Munger says great investment opportunities only happen five or six times
Charlie Munger · Charlie Munger (Audio) · Acquired · Oct 30, 2023 · at 12:38
Charlie Munger, Vice Chairman of Berkshire Hathaway, discusses his high-conviction bet on Costco and investment frequency with Acquired co-hosts Ben Gilbert and David Rosenthal.
0:00 / 0:20exact quote · 20.7s
▶ Watch the full episode on YouTube → 720p mp4 · rendered on demand · StarZero watermark
“There aren't many times in a lifetime when you know you're right and you know you have one that's really going to work wonderfully. Maybe five, six times in a lifetime you get a chance to do it. And people do it two or three times early. All go broke because they think it's easy. In fact, it's very hard and rare.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Charlie Munger
Munger says top venture capital earners are trend-chasers, not great investors
“The people who made the most money out of venture capital are a lot like investment bankers deciding which hot new area they're going to get in. They're not great investors or great at anything.”
Munger claims BYD founder Wang Chuanfu is better at manufacturing than Musk
“The guy at BYD is better at actually making things than Elon is.”
Munger says short-term gains should be taxed without any loss offsets
“If I were running the world, I would have a tax on short-term gains with no offset for losses on anything. And I would just drive this whole crowd every ball of business.”
Munger says consistently investing well in venture capital is nearly impossible
“It's very difficult to invest money well, and I think it's all but impossible to do time after time after time in venture capital.”
Munger claims most startup operators end up hating their venture capitalists
“By and large, having bumped into a lot of people in the businesses with venture capital financing, I would say the ordinary rule is that people in the business doing the work, they more or not, they hate the venture capitalists. They don't feel their partner t…”
Munger claims private fund managers enrich themselves while underdelivering to endowments
“The world is full of Goldman Sachs partners that formed a private fund, and they manage a billion dollars or something like that, and they charge two points off the top plus this, and that enables them to make very handsome livings themselves, but the endowmen…”