A Conversation with Charlie Munger and Michigan Ross - 2017

To jump directly to the conversation with Charlie, click here: 2:57
To jump directly to Charlie's discussion of bitcoin and cryptocurrency, click here: 38:40
Charlie Munger, Vice Chairman of Berkshire Hathaway, joins Michigan Ross Dean Scott DeRue for a conversation about Mr. Munger's life, career journey, philanthropic legacy, and his thoughts on a few current global trends. Recorded Nov 30, 2017 in Los Angeles as part of an event for alumni of the Ross School of Business at the University of Michigan.
Scott DeRue and Charlie Munger are introduced by John E. Conlin, President of NWQ Investment Management Co.

[@leondonald]

This is quite educational. It's crucial for newcomers to keep in mind that the financial markets are highly irrational in the short run. You should constantly be ready for the unexpected. That is how chance operates. Because of the inherent risks in the market, I always favor long-term investments.

[@DavidRiggs-dc7jk]

These uncertainties will always be there. Thing is, every once in a while, the market does something so stupid it takes your breath away. If youre not ready for it, you shouldnt be in the market business. or get you a skilled practitioner.

[@theresahv]

Such market uncertainties are the reason I don’t base my market judgements and decisions on rumors' and hear-says, it got the best of me in the year 2020 and had me holding worthless positions in the market. I had to revamp my entire portfolio through the aid of Julie Anne Hoover my financial advisr, before I started seeing any significant results happens in my portfolio. Been using the same advisor since then and I’ve scaled up almost a million within 2 years. Whether a bullish or down market, both makes for good profit, it all depends on where you’re looking…

[@philipr1759]

@@theresahv Not bad at all. I know a lot of folks that made fortunes from the Dotcom crash as well as the 08’ crash and I’ve been looking into similar opportunities in this present market. Could this coach

[@theresahv]

Finding financial advisors like Julie Anne Hoover who can assist you shape your portfolio would be a very creative option. There will be difficult times ahead, and prudent personal money management will be essential to navigating them.

[@philipr1759]

@@theresahv Thanks for sharing, I just looked her up on the web and I would say she really has an impressive background in investing. I will write her an e-mail shortly.

[@patrickbrussels4454]

Finance and Business books have been so helpful. I’m 55 and my wife 50 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. No longer putting blames on FED for our misfortunes. Saving and investing lifestyle in the stock market made it possible for us this early, even till now we earn weekly.

[@jessicasquire]

You have done great for yourselves. I understand the fact that tomorrow isn't promised to anyone, but investing today is a hard thing to do for me now because I have no idea of how and where to invest in. I would be happy if you could advise me based on how you went about yours, as I am ready to go the passive income path.

[@Lemariecooper]

That is so amazing, I’m trying to get onto the housing ladder at 40. I wish at 55 I will be testifying to similar success.

[@Lemariecooper]

Heard many good recommendations about Stephanie Kopp Meeks by some YT channels, Seminars and other platforms

[@jessicasquire]

Thanks so much I was able to find her page and I already leave her a message.

[@Erikkurilla01]

The quickest way to make your first millions is to invest directly with an expert that is trustworthy and has made a name and individual billionaires, I'm surprised you know her too . Stephanie is Good!

[@Pammulli_]

Didn't Charlie Munger and Warren Buffett invent the strategy of buying/investing when the market is low and also buying/investing when the market is high? As Warren Buffet said, he has seen this happen many times in his life. Not an investor. My wife and i never earned more than a middle class salary. We plan to get retired at 58 with a stock portfolio worth $4M. We have never sold so much as one share of stock...

[@hermanramos7092]

It really isn’t about how much you save, it’s about how you manage your money. Whether you work to earn income or invest, it still boils down to income vs expenses, so yeah you may look into financial advisors for a strategy that suits your timing....

[@lipglosskitten2610]

@@hermanramos7092 i've been doing this same thing myself. Can't get into trouble with the IRS when I have no income and all my money is in stocks. I don't like doing the work though. Lol. So I just invest through an advisor who does the stock picking. My money grows, and I'm tax-free...

