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The world of finance bid farewell to Charlie Munger, Warren Buffett’s second-in-command

Legendary Investor Charlie Munger Just Passed Away

German and Spanish inflation came in much lower than expected, raising hopes for Europe’s economy

Inflation In Germany And Spain Sank Much Lower Than Expected

It’s how Joel Greenblatt always seems to be buying good companies at cheap prices. Stéphane shows you how to use the formula yourself, and finds eight stocks this guru would love to own.

This Hedge Fund Guru Has A "Magic Formula" For Buying Stocks

**Why should I care?**

***For investors:*** *Value’s in the eye of the beholder.*

Munger’s superstar status might not have rivaled Buffett’s, but the straight talker won an allegiance of fans thanks to his clear-cut, practical, and enduring investing lessons. Arguably his biggest belief, besides the importance of never-ending learning through reading, was to design a trustworthy investment strategy and stick with it. For Munger, that meant selecting first-class companies at acceptable – not necessarily cheap – prices, using careful logic and a deep understanding of how those firms work.

***The bigger picture:*** *Less losing equals more winning.*

That considered approach does have drawbacks. Cautious Munger didn’t buy into tech giants like Microsoft and Google when early investors did, for example. But sometimes winning just means not losing: Munger also avoided stocking up on the tech stocks that crashed in the dot-com bubble, and passed on over-investing during heady market highs when risks peaked. At the end of the day, it’s the classic calls – Coca-Cola, American Express, and GEICO, to name a few – that underpin Berkshire’s success, not quick-win crazes.



**What’s going on here?**

Legendary investor Charlie Munger passed away at the age of 99.

**What does this mean?**

Warren Buffett personifies investing success today – but without right-hand man Charlie Munger’s strategic insights and partnership, Buffett’s billions may have remained a pipe dream. Munger joined Berkshire Hathaway as vice chairman in 1978, thirteen years after the duo met. But the lawyer-by-training did far more than that job title suggests, often acting as the driving force behind investments. Case in point: it was Munger who steered Buffett’s strategy away from buying decent companies at cheap prices to buying outstanding companies at reasonable prices. His no-nonsense decision-making helped lead Berkshire to average annual gains of 20% between 1965 and 2022, roughly double the pace of the S&P 500 Index. And during the process, Forbes believes Munger racked up a personal fortune of some $2.6 billion.



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query ContentPieceQuery(
  $slugOrId: String
  $encryptedEmail: String
  $planSlug: String
) {
  viewer {
    authorization {
      roles {
        isAnonymous
      }
      ...SingleContentPiece_authorization
    }
    ...SingleContentPiece_viewer_4uP6yi
    content(encryptedEmail: $encryptedEmail) {
      ...SingleContentPiece_content
      contentPiece(slugOrId: $slugOrId) {
        __typename
        ...SingleContentPiece_contentPiece
        canonicalLink
        id
      }
    }
    id
  }
}

fragment AccessibleImage_accessibleImage on AccessibleURLImage {
  full
  altText
}

fragment AdvertWrapper_activeProductAdvert on ProductAdvert {
  id
  advertHandle
  destinationUrl
  sponsoringCompany {
    name
    id
  }
}

fragment AnonymousPaywall_viewer_2HyoJ4 on Viewer {
  webSubscriptions {
    defaultWebPlan {
      ...PremiumAccountPromotionPanel_webPaymentPlan_2HyoJ4
    }
  }
}

fragment AudioOnlyBanner_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  headerImage {
    ...ServerImage_image
  }
  title
}

fragment AuthorLinkWrapper_author on Author {
  slug
  isActive
}

fragment Avatar_image on URLImage {
  original
}

fragment BannerAdvert_activeProductAdvert on ProductAdvert {
  title
  description
  destinationUrl
  sponsoringCompany {
    name
    id
  }
  wideImage {
    ...AccessibleImage_accessibleImage
  }
  narrowImage {
    ...AccessibleImage_accessibleImage
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  ...AdvertWrapper_activeProductAdvert
}

fragment Block_block on ContentPieceBlock {
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  __typename
  ... on TextBlock {
    id
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  }
  ... on ImageBlock {
    id
    ...ImageBlock_block
  }
  ... on QuoteBlock {
    id
    ...QuoteBlock_block
  }
}

fragment ContentAuthorAndMetadata_author on Author {
  id
  byline
  profilePicture {
    ...Avatar_image
  }
  ...AuthorLinkWrapper_author
}

