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Munger answers questions alongside Buffett for hours each May at the Berkshire shareholders meeting in Omaha, Neb., and again on his own at the annual meeting in California of Wesco Financial Corp., a Berkshire subsidiary that he leads.
Buffett sometimes relies on Munger to repeat questions because his hearing is better. After one shareholder asked a lengthy question this year about how Buffett got started investing and what mindset an investor should have, Buffett turned to Munger for help.
So Munger summed it up: "He wants you to instruct him how to become less like a lemming."
When Munger does weigh in, he often cuts through Buffett's longer answer to its heart. And sometimes he critiques Buffett's response.
"Well, that was real useful advice," Munger said this year after Buffett answered a question about choosing good managers by saying Berkshire buys businesses with strong management teams in place. Then he compared that to saying the best way to get through lean times is to keep a couple million dollars lying around.
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Direct Link - Berkshire's No. 2 man helps from the background.
2 comments:
I think you might like my new self-published book. My book, "The Four Filters Invention of Warren Buffett and Charlie Munger" examines each
of the basic steps they perform in framing and making an investment decision. Here is a 10 min. audio book summary:
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Here is the review that George at valueinvestingnews.com and fatpitchfinancial.com did on my book. http://www.valueinvestingnews.com/four-filters-invention-warren-buffett-ch-0
As for my own views, “The Four Filters Invention of Warren Buffett and Charlie Munger” at http://www.frips.com is designed to be the next “Intelligent Investor.” It is a small book at 98 pages, and it concentrates mainly on the sequential process outlined by Warren Buffett. How do the best “frame” their investing decisions? The Four Filters cluster around the important business variables of Products, Customer-Sustainablility, Managers, and Price/Value. The book also strives to prove that Buffett and Munger invented a Behavioral Finance Formula composed of three qualitative steps and one quantitative step, that is underappreciated by the business and academic communities. In that respect, Buffett and Munger will have a greater long term impact on academics than the Efficient Market Hypothesis.
While my book is concentrated on Munger and Buffett’s approach to
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