[@hermanramos7092]

@@lipglosskitten2610 Do you mind sharing info on the adviser who assisted you? been saving for pension since age 18 - company scheme. along the way I hit higher tax, so I added to my company pension with a SIPP (tax benefits) I'm 46 now and would love to grow my finance more aggressively, there are a few cars I still wish to drive, a few mega holidays, etc

[@lipglosskitten2610]

@@hermanramos7092 -Have you heard of‘’Catherine Morrison Evans’’ ? She gets featured regularly on CNBC. I myself use tax-deferred accounts to hold my investments. That way I avoid capital gains taxes. There are other options your advisor could brief you about....

[@kenanporubsky2122]

@@lipglosskitten2610 Thank you. I just checked her out now and I've sent an email. I hope she gets back to me soon. I've been thinking of doing this for a long time now, and I've procrastinated enough already.

[@saikatbanerjee9612]

“I didn’t want to get rich.. just wanted to be independent.. I just overshot” - Charlie Munger 🙏🙏

[@akashsolucky]

Are you an SRM University graduate?

[@saikatbanerjee9612]

@@akashsolucky Nope!

[@andrewryan1223]

I agree. Having an investment advisor is the best way to go. Based on a direct encounter with a CFP named SAM DEYMON, I can say with certainty that their skills are excellent. he helped raise over $580,000 in8 months from an initially stagnant portfolio of $50,000.

[@sevendHruv]

my portfolio performance which has made a jaw dropping $473k from just the past two quarters alone, I have learned why experienced traders make enormous returns from the seemingly unknown market. I must say it's the boldest decision I've taken since recently.

[@canefan17]

I enjoy his lectures more than Buffett because he’s very frank

[@surajpatil7242]

And has more wisdom of life

[@christophercatto7184]

very accurate observation. it's good and interesting that the two have different and complementing personalities, the humour, the optimism but also the zero-bullshit realistic vision. for any of us who have never lived through world wars or great depression, we could learn a lot from anyone who has had to live at times where you had to simply worry about food on the plate or a roof.

[@crysty200718]

I also like Charlie more. Warren is great also.

[@EMERGENCYBROADCAST2024]

Yea buffet is a diplomat

[@nbme-answers]

@@EMERGENCYBROADCAST2024 Nicely put. Warren wants to be liked and Charlie .. well .. Charlie doesn't give a rat’s ass!

[@sportsguy86ify]

this man is 94 years old and sharp as a tact

[@jerkasshomer6154]

tack!!!!!!!!!!

[@billpholde4816]

What I like about this guy is how logical and unimpressed he is. When I was young, I used to think "old" people just didn't get it. They weren't interested in the music and movies, or the musicians and actors I thought were "cool". What I didn't realize was that they had seen it all - everything I had seen and then some. Charlie's lifetime included the Great Depression, WWII, Marylin Monroe, Frank Sinatra and the Rat Pack. Is he supposed to be impressed by The Iraq "War", The Kardashians, drug-addicted rock bands smashing-up hotel rooms or Prince Harry and his boss? Most people envy Charlie Munger because he's rich. I envy the fact that he created his success using his mind and that he's independent enough not to care what people think.

[@misasylvester3744]

@@angeliqueramin6177 It took me a while to figure out how to consistently earn from stocks, but I’ve gotten to learn that a diversified stocks portfolio is key. I started investing in stocks from different sectors, dividend stocks, etfs, reits, unicorns, and my monthly income increased to over $40,000 with Mr Sam Deymon guidiance.

[@JenniferLawrences]

Out of curiosity, I searched for Sam using he's full name and he seems pretty tight and outstanding. So I booked trade session with him on telegm..

[@JudithkerrinKerrin]

No doubt, I gained more knowledge and a better understanding of trading with Sam Deymon strategy. 2.05 BTC. And I'm still expecting much more.

[@Bmayo-se2yg]

He appears to be well-educated and well-read thank you for sharing i'm on my 4th trade with Sam no issues..

[@werajerry1994]

Mr Sam service available.

[@georgesotiriou7051]

Thank you Mr Munger for all the knowledge you have shared over the years. Poor Charlie's Almanack is one of the best books a person can read.

[@harishpadikar]

george sotiriou so true

[@DMills888]

Absolutely brilliant book!

[@maddysydney]

Just ordered it

[@fixedgearfever69]

Munger tell you about his love of the CCP?

[@MrTobi4]

I feel I will need a life of re-reading and pondering to really get the most out of his book. A true Bible.

