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S2021 E629 | 06/29/21. Buffett & Munger: A Wealth of Wisdom. Warren Buffett and Charlie Munger join Becky Quick to discuss their six decade friendship, sharing how they navigate the...
Jun 30, 2021 · Following is the unofficial transcript of CNBC’s hour-long special, “Buffett & Munger: A Wealth of Wisdom,” with billionaire investors Warren Buffett and Charlie Munger and CNBC’s...
- CNBC Press Release
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- Be Skeptical of Exotic Financial Instruments
- Inflation Is Another Reason to Favor Moats
- Volatility Is Not Risk
- Integrity Made Simple
- Fund Boards Are Lap Dogs
- In Investing, It’S OK to Do Nothing
- Always Be Learning
- The Markets Are Good, But Not Perfect
- Index Funds Are A Wonderful Invention
- No Good Investor Is Either “Value” Or “Growth”
Buffett and Munger have been consistent critics of derivatives, catastrophe bonds, crypto, and other types of financial “innovation.” The way they run Berkshire Hathaway reflects this prudence. The company operates with very little debt and a large cushion of cash and investments, an approach that has influenced the way Morningstar manages its own ...
Until 2022, it had been easy to ignore inflation for about 40 years. But any student of Buffett’s writings knows that inflation was a regular topic of his in the 1970s and early 1980s. What he emphasized then was the difficulty for companies, especially those most exposed to inflationary cost pressures, to earn decent returns for shareholders in a ...
My longtime boss at Morningstar was a Buffett and Munger fan, and the first words I ever heard out of her mouth were: “Beta is bullshit.” (I knew then that Morningstar would be an interesting place to work.) Given that writing massive insurance policies is a significant part of Berkshire Hathaway’s business, it’s no surprise that risk has consumed ...
Buffett famously said to the employees of Salomon Brothers when he stepped in to run the company in 1991: “Lose money for the firm, and I’ll be understanding. Lose a shred of reputation for the firm, and I’ll be ruthless.” He also suggested the following as a guide to behavior: If you would be comfortable having your actions described in detail on ...
That was Buffett’s conclusion in his classic 2002 letter to shareholders, and it certainly jibes with what Morningstar has seen over the years. Despite their explicit role as guardians for fund shareholders, fund directors—even independent directors—rarely push back against fund managers, and almost never vote to fire the fund manager. Buffett crit...
Buffett compared investing to a baseball hitter waiting for a fat pitch—a nice straight ball down the heart of the plate. But unlike in baseball, in investing you’re not called out after three strikes. You can let as many pitches whiz past as you want. This concept of patience has influenced the way we rate stocksat Morningstar in that we have no m...
Both Buffett and Munger are always reading, and Munger in particular emphasizes the importance of science—including an understanding of evolution—as essential for understanding what makes people tick. Many of my favorite books were Munger recommendations, including Influence: The Psychology of Persuasion, by Robert Cialdini, The Selfish Gene by Ric...
Having studied economics at the University of Chicago, I started my professional career with a firm faith in the wisdom of markets. Fortunately (at least in retrospect), my first job was analyzing Japanese stocks just as the bubble in Japanese asset prices, arguably the most egregious asset-price bubble in history, was bursting. It was an early les...
This may appear at odds with the previous point about imperfect markets, but it’s actually not. Markets may sometimes go haywire, but it’s still mighty hard to outperform them. When I started at Morningstar in 1991, it seemed the only fans of index funds were Jack Bogle, a few university professors, and a handful of academically minded financial ad...
Munger famously helped induce Buffett to move beyond Ben Graham’s cigar-butt-style of value investing (which consists of looking for stocks with one good puff left in them) and embrace great companies—even if it means paying higher prices for them. The key insight is that the worth of any company is a function of its growth prospects and how confid...
Jun 30, 2021 · Watch CNBC's Warren Buffett and Charlie Munger: A Wealth of Wisdom on YouTube. Don't miss: Warren Buffett and Charlie Munger haven't had a fight in 60 years — here's why. Warren...
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Jun 29, 2021 · Warren Buffett and Charlie Munger first met over dinner in 1959, Buffett recalled in CNBC’s special, “Buffett & Munger: A Wealth of Wisdom.” The now-iconic business partners were...
31 min. Warren Buffett & Charlie Munger: A Wealth of Wisdom Squawk Pod. Investing. In the first of a special series of Squawk Pod episodes, Warren Buffett and Charlie Munger speak with CNBC’s Becky Quick about their 60 years of friendship and their journey building Berkshire Hathaway.