fragment ContentDownloadBlock_authorization on Authorization {
  roles {
    isB2bUser
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}

fragment ContentDownloadBlock_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  ...DownloadContentDropdown_contentPiece
  isAvailableToProducts
}

fragment ContentFooter_contentPiece on ContentPieceInterface {
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  id
  title
  deepLink
  canonicalLink
  slug
  hasChapters
  chapters {
    __typename
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  mostRelevantTags(first: 30) {
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}

fragment ContentHeaderDetails_authorization on Authorization {
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    isB2bUser
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}

fragment ContentHeaderDetails_contentPiece on ContentPieceInterface {
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  ...ListenButton_contentPiece
  ...ContentPieceBookmarkIcon_contentPiece
  ...ContentDownloadBlock_contentPiece
  id
  title
  deepLink
  canonicalLink
  slug
  hasChapters
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    slug
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}

fragment ContentHeader_contentPiece on ContentPieceInterface {
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  ...DefaultContentHeader_contentPiece
  ...EvergreenContentHeader_contentPiece
  contentPieceType {
    name
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}

fragment ContentMetadata_contentPiece on ContentPieceInterface {
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  author {
    byline
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}

fragment ContentPieceBookmarkIcon_contentPiece on ContentPiece {
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}

fragment ContentPieceCardWrapper_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  id
  title
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  slug
  headerImage {
    ...ServerImage_image
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  hasChapters
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    slug
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  mostRelevantTags(first: 2) {
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  dateUpdatedDisplay
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    isActive
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  canonicalLink
  contentPieceType {
    name
    publicName
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  ...authorization_contentPiece
  ...ContentPieceBookmarkIcon_contentPiece
}

fragment ContentPieceSEO_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  title
  imageForSeo: headerImage {
    url: full
  }
  subtitle
  firstPublishedAt
  id
  ... on PublicContentPiece {
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  byline
  seoTitle
  searchDescription
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}

fragment ContentPieceSponsor_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  sponsoringCompany {
    id
    name
    link
    logo {
      ...ServerImage_image
    }
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}

fragment DefaultContentHeader_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  ...ContentHeaderDetails_contentPiece
  ...AudioOnlyBanner_contentPiece
  ...ContentMetadata_contentPiece
  id
  title
  headerImage {
    ...ServerImage_image
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  author {
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}

fragment DownloadContentDropdownContentPieceRefetch_viewer_1QxYRk on Viewer {
  contentPieceTranslation: contentPiece(slugOrId: $slugOrId) {
    __typename
    id
    title
    isAvailableToProducts
    blocks {
      __typename
      ...DownloadContentDropdown_blocks
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        id
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    keyInsightsBlocks {
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}

fragment DownloadContentDropdown_blocks on ContentPieceBlock {
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}

fragment DownloadContentDropdown_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  localeMapping {
    languageCode
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}

fragment EvergreenContentHeader_authorization on Authorization {
  roles {
    isB2bUser
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}

fragment EvergreenContentHeader_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  ...ContentMetadata_contentPiece
  ...ListenButton_contentPiece
  ...ContentPieceSponsor_contentPiece
  ...ContentPieceBookmarkIcon_contentPiece
  ...ContentDownloadBlock_contentPiece
  canonicalLink
  id
  deepLink
  title
  slug
  hasChapters
  chapters {
    __typename
    id
    slug
  }
  headerImage {
    ...ServerImage_image
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}

fragment ImageBlock_block on ImageBlock {
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  alt
  caption
  link
}

fragment KeyInsightsBlock_contentPiece on ContentPieceInterface {
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  keyInsightsBlocks {
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    textMarkdown
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}

fragment KeyInsightsCarousel_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  keyInsightsBlocks {
    id
    textMarkdown
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}

fragment KeyInsights_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  ...KeyInsightsCarousel_contentPiece
  ...KeyInsightsBlock_contentPiece
  keyInsightsBlocks {
    id
    textMarkdown
  }
}

fragment ListenButton_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  id
  title
  trackingTitle
  subtitle
  readingTime
  isPremium
  hasBlocks
  hasChapters
  hasAudio
  contentPieceType {
    name
    trackingName
  }
  ...AudioOnlyBanner_contentPiece
}

fragment LoggedInPaywall_viewer_2HyoJ4 on Viewer {
  webSubscriptions {
    defaultWebPlan {
      ...PremiumAccountPromotionPanel_webPaymentPlan_2HyoJ4
    }
  }
}