[@joshuanicklin6815]

I feel like this should have gone on for 6 more hours.

[@maharudar723]

Skip to the first question (& certain delay ) 4:40

[@wallstreettalks101]

The best thing a Business School can do is to let people like these give the lessons

[@infjt6965]

Charlie Munger is the most upfront and frank guy you can get without coming across as rude. I always appreciate his honesty and how he’s never scared to say it how it is regardless of how others tip toe around topics, he will always let his audience know the truth. He is also really clever with his humour in softening the hard truths and also getting his audience to listen.

[@taithangcong4704]

The intj that all intjs look up to

[@tdang9528]

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[@zjxn06]

Charlie's comments on Bitcoin are pure gold.

[@nikhilgoyal007]

digital gold :)

[@Immediately_]

That's not a very high compliment if you consider gold the same way munger does, lol.

[@timbolicous]

No pun...

[@thejonasvanbaelenpodcast]

He can't be right all the time

[@michaeldrolet7386]

@@Immediately_ underrated comment

[@dangbui4666]

He used to be a rifleman, also a lawyer, real estate developer. and the heart of Berkshire

[@clivesmith211]

Brilliant interviewing, allowing Charlie Munger time to talk without interruption unlike some other interviewers

[@sacplissken]

Thank you for uploading, greatly appreciated,

[@rizwann123]

Best time invested in Canada day 2021 ... Thanks MS to record and upload. Appreciate the dean who respect Charlie enough not to interept and fully understand the value of providing opportunity Charlie to talk ... Appreciate the way he conducted the interview. Bravo.

[@zhangxiaoyu1617]

Charlie does not sound like a 90 something man, it is really a miracle to have such wise mind at 90s, his life and investment philosophy really shines the way ahead.

[@arulprakash6872]

I have been following Charlie Munger for a very long time, and this is, by far, one of the most knowledgeable conversations I have ever seen!

[@iqbalmatondang]

listening Charlie Munger is equal with reading a hundred books

[@BadCoverMan]

M.I. Matondang As brilliant as Munger is, please don’t actually think that’s true (depending on the books obviously). Reading does more for our brains than most of us ever really know.

[@mulatto401]

Said by every lazy person

[@tdang9528]

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[@lawolsten]

What an amazing human being. So much knowledge he has shared with the public domain.

[@mdzepina13]

It's hard to describe how much respect i pay to this man. Way to go Mr. Munger !

[@Crookqt]

"When anger comes in reason leaves" - 45:00 ~

[@visionwarrior777]

9:57 "it also helped me that i kept changing my judgements..as I learned more...& more facts came in.... and that created life long habits that were very very useful" - love listening to Charlie share his stories!

[@TheoreticallyNo]

Thanks for uploading this talk.

[@chasemurman8104]

Charlie Munger the GOAT

[@shalomnjuguna1316]

Chase Murman Deserved wisdom through hard, smart, and consistent work.

[@redcae1911]

Like federer

[@tdang9528]

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[@gourabbanerjee3075]

The greatest intellectual man I have ever seen... I wish I could meet this man once in my life....

[@edwinlee2343]

never meet your heros

[@moirangthemvikassingh6175]

Please watch the nobel table every year . You will enjoy it

[@martinjanza34]

hurry up!!

[@TheSmartLawyer]

Time is running out!

[@tdang9528]

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[@will2110]

What a brilliant recall of troubled times and more importantly, a truly rare piece of wisdom!

[@carlitoab]

What a legend. Everyone should listen to this wise man.

[@wwz1011]

"Most lousy businesses can't be fixed" amen.

[@christopherrobbins9985]

Wise old owl. Listening to Charlie you can learn more than you would from Harvard, Oxford and Stanford put together.

[@jaybrown9028]

lol wut

[@fiddlepants5947]

Yea wut? Why those schools out of all the better ones you could have chosen...

[@mulatto401]

Said by the person who never stepped foot in those colleges

[@willcheung7041]

@@mulatto401 hhhh

[@gavinbrando8255]

One of the best talks I've heard. Fascinating human being and this could have gone on for hours

[@michalpetras984]

A fantastic video. Charlie is a phenomenal personality. To listen to him and learn from him is a gift. Love it.

[@cartmaneric647]

Such a great talk, loved every damn second of it! Thank you very much.

