#79 Charlie Munger (The Complete Investor)

What is most interesting about Munger is not his success as an investor. But the way he thinks and keeps his emotions under control. Munger's ability to cut to the heart of an issue with a few well chosen words is legendary. As is his desire to think independently. A fundamentally important truth is that people rarely make decisions independently.

This means that people who can think independently, gain control of their emotions, and avoid psychological errors have an advantage. Warren Buffett once illustrated Munger's desire to do his own thinking with this story. In nineteen eighty five, a major investment banking house undertook to sell Scott Fetzer. Real quick, Scott Fetcher's the name of a company. Um it's w best well known.

Uh for selling the Kirby Vacuum and the World Book Encyclopedia, but it also owns about a dozen Or so other businesses. I had never heard of it before, so I had to look it up. Um so says a major investment banking house undertook to sell Scott Fetzer, offering it widely, but with no success. Upon reading of the strikeout, I wrote Ralph Shay. Then and now Scott Fetzer's CEO.

We already have this episode, so unlocking it is cheap and permanent: the full transcript, segment and word-level timestamps, and .txt, .srt, .vtt and word-level JSON downloads, as many times as you like, forever.

10 free credits is 10 episodes like this one a month. Episodes nobody has transcribed yet cost their length in hours, because we have to actually transcribe them.