fragment MainContentSection_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  ...ContentPieceSEO_contentPiece
  ...KeyInsights_contentPiece
  ...ContentHeader_contentPiece
  ...ContentFooter_contentPiece
  title
  headerImage {
    ...ServerImage_image
  }
  globalContentPieceId
  trackingTitle
  subtitle
  firstPublishedAt
  readingTime
  isPremium
  deepLink
  hasBlocks
  hasChapters
  hasAudio
  id
  canonicalLink
  byline
  contentPieceType {
    name
    trackingName
  }
  blocks {
    __typename
    ...Block_block
    ... on Node {
      __isNode: __typename
      id
    }
  }
  ...MentionedAssets_contentPiece
}

fragment MentionedAssets_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  financialAssets {
    __typename
    symbol
    name
    logo {
      thumbnail
    }
    id
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}

fragment Navigation_authorization on Authorization {
  roles {
    isB2bUser
  }
}

fragment PaywallBanner_contentPieceType on ContentPieceType {
  isAvailableForFreemium
}

fragment PaywallBanner_viewer_2HyoJ4 on Viewer {
  ...AnonymousPaywall_viewer_2HyoJ4
  ...LoggedInPaywall_viewer_2HyoJ4
  experiments {
    name
    variant {
      name
      id
    }
    id
  }
}

fragment PremiumAccountPromotionPanel_webPaymentPlan_2HyoJ4 on WebPaymentPlan {
  amount
  currency
  currencySymbol
  interval
  promotionApplied(slug: $planSlug) {
    stripeDiscount {
      discountPct
      discountAmount
      id
    }
    id
  }
}

fragment QuoteBlock_block on QuoteBlock {
  quote
  caption
}

fragment RelatedContentPieces_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  relatedContentPieces {
    __typename
    globalContentPieceId
    id
    ...ContentPieceCardWrapper_contentPiece
  }
}

fragment ServerImage_image on URLImage {
  full
}

fragment SingleContentPiece_authorization on Authorization {
  ...authorization_authorization
  ...ContentHeaderDetails_authorization
  ...ContentDownloadBlock_authorization
  ...EvergreenContentHeader_authorization
  roles {
    isPreviewingContentAllowance
    isPreviewing
    isAnonymous
    hasPremiumSubscription
    isFreemium
  }
}

fragment SingleContentPiece_content on Content {
  ...authorization_content
  anonymousUserHasPremium
}

fragment SingleContentPiece_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  ...AudioOnlyBanner_contentPiece
  ...authorization_contentPiece
  ...MainContentSection_contentPiece
  ...RelatedContentPieces_contentPiece
  globalContentPieceId
  trackingTitle
  isPremium
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  hasChapters
  hasAudio
  contentPieceType {
    name
    trackingName
    isAvailableForFreemium
    ...PaywallBanner_contentPieceType
  }
  chapters {
    __typename
    id
    slug
  }
  sponsoringCompany {
    name
    id
  }
  activeProductAdvert {
    ...BannerAdvert_activeProductAdvert
    id
  }
}

fragment SingleContentPiece_viewer_4uP6yi on Viewer {
  ...PaywallBanner_viewer_2HyoJ4
  ...DownloadContentDropdownContentPieceRefetch_viewer_1QxYRk
  authorization {
    ...Navigation_authorization
  }
  features
}

fragment Tag_tag on GenericTag {
  __isGenericTag: __typename
  __typename
  ... on AssetClassTag {
    name
    slug
  }
  ... on GeographyTag {
    name
    slug
  }
  ... on ContentTag {
    name
    slug
  }
}

fragment TextBlock_block on TextBlock {
  textMarkdown
}

fragment authorization_authorization on Authorization {
  roles {
    isPreviewingContentAllowance
    isPreviewing
    isAnonymous
    hasPremiumSubscription
    isFreemium
  }
}

fragment authorization_content on Content {
  anonymousUserHasPremium
}

fragment authorization_contentPiece on ContentPieceInterface {
  __isContentPieceInterface: __typename
  isPremium
  contentPieceType {
    isAvailableForFreemium
  }
}


Legendary Investor Charlie Munger Just Passed Away

Mentioned in story

BRK.A

Berkshire Hathaway Inc.

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This Hedge Fund Guru Has A "Magic Formula" For Buying Stocks

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