist who saved investors a trillion dollars (Audio) · Acquired
- ▶ 2:19:54 David Rosenthal Lay Warren and Charlie on me here.
Formula 1: Fast cars, celebrities, and B2B software (Audio) · Acquired
- ▶ 3:59:23 David Rosenthal You have, uh, nothing more to add in Charlie's words here.
10 Years of Acquired (with Michael Lewis) · Acquired
- ▶ 22:28 Michael Lewis And thinking about it, I mean, I just thought he has that, he and Munger had that whole thing about don't put your money in an index fund, put your money in a big bundle of stocks, put it in a few stocks and watch those stocks like a hawk.
- ▶ 23:15 Ben Gilbert This is a Charlie family.
- ▶ 30:26 Michael Lewis But, but it's, it's, this is, so back to your, the lesson that you gleaned from Munger and Buffett.
- ▶ 1:51:28 David Rosenthal It was Charlie Munger's favorite company.
- ▶ 1:51:59 Ben Gilbert Do you want, do you want the Charlie Munger talk?
- ▶ 1:54:47 David Rosenthal We were just, the only reason we did the episode was it was Charlie Munger's favorite company.
Coca-Cola: The Complete History & Strategy (Audio) · Acquired
- ▶ 0:53 Ben Gilbert Charlie Munger has a famous thought experiment.
- ▶ 1:05 Ben Gilbert So you're looking for a one million X return or as Charlie puts it a Lollapalooza outcome.
- ▶ 1:10 David Rosenthal Of course he does.
- ▶ 1:11 Ben Gilbert Very Charlie.
- ▶ 1:12 David Rosenthal Very Charlie.
- ▶ 10:26 David Rosenthal Because just like you were talking about in your great Charlie thought experiment from the intro, what are these patent medicines?
- ▶ 3:26:24 Ben Gilbert You'll note, David, they did not achieve Charlie Munger's thought experiment of two trillion dollars, and they are very unlikely to get there by the 150th birthday in 2036, which is the time frame that Charlie used.
- ▶ 3:51:13 Ben Gilbert And actually, Arvind was very close with Charlie Munger when he was alive, and so, uh, he is the one who brought up that thought experiment that I did not know about, or I guess remember from the first time I read Poor Charlie's Almanac.
Google Part I: Origins of Search. How the Best Business in Human History Happened (Audio) · Acquired
- ▶ 13:05 David Rosenthal I mean, even Warren and Charlie, Charlie was never full-time at Berkshire Hathaway.
The Steve Ballmer Interview · Acquired
- ▶ 2:26:43 Steve Ballmer And also is a kind of knows Charlie Munger pretty well and Charlie Munger's, uh, there as well.
- ▶ 2:26:50 Steve Ballmer And Charlie Munger comes up to him beforehand and to me, I know Charlie through Bill and Warren and says,
- ▶ 2:26:57 David Rosenthal If you call on me, I have a question as only Charlie can.
- ▶ 2:27:02 Steve Ballmer So, so you did a Charlie episode, so, you know, so we do the queue, we do our panel thing, the two of us, and then Q and a Charlie, you know, gets up to the mic.
- ▶ 2:27:21 Steve Ballmer And Charlie says, Steve.
- ▶ 2:27:40 Steve Ballmer I said, no, Charlie, but I'm not loyal.
Mars Inc. - The Chocolate Story (Audio) · Acquired
- ▶ 2:50:30 David Rosenthal He C's, just like Warren and Charlie did back in the day, that
- ▶ 2:56:58 David Rosenthal So speaking of M&A, and, uh, we were also talking about C's and Warren and Charlie a minute ago.
- ▶ 2:57:05 David Rosenthal In 2008, Mars buys Wrigley with the help of Uncle Warren and Uncle Charlie.
IKEA (Audio) · Acquired
- ▶ 1:14:15 David Rosenthal So, later, once he, like Charlie Munger, got turned on to the virtues of Costco, Ingvar would hilariously formalize this idea, this manifesto, in 1995 as the hot dog product policy.
Chase Center + Summer Update (Audio) · Acquired
- ▶ 12:09 Ben Gilbert We do have the opportunity to interview someone like Jensen, like Charlie, like Dara from Uber, where we have covered the business in the past, or perhaps someone like Howard Schultz is willing to spend the 5:06 hours with us that it takes…
Hermès (Audio) · Acquired
- ▶ 3:46:31 Ben Gilbert Thanks, Charlie.
Novo Nordisk (Ozempic) · Acquired
- ▶ 2:58:32 Ben Gilbert What did Charlie Munger tell us?
- ▶ 2:58:33 Ben Gilbert He said, there aren't many times in a lifetime where you know you're right, and you know you really have an investment that's gonna work.