[@YFolermira]

Great watch! Having harbored financial concerns throughout my entire adulthood, it's intriguing to watch this video and recognize the potential for significant achievements with proper goal-setting. Experiencing the freedom of not being consumed by financial worries that haunted me for numerous years is genuinely liberating. I believe this is the outcome of consistently putting in diligent effort for the future.

[@antonnohr]

Impressive insights! Navigating and staying informed can be challenging for newcomers. Are you an experienced investor, or do you adopt a systematic approach to stay well-versed?

[@VickyAlvy]

Since my business's inception, my financial advisor has skillfully managed stock transactions in the dynamic market, leading to substantial portfolio growth exceeding $820k in just over a year.

[@tdang9528]

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[@rajponnuraj]

Thanks for posting this. Good interview.

[@CristobalRuiz]

It's like listening to your grandfather telling a story and you are eager to know "and then what grandpa??"

[@HhH55688]

Charlie speaks very concisely and sharply. It's really enjoyable to watch this conversation.

[@Ishaq_Vally]

China going to lose trade war or not?

[@jaredcorreafitness9666]

Simply brilliant. Wise words to take heed of.

[@dkny5150]

It feels so good to hear someone share knowledge without saying at the end of the presentation “Buy my this/or Buy that”.

[@TheSmartLawyer]

Actually he is a reminder to by BH and implicitly the main companies held by BH

[@dkny5150]

@@TheSmartLawyer I think 95% of the people in the US can not afford to purchase 1 share of BH @ 485k a share. The remaining 5% of the US population that can afford it has financial advisors who s performance is evaluated on trimester bases.

[@Jesse1997Earth]

Awesome interview!

[@clnoamorim]

That squirrel comment cracked me up

[@chenlim2165]

So much wisdom packed into this talk. Especially that economics masterclass in the last 10 minutes. Thanks for posting. Absolute treasure. RIP Charlie.

[@polililo]

Very methodical and a great sense of humor. Awesome!

[@hasnatsafder7463]

Awesome interview, is Charlie Munger coming for another one this year?

[@tel5690]

Charlie is one of the best people we can learn from today. I do own the tao of Charlie Munger book. His wisdom and bold statement is so appreciated. This interview is so important

[@josephcoleman6640]

I Really appreciate this, MROSS vid!!

[@Rayquesto]

32:59 "You need to see things from the owner's point of view" That's the key!

[@SharingInvestingWisdom]

Love to hear Charlie Munger's wisdom and maxims about business, investing, and life.

[@danhdang4326]

what an amazing talk. really glad I found this.

[@leeboriack8054]

Charlie speaks volumes with an economy of words. A very rare thing these days.

[@kevi5641]

What an amazing man. Charlie with his age, wisdom and down to earth common sense is awesome. A well full of yester year old stories. You could listen to him by the camp fire all night.

[@banutennakoon2297]

Very well done by the interviewee

[@vikasvaswani3397]

A lot of all that I think and act reflects the learnings that I acquired by listening to Mr Munger and Mr Buffet, unknowingly he inspired me to understand life better.

[@simplerway489]

Lincoln NE will forever be in my heart. Nice people, nice places.

[@Shiro642]

Can i use parts of this video for re-upload on youtube????

[@franciscoantao3794]

People like buffet and munger should never die...

[@saying...]

Yeah that's wishful thinking.

[@tdang9528]

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[@paouvous]

25:36 speaks to my heart. As a lawyer one may hate asking for money from rich people. As a doctor a man may hate to ask for money from any people.

[@MrTobi4]

When you think about it, Charlie has been old now for more than 30 years. Lmfao he’s been older longer than I’ve been alive. This preacher behavior of his is really admirable.

[@ecotaxz]

Same @Alex S. Charlie Munger is The most amazing person anyone should read about and listen to. He is so smart and funny. I admire him.

[@Bryponce23]

Charlie Munger is my Adam Smith. Thank you Charlie.

[@neonmanas6705]

What a great man.

[@Pa-nb2bb]

Someone pls tell me which watch Charlie is wearing?

[@Ralph-Hurley]

It's no wonder that Mr Munger and Mr Buffet have been so successful. They are both absolutely brilliant and a pleasure to listen to. What l like most is the fact that Mr Munger just speaks plainly in terms that anyone can understand. Really admire both gentlemen.

