Charles Thomas Munger born January 1, is an American investor, businessman, and philanthropist. He is vice chairman of Berkshire Hathawaythe conglomerate controlled by Warren Buffett. He is also the chairman of the Daily Journal Corporationbased in Los AngelesCalifornia, and a director of Costco Wholesale Corporation. Munger was born in OmahaNebraska. Army Air Corpswhere he became Second Lieutenant.

He continued his studies in meteorology [3] at Caltech in Pasadena, Californiathe town he was to make his home. At Harvard he was a member of the Harvard Legal Aid Bureau. Opportunity comes, but it doesn't come often, so seize it when it does come. He then partnered with Jack Wheeler to form Wheeler, Munger, and Company, an investment firm with a seat on the Pacific Coast Stock Exchange. He wound up Wheeler, Munger, and Co. Although Munger is better known for his association with Buffett, he ran an investment partnership of his own from to According to Buffett's essay, " The Superinvestors of Graham-and-Doddsville ," published inMunger's investment partnership generated compound annual returns of Munger was previously the chairman of Wesco Financial Corporation, now a wholly owned subsidiary of Berkshire Hathaway.

It began as a savings and loan associationbut eventually grew to control Precision Steel Corp. Munger believes that holding a concentrated number of stocks, that he knows extremely well, will in the long term produce superior returns.

Wesco is based in Pasadena, CaliforniaMunger's adopted hometown. Pasadena was also the site of the company's annual shareholders' meeting, which were typically held on the Wednesday or Thursday after the more famous Berkshire Hathaway annual meeting.

Munger's meetings were nearly as legendary in the investment community as those he co-hosts with Buffett in Omaha.

Such meetings were often perfunctory, but Munger interacted with the other Wesco shareholders at considerable length, sometimes speculating about what his hero Benjamin Franklin would do in a given situation.

In multiple speeches, and in the book Poor Charlie's AlmanackMunger has introduced the concept of "Elementary, Worldly Wisdom" as it relates to business and finance. Munger's worldly wisdom consists of a set of mental models framed as a latticework to help solve critical business problems.

Munger, along with Buffett, is one of the main inspirations behind the book Seeking Wisdom: From Darwin to Munger. Author Peter Bevelin explained his key learnings from both Munger and Buffett in a interview: High ethical standards are integral to Munger's philosophy and, at the Wesco Financial Corporation annual meeting, he said, "Good businesses are ethical businesses.

A business model that relies on trickery is doomed to fail. Munger explained that Frankel believed:. To Frankel, that is amoral, that is an irresponsible system. Munger uses the term "Lollapalooza Effect" for multiple biases, tendencies or mental models acting at the same time in the same direction. With the Lollapalooza effect, itself a mental model, the result is often extreme, due to the confluence of the mental models, biases or tendencies acting together, greatly increasing the likelihood of acting irrationally.

During a talk at Harvard in entitled The Psychology of Human MisjudgmentMunger mentions Tupperware parties and open outcry auctions, where he explained "three, four, most trusted forex broker 2012 of these things work together and it turns human brains into mush," [12] [13] meaning that normal people will be highly likely to succumb to the multiple irrational tendencies acting in the same direction.

The hostess gave the party and the tendency is to reciprocate; you say you like certain products during the party so purchasing would be consistent with views you've committed to; other people are buying, which is the social proof. In the open outcry auction, there is social proof of others binary option trading futures broker options, reciprocation tendency, commitment to buying the item, and deprivation super-reaction syndrome, i.

The latter is an individual's sense of loss of what he believe should be or is his. These biases often occur at either conscious or subconscious level, and in both microeconomic and macroeconomic scale.

From his first marriage to Nancy Huggins, [2] Munger is a father of 2 living children: Wendy Munger, a former corporate lawyer and trustee of Stanford University[16] and Molly Munger, a civil rights attorney and funder trade frankfurt stocks a ballot initiative to raise California taxes for public education.

Stock market or roth ira his 60 seconds binary options indicator xposed review to Nancy Barry, Munger is a father of four children—physicist and Republican activist Charles T.

Munger and Philip R. William Harold Borthwick warren buffett stock portfolio pdf download David Borthwick. Munger enjoys architecture and has designed multiple buildings, including dormitories at Stanford University and University of Michigan as well as the house he currently inhabits. Munger trading binary options with an algorithms a major benefactor of the University of Michigan.

Cook Legal Research Building, including the noted Reading Room. The renovated portion of the Lawyers Club will be renamed the Charles T. Munger Residences in the Lawyers Club in his honor.

In addition to the University of Michigan, Munger and his late wife Nancy B. Munger have been major benefactors of Stanford University. Nancy Munger was an alumna of Stanford, and Wendy Munger, Charlie Munger's daughter from a previous marriage, was also an alumna A. Both Nancy and Wendy Munger served as members of the Stanford board of trustees. Munger has been a trustee of the Harvard-Westlake School in Los Angeles for more than 40 warren buffett stock portfolio pdf download, and previously steve lescarbeau trading system as chair of the board of trustees.

His five sons and stepsons as well as at least one grandson graduated from the prep school. On April 18,the University of Michigan announced the single largest gift in its history: This is the largest gift in the history of the school. The donation will go toward the construction of a residence building for visitors of the Kavli Institute in an effort to bring together physicists to exchange ideas as Munger stated,"to talk to one another, create new stuff, cross-fertilize ideas".

Munger has trade options in an ira signed the Giving Pledge that was started by his partner Warren Buffett and Co-Director, Bill Gates. From Wikipedia, the free encyclopedia. For the American politician, mayor of Orlando, see Charles Henry Munger. Retrieved March 8, Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger John Wiley and Sons. Harvard Law School Alumni Center.

California Institute of Technology. Retrieved 7 April Scribd from Santangel's Review. Retrieved 29 March San Jose Mercury News. An Extraordinary Combination of Minds" PDF.

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Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger. Sullivan 23 February Sullivan, " Memorial to be held in March for former trustee Nancy Barry Munger " February 23, Retrieved 19 April Retrieved 24 October Retrieved March 25, Retrieved March 29, Warren Buffett Chairman and CEO Charlie Munger Howard Graham Buffett Susan Decker Bill Gates David Gottesman Charlotte Guyman Donald Keough Thomas Murphy Ronald Olson Walter Scott Jr.

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