Holiday Special 2023 (Audio) · Acquired
- ▶ 3:46 Ben Gilbert and uh well we'll just have to talk about this later in the episode we will but first listeners i mentioned in one quick line on the charlie interview and uh have not said anything on any social media or anything like that since but uh
- ▶ 16:31 David Rosenthal Daniel Ek, Dara Khosrowshahi from Uber, Jensen from Nvidia, and then Charlie.
- ▶ 38:57 Ben Gilbert And then, of course, we got to spend time with Charlie Munger, gosh, a month and a half before he passed away, which is,
- ▶ 39:06 David Rosenthal Well, we'll come back to Charlie.
- ▶ 39:14 Ben Gilbert Except for, you know, Charlie and Jensen.
- ▶ 39:28 David Rosenthal And then I think we kind of crystallized this by the time Jensen and Charlie happened.
- ▶ 39:37 David Rosenthal And in most cases, I don't want to say this will be every case going forward, but if you look at those four interviews that we did this year, they were all the CEOs or, you know, sort of protagonists in Charlie's case of companies that we…
- ▶ 41:39 David Rosenthal It's not like we need to go carve out time to do a hundred hours of work to go interview Jensen or Charlie.
- ▶ 41:57 Ben Gilbert So, you might be wondering, Charlie and Margaret was by far our biggest episode ever.
- ▶ 43:54 Ben Gilbert If you're sitting around waiting serendipitously for a Charlie Munger or a Jensen interview to happen, which is basically what we've decided the strategy is for guests.
- ▶ 45:01 David Rosenthal So I completely obviously agree with you, you know, on the implications for the business model and not slot filling, and you can't predict when serendipitously you're going to get a chance to interview Jensen or interview Charlie, but
- ▶ 46:31 David Rosenthal Um, alright, let's talk about Charlie.
- ▶ 46:34 Ben Gilbert Let's talk about Charlie.
- ▶ 48:25 Ben Gilbert Charlie is a person, a wonderful person, in addition to being this character.
- ▶ 48:32 Ben Gilbert The surreality of the moment, I think, hit me the most when there was a question we asked Charlie, and he responded, I'm not interested in being any more of a guru than I already am.
- ▶ 49:01 Ben Gilbert And universe that they've created has blown up to the point where I think it weighs a little bit heavy, at least on Charlie.
- ▶ 49:24 David Rosenthal I have no idea what Charlie would say to that, obviously, but I think for people who find themselves in those positions, you know, Steve Jobs was that, for sure.
- ▶ 49:38 David Rosenthal Obviously, Warren and Charlie are that.
- ▶ 50:16 David Rosenthal And I think Charlie would say, look, it's gonna weigh on you no matter what.
- ▶ 50:29 Ben Gilbert One other behind the scenes point to make, which I think listeners might find interesting on these four, Daniel, Dara, Jensen, and Charlie, they all were these massive lead time interviews.
- ▶ 50:44 Ben Gilbert And the story behind each of them was Charlie was a maybe six month thing.
- ▶ 50:51 Ben Gilbert What if you interview Charlie for a follow-up?
- ▶ 1:11:07 Ben Gilbert It's what we're most excited about, but it's also, if you just think about the mungerism, you know, you show me the behavior
- ▶ 1:34:04 David Rosenthal We were at LAX after interviewing Charlie Munger, and you got one of these at
- ▶ 1:45:01 Ben Gilbert But one of the pieces of life advice, and David, I was telling you about this on our walk in LA up Runyon Canyon, we were down there interviewing Charlie, was that when you're a young person, you should try to become singularly productive.
- ▶ 1:48:43 Ben Gilbert Yeah, Mark is a absolute legend in, uh, sort of value investing circles right up there with Warren and Charlie, and if you don't know Mark or know of Mark, it's worth looking up Constellation software.
- ▶ 1:49:48 David Senra And the very first recommendation would be the new Stripe Press edition of Poor Charlie's Almanac that just happened to be published a week after he passed away.
- ▶ 1:49:57 David Senra There's something on the back, there's a quote from Charlie Munger, and he says there's a old two-part rule that often works
- ▶ 1:50:09 David Senra And so I really feel that you and I are taking Charlie's advice to heart.
- ▶ 1:50:18 David Senra And then the idea that we got to spend time with him in his very last year, I don't take that lightly.
- ▶ 1:50:23 David Senra To the degree that I can, and you guys definitely did it with your excellent interview with him, it's like I really think
- ▶ 2:20:16 David Rosenthal Uh, second thank you for this year is once again, MVP of acquired Andrew Marks, not only for Charlie, but really for being our thought partner behind like every episode and relationships that we've built.
Visa (Audio) · Acquired
- ▶ 3:10:40 David Rosenthal I'm gonna do my best Charlie Munger.
NVIDIA CEO Jensen Huang · Acquired
- ▶ 43:30 Ben Gilbert What you just said reminds me of a great, uh, aphorism from, uh, Buffett and Munger, which is it's better to be approximately right than exactly wrong.
