November 29, 2023 • 5 min read |
But first, remembering Charlie Munger. |
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He was number one at being number two. Charlie Munger, the billionaire investing legend who led Berkshire Hathaway alongside Warren Buffett, died Tuesday at age 99. He passed peacefully at a California hospital, according to his family. Munger grew to prominence as the right-hand man to the world's most famous investor, Warren Buffett. And while Munger never achieved Buffett's astronomical wealth, he did all right, amassing a net worth of over $2 billion. Munger's wealth could have been even greater, but he sold or donated more than 75% of his Berkshire Hathaway stock since 1996. The man who built a career making smart investments had a unique perspective on handling his own money later in life.
"I'm deliberately taking my net worth down," he told The Omaha World-Herald in 2013. "My thinking is, I'm not immortal," he continued, "and I won't need it where I'm going."
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Despite being overshadowed by Buffett, Munger wasn't afraid to share his opinion. Whether it was why it's ok to eat donuts — albeit with some discipline — or his displeasure for venture investors, Munger's takes were blunt but witty. In a recent interview, he credited his economic success to his love of reading. His greatest life lesson was also beautifully simple: Cut out toxic people. It's fitting advice from a man who found so much success in a relationship he held for over 60 years. Buffett and Munger first met at a dinner party in their hometown of Omaha, Nebraska, in 1959. The two had both worked at Buffett's grandfather's supermarket, but never ran into each other. By 1978, Buffett had convinced Munger to join him at Berkshire Hathaway as vice chairman. More than 40 years later, they'd built a conglomerate with a market cap north of $750 billion.
More on Charlie Munger: |
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Markets 🔔 Before the opening bell: US stock futures rise early Wednesday as investors await data on gross domestic product and wholesale inventories. |
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Photo by Frederic J. Brown / AFP via Getty Images |
1. Tesla Cybertruck buyers still don't know how much it'll cost — days before delivery. On Thursday, the car company is expected to deliver 10 vehicles to unknown order holders. But the majority of people still don't know the cybertruck's basic details: horsepower, charge range, or even price. 2. There's little evidence that internet use harms mental health. A new global study found that there's no "smoking gun" linking social media use and mental health harm. But researchers noted that tech companies need to disclose the data they have for more thorough research. 3. These 16 influential talent management firms and agencies help micro influencers build businesses. Firms like Kensington Grey and SevenSix Agency have helped micro influencers land brand deals with major companies like Delta Air Lines, Toyota, Gucci, and Google. Check out all the agencies here. |
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1. Average homebuyers are beating out Wall Street landlords. The percentage of American households who own their home has been on the rise since the start of the pandemic. Meanwhile, Wall Street's foray into the housing market has slowed substantially since last spring. 2. TikTokers offer Gen Z advice on how to survive a 9-to-5 job. Their survival tips include eating lunch away from your desk and setting boundaries. They also recommended taking screen breaks every hour and giving yourself little rewards. 3. Many Americans are delaying costs with buy now, pay later programs. Americans broke a record for spending on Black Friday. But the delayed payments could lead to bigger problems in the spring when bills start coming due. |
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- The Rockefeller Center 2023 Tree Lighting Ceremony is tonight. The annual ceremony will be broadcast live on NBC and Peacock.
- The New York Times DealBook Summit is today. Speakers include Vice President Kamala Harris, President of Taiwan Tsai Ing-wen, Elon Musk, Bob Iger, Jamie Dimon, Lina Khan, Shonda Rhimes, and other major execs.
- Earnings today: Salesforce, Okta, Dollar Tree, and other companies.
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Monica Humphries/Business Insider |
"I shopped at Costco for a 2-week road trip in a 75-square-foot van." Our writer could easily fill an entire cart with meals, snacks, and goods for the trip, including eggs and Liquid I.V. |
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