[@tez830]

Yes to more independence!!

[@raimondasmarciulevicius7599]

Together KZbin, Michigan Ross, Ross School of Business, John, Scott, Charlie & I together are strong.

[@maikaimakena9424]

Long live this wise man. Grateful to record his brilliance for all to see

[@ah383]

Charlie is great. I can't tell if the interviewer is listening.

[@jaidancraig]

I love that Charlie Munger and Warren Buffett are always drinking Coke.

[@phaggott]

@Fredrik Sjöqvist they probably do get paid but one wonders how substantial the amount would have to be for it to come in as the chief concern of both those dudes in making the decision whether or not publicly sip coke (Pepsi guy myself, McDonald's has a pretty fire coke I have to admit). If we really want to get into it I'd posit coke sponsors the events or school and such. Both OGs could have no say in the bottles being there. I have primarily based my first thesis on the apparent authority upon the matter my friend Jaidan Craig displays. The latter point being,I think, the most likely answer to your question.

[@watchettv]

@@phaggott they have 19 billion worth of coca-cola shares lol

[@phaggott]

@@watchettv I stand corrected

[@TB1M1]

Sugar increases insulin sensitivity.... why do people still not understand this..!!!

[@naganara3628]

That's y warren got prostate cancer

[@JorgePerez-xz8kz]

The interviewer is anxious to ask the next question. Not even acknowledging what Charlie munger is saying.

[@efanshel]

Just Great!

[@XiaoliangZhao2014]

Great host, seamlessly

[@jaibholanath955]

One of the smartest person on planet Earth long live Charlie

[@saying...]

I'm not sure he'd agree to that.

[@tdang9528]

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[@mayuquitomayu4743]

32:30-32:49 is brutal. Such a gentle demeanor while telling you of a cunning business that was Berkshire Hathaway, when they were buying companies to liquidate.

[@thonatim5321]

Liquidation is often necessary and best for everyone.

[@tdang9528]

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[@truckso2pl]

There is no over 100 books on Charlie, just a few in fact

[@chrisniner8772]

There is a 500 yard no BS zone around Charlie.

[@zzd7ry]

Really sad news, we lost a wolverine today. Brilliant one liners, will miss his wit and wisdom. His obituaries are testament to a life well lived. Watching his interviews are the best way to spend an hour. You will be a better person because of that.

[@Guitargate]

This is truly tremendous. So succinct. So poignant. So obviously true.

[@andredelfranco1335]

Capitalism ROCKS

[@erich9779]

ah we are at the right PLACE AND TIME to hear the genius talk and for that, I'm pretty lucky and bless :D

[@emmanuelleroy2915]

This guy is so humble and intelligent it's truly amazing

[@JesseMongia]

as a retired person and excon with that grew up with coffee cans holding up the sofa cause the legs were long gone .I now have a nice house and owe it all to the Lord for being there always and even in times when I didn't know it .

[@audreyswinston344]

I don't know who needs to hear this but stop saving all your money in the bank. Learn some new skills and lnvest your money if you want financial freedom...Of course having multiple streams of lncome is remunerative means to build wealth.

[@georgechristopher2907]

That's correct.. I believe that the secret to financial stability is having the right investment ideas to enable you earn more money, I don’t know who affirms to this, but either way I recommend real estate, crypto, NFTs, Stocks.....

[@suzanne7285]

Talk about different streams of lncome, The crypt0 market is facing a key moment right now, in a very short time it's gonna see a breakout to new record highs. With the current market trends, lnvesting in bitcoin now would be a very smart move to make as it's gonna skyrock soon..

[@Ed-ug3te]

Wait a minute.... y'all working with Mister Carl Davis😱. im also a living attestation of hls servlces. He's obviously the best and has really made a good name for himself. I lnvested 4000$ with him and made a proflt of 16,107$ in 9days.

[@suzanne7285]

@Joe Crossway 0MG.... I'm amazed you mentioned Carl Davis mining/tradlng services . I thought I was the only beneficiary of his mining Expertise...I met him at a conference in CA 2019, He has helped me achieve success in the crypt0 market too.

[@nategudjohnsen1016]

I think tradlng is easier with proper guidance from a Pro, it helps reduce the chances of running into l0sses.

