Quote for the Week
My father had this best friend and client. He also had this other client who was a big blowhard. And he was always working for the big blowhard and he wasn’t ever working for his wonderful client whom I admired. I said, “Why do you do this?” He said, “Charlie, you idiot.” He says, “The big blowhard is an endless source of legal troubles. He’s always in trouble! Overreaching and misbehaving and so forth. Where as, Grant McFadden treats everybody right. The employees, the customers, everything. He gets involved with some psychotic, he walks over there and makes a graceful exit immediately. A man like that doesn’t need a lawyer.” And my father was trying to teach me something and it really worked. I spent my whole life trying to be like Grant McFadden. And I want to tell you, it works. It really works!
Peter Kaufman is always telling me, if the crooks only knew how much money you could make by being honest, they’d all behave differently. Warren has a wonderful saying I like. He says, “You take the high road. It’s never crowded.” And it’s worked. — Charlie Munger (source)
From the Archives
- Charlie Munger’s Uncommon Sense
- Lessons from Charlie Munger at the 2023 DJCO Meeting
- Lessons from Charlie Munger at the 2022 DJCO Meeting
Last Call
- Charlie Munger, Warren Buffett’s Partner and ‘Abominable No-Man,’ Dies at 99 – WSJ
- Charlie Munger’s Life Was About Way More Than Money – J. Zweig
- Most Americans are Better Off Financially Now Than Before the Pandemic – SAHM
- How to Avoid Losing Money – Behind the Balance Sheet
- Interview François Rochon – Compounding Quality
- Marshmallow Mind – Alchemy of Money
- Confirmation Bias Writ Large – Better Letter
- The Network Scam – S. Godin
- We Found 30 Timing Strategies that “Worked” and 690 that Didn’t – Dimensional
- The Mirai Confessions: Three Young Hackers Who Built a Web-Killing Monster – Wired