Costco (Audio) · Acquired
- ▶ 0:06 David Rosenthal What are you, Charlie Munger?
- ▶ 2:29 Ben Gilbert There is a reason Charlie Munker loves this business.
- ▶ 2:38 David Rosenthal Warren and Charlie are flying on a plane that gets hijacked.
- ▶ 2:43 David Rosenthal The hijackers each grant one of them one last wish, and they ask Charlie first, and Charlie says, I would like to give my speech on the virtues of Costco one more time before I die.
- ▶ 3:08 Ben Gilbert I mean, Charlie Munger, of course, on the board of Costco and longtime fan of the bottle, as you should be, too.
- ▶ 58:32 David Rosenthal I'm in, I capitually, I'm with Charlie on this one.
- ▶ 2:37:34 David Rosenthal I mean, God, I'm like, can we bring Charlie in here and lecture you on this?
- ▶ 2:41:11 David Rosenthal Uh, I think I'm gonna quote Charlie on this one and say I have nothing more to add.
Porsche (with Doug DeMuro) · Acquired
- ▶ 3:21:09 David Rosenthal Yes, the Warren and Charlie of the internet.
Lockheed Martin (Audio) · Acquired
- ▶ 3:02:29 David Rosenthal I'm no expert in this, and, uh, we should probably have an economist on ACQ too at some point in time to talk about it, but my understanding is that while Warren Buffett and Charlie Munker hate cost plus contracts, and in general, they set…
Spotify CEO Daniel Ek · Acquired
- ▶ 45:28 David Rosenthal The intersection of, like, Charlie Munger and Lil Wayne and Costco.
Sessions: David Senra (Founders Podcast) · Acquired
- ▶ 1:43 David Rosenthal We covered a ton of ground, including that I think two nights before we recorded, David was just coming up from LA where he had dinner with Charlie Munger, and so we spent a lot of time talking about that.
- ▶ 1:57 David Rosenthal Charlie's influence on David, Warren's influence on all three of us, a bunch of thoughts on advice generally, and as you can imagine, David just sprinkled dozens and dozens of historical examples and founder stories throughout the episode.
- ▶ 3:38 David Senra I had a three-hour dinner with Charlie Munger.
- ▶ 3:56 David Senra And so that's like a, a blessing and something that I know we've had conversations in the past that we deeply appreciate, but Charlie's a different level for me.
- ▶ 4:36 David Rosenthal Us and Charlie and Warren.
- ▶ 4:46 David Senra And like even amongst the rarest group of people, Charlie still stands out.
- ▶ 5:33 David Senra And so we're sitting there, and there's actually a funny thing where it starts out, and they, they know both Warren and Charlie, they've talked to him before, so they go right into it, and then, like, I'm sitting there, and I had this…
- ▶ 6:01 David Senra I had, you know, read every single book on Charlie, I watched all of his videos, like, I have studied this guy forever, and so every time he had said, hey, read this book, I go and read the book, and then I see a bunch of the books that he…
- ▶ 6:26 David Senra hey Charlie, you mind if I take a look at your bookshelf, right?
- ▶ 6:36 David Senra So we were talking earlier, um, uh, downstairs, where the scary thing about Charlie is, I remember asking a question about Henry Kaiser, uh, this guy that was super famous when Charlie was younger.
- ▶ 6:54 David Senra Um, and I was asking questions about Charlie in the book,
- ▶ 7:00 David Senra He goes, I knew his partner.
- ▶ 7:14 David Senra And then I go, Charlie, like, how do you remember all this stuff?
- ▶ 10:06 David Senra It's like, how did you, you guys, I just went through your entire, to get part of the prep for Charlie is listening to all of your Berkshire episodes, right?
- ▶ 10:15 David Senra Cause like the first two is like the young Charlie, the young Warren.
- ▶ 10:38 David Senra I go, I go and stare at pictures like a freak at, like, of young Charlie Munger when he was, like, 38, or young Warren Buffett, right?
- ▶ 13:19 David Senra And so you get to Charlie's going to go back to this.
- ▶ 13:22 David Senra You get to Charlie's bookshelf, and it's just biographies I've never even heard of, and I do this for a living.
- ▶ 17:35 David Senra Charlie Munger after talking to him, I, whatever mind that dude has, I don't have that.
- ▶ 19:17 David Rosenthal It sounds like the Charlie is just like a very curiosity driven machine, but we know there, there's lots of folks that have regular dinners and have groups of people often geographically dispersed.
- ▶ 19:33 David Rosenthal The leverage that they can get on that is Charlie.
- ▶ 19:36 David Senra Charlie tells a story.
- ▶ 19:40 David Senra And you're like, what the, what are you talking about Charlie?
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