[@Astrotase]

Charlie's a boss

[@jaiminshah6416]

Charlie is an example of utter honesty in both his oratory as well as his professional skills , seemingly, every word was a GODLY PREACHING from HEAVEN with a view to serve humanity on this planet wholeheartedly, moreover, every individual born on this planet is unique , which stays true in case of Mr Munger too , however, his wisdom may positively vicissitude myriads lives of omnipresent as well as upcoming generation's individuals upto some extent, widely dependent on each one's individualistic luck, diaspora , skills , personality traits as well as their countries of origin apparently!!! Long Live Mr Munger and Mr Buffet , Inevitably, Heaven may consider appointment of individuals such as you , which are nearly on verge of extension, to be prioritized for creating our planet a better place to LIVE purposefully and enthusiastically 🤞🧠💎😇🏆🥇👌🏾🥳👑🌹, Fingers Crossed , Amen

[@Vicky-Blue]

Love Charlie !

[@user-ic2vf5ou9c]

Can someone here explain me how he got to know and understand business terms, finances, etc. just before living law practice? I have also a law degree and i would love to have a similar path but i struggle to get started on the business things… Does someone have a tip?

[@bell1095]

1996GMail .. Interesting question: legal professions cultivate jargon and strict standardised language, trying to cover up and hide the couter rational fact of being exposed to the aleatoric elements of the judicial proceeding. In contrast business language seeks to expose and keep aleatorics alife, to create innovate denominations on upcoming facts, on purpose to increase opportunities and chances to gain comparative advantages against competitors.

[@sportsguy86ify]

the dean seems like a pretty sharp and together young guy and yet is pronouncing berkshire egregiously wrong the entire time. almost hard to believe.

[@TheMechanic204]

Very upsetting.

[@sbfhawk4343]

I respect both his and Buffets knowledge and understanding of the Markets and how things have been run for the last 60 years. I respect them but they are not fit to understand XRP and Bitcoin and the coming changes. That is where we differ but that is okay not everybody understands how this is going to work.

[@cemendur]

That's such an ocean of knowledge and experience he has. It's very calming listening to Charlie Munger

[@EvaGreenFanPennyDreadful]

Holy crap...this man understands human psychology perfectly. His comment on "someone will be able to create more bitcoin" is just awesome.

[@nicholasalexander9916]

Evan Green it’s impossible to create more bitcoin. Mr. Munger is blatantly wrong and very uneducated on the subject.

[@EvaGreenFanPennyDreadful]

He knows that. He mentions it. He understands incentives.

[@JustinIm27]

Nicholas Alexander Don't take it so literally. He means things like Bitcoin cash and other cryptos. There's over 1500 cryptos all created in the last couple months. Most of em are completely worthless

[@EvaGreenFanPennyDreadful]

ICOs are the biggest bullshit scam, man. 99% of them are fucking useless. Filled with teams of kids.

[@nishant7005]

@@nicholasalexander9916 by nature complexity has the place to hide fraudulent things. Bitcoin is very complex to understand.

[@skeletonrowdie1768]

they could indeed issue more bitcoins by simply reprofiling the definition of it's cryptocurrency, make the equations have a wider domain and estimate the gained volume of numbers representing cryptocurrency.

[@vigneshsabhahit1636]

What was he comparing market price of electricity to at 28:50?

[@jgileseasttx]

Vignesh Sabhahit TVA=Tennessee valley authority... system of dams commissioned by Roosevelt

[@sn20]

@@jgileseasttx helpful thanks

[@a.wodehouse2393]

Wonderful!

[@Great_PatBingsoo]

The late Munger had such an impeccable tact and intellect, having a pulse on modern times while paying homage to his predecessors: "they were backward in a self-reliant way." What a wordsmith.

[@petecheng1]

which date was this recorded?

[@MichiganRoss]

Hi Peter, this was recorded in Los Angeles on Nov 30, 2017. We've updated the description for clarity as well. Thanks for watching!

[@shortyspurs30]

I like the way they put the two cola bottles together to spell coke for that camera.

[@aaronramsden1657]

I sincerely hope I am as mentally sharp as Charlie if I ever live to his age

[@benkizemchuk]

Entertaining video

[@Ainappa]

We need a movie or even an HBO series about Charlie and Warren