Munger stayed in the business for a few more years until he made his first million dollars. In 1961, an old acquaintance of Munger’s, Otis Booth, invited him to partner with him in a real estate development deal, which was completed in 1967 and Munger made a 400% profit on the sale of the development. However, thanks to Munger’s discipline and knowledge, as he himself says, they managed to obtain a respectable return on the capital invested. Munger did not start out successfully in the business world on the contrary, his first business was a company dedicated to the manufacture of transformers together with his partner, Ed Hoskins, in which he almost lost everything. Foray and rise in businessĪfter graduating, Munger moved with his family to Pasadena, California, where he began working at a real estate firm, eventually founding his own firm in 1962. He would later enter Harvard Law School, graduating in 1948. Years later, he was accepted to the University of Michigan to study mathematics, a career he abandoned to join the U.S. Munger was born on January 1, 1924, curiously enough, in Omaha, Nebraska. “The difference between a good business and a bad one is that the good one usually has to face easy decisions and the bad one usually has to face painful decisions.”Īlthough a bit behind the scenes, Charlie Munger is not exactly an unknown, in fact, it is thanks to his advice and vision on “value investing”, that Warren Buffett changed his methodology for selecting stocks, a method without which Berkshire Hathaway would hardly be what it is today.
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