Invest Like The Best
Episode 355 A Conversation with Charlie Munger & John Collison
Invest Like The Best

Episode 355: A Conversation with Charlie Munger & John Collison

Invest Like The Best

Episode 355

A Conversation with Charlie Munger & John Collison

Charlie Munger was the vice chairman of Berkshire Hathaway. In this conversation with Stripe's John Collison, recorded last year, he shares the ingredients for long-term business success, his thoughts on American society writ large, and what makes Berkshire special.

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(00:03:52) - (First question) - The fixation on evaluating business quality

(00:05:58) - Learning the big ideas across various disciplines

(00:10:03) - The issue of adverse selection in legal services

(00:11:42) - Societal solutions for the opioid crisis

(00:17:34) - Reasons for not investing in Amazon

(00:20:38) - Explaining Costco's model

(00:29:08) - Discussing the increasing challenges in investing

(00:32:08) - Ingredients for long-term success in business

(00:33:18) - Debating cryptocurrency

(00:37:37) - Offering guidance for navigating a potential recession

(00:38:56) - Reflecting on the state of American society

(00:45:20) - Sharing a passion for architecture

(00:54:13) - “Win-win” business

(00:57:53) - Countering arguments against capitalism

(00:60:42) - The origins of Poor Charlie's Almanack

(01:05:14) - Building a productive partnership

(01:08:55) - Opining on the SEC

(01:12:22) - Highlighting investment concerns

(01:16:31) - Reasons for optimism about China

(01:32:14) - The unique aspects of Berkshire Hathaway

A Conversation with Charlie Munger & John Collison

Introduction

Patrick
 We've had this interview with Charlie Munger scheduled to air for a while, coinciding with Stripe Press's launch of the amazing reprint of Poor Charlie's Almanack, which is launching today. Tamara Winter and the team at Stripe Press created a beautiful book worth its weight in gold. You should get one immediately. We were all stunned last week when we heard the news of Charlie's passing, but having consulted with those close to him, everyone agreed that he'd want us to release the interview as planned.

In reviewing his remarkable uncompromising life, a few things stood out to me. The word curious doesn't do Charlie justice. He was a voracious truth seeker. He was funny. He was wise. But from my perspective, maybe the most impressive of all was that he was a great teacher. The sheer number of people who shared a meal with him and learned from him was staggering. He gave what he learned freely to those that were interested, and in the process, changed people's minds and their lives. That everyone listening can probably recite a few pearls of Munger's wisdom without looking it up is a testament to his reach and impact.

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