Latest news with #PoorCharlie'sAlmanack
Yahoo
23-05-2025
- Business
- Yahoo
Charlie Munger Said Someone Mailed Him A $50K, Saying 'I'll Pay To Work For You' — He Sent It Back But Admired The Gutsy Move
Paying to work sounds like something out of a satire—or maybe a desperate Reddit thread. But it actually happened. And not for just any job—for a shot at working with Charlie Munger. Yes, someone once mailed Munger a $50,000 check with a note essentially saying, "I'll pay this to work for you." This wasn't a story passed around the office. It came straight from the late billionaire himself during a 2017 Q&A at the Daily Journal Corp. meeting. He was answering a question about Todd Combs, one of the investment managers who ended up joining Berkshire Hathaway. But instead of giving a tidy HR-style explanation, Munger veered into something much more Munger-ish. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. "I get a million letters from people who want to come work for Berkshire," he said. "Sometimes I get a check from somebody who says, 'Here's $50,000, I'll pay this to work for you.' I sent the $50,000 back." Then he paused and added, "I will say that it's kind of a brash thing to do, and I kind of admire it because it was kind of a smart-ass stunt. And I was something of a smart-ass when I was young myself." Classic Munger—gruff, honest, and just amused enough by the absurdity. But he made it clear: a bold move isn't enough. "I'm not looking for another starting helper or something," he added. "I'm playing out the endgame. Anybody who's playing anything else but an endgame when they're 93 is crazy. It's an endgame." Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — For anyone who's studied Munger, this little moment checks every box. He had no interest in handholding. He didn't entertain fluff. But he could spot nerve and maybe even respect it—especially when it reminded him of his younger self. And that's the thing. Munger, like his longtime business partner Warren Buffett, wasn't just a titan of finance. He was a master of clarity. He cut through nonsense with one-liners so sharp they doubled as life lessons. This wasn't even the only time Munger commented on what it took to earn his attention. In his talks and in "Poor Charlie's Almanack," he often returned to themes like rationality, independent thinking, and humility. Not credentials. Not formal pitches. And definitely not gimmicks—though, apparently, a $50,000 bribe disguised as initiative will at least earn a why would someone pay to work at Berkshire? The name, sure. The prestige, of course. But more than that, it's about access to a worldview that's made people absurdly wealthy—not just in money, but in clarity, conviction, and, if they listened closely, common sense. Combs didn't send a check. He earned Munger's and Buffett's trust the old-fashioned way: showing up with the right temperament, good judgment, and none of the flash. Still, that $50,000 check? It was never going to buy a job—but for a brief moment, it bought a little respect. And from Charlie Munger, that might've been worth every penny. Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Charlie Munger Said Someone Mailed Him A $50K, Saying 'I'll Pay To Work For You' — He Sent It Back But Admired The Gutsy Move originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Business Insider
10-05-2025
- Business
- Business Insider
I flew to Omaha to cover Warren Buffett's annual meeting. I didn't know I'd witness history being made.
Buffett's revelation that he plans to resign as Berkshire's CEO at the end of this year was the headline of my trip. But I also saw rare treasures, spoke to people from all walks of life, visited storied locations, and discovered how Buffett and his businesses pervade almost every part of Omaha. I took a connecting flight from Chicago to Omaha and arrived late on Thursday of the welcome ads on the airport's wall requested visitors to "check your SPACs, Crypto, and EBITDA at the gate" — a nod to Buffett and his late business partner Charlie Munger's disdain for risky, speculative, and volatile called the proliferation of special-purpose acquisition vehicles, or SPACs, a "moral failing," dismissed bitcoin as "stupid" and "evil" as well as "rat poison." He also described earnings before interest, tax, depreciation, and amortization as "bullshit earnings." The influx of thousands of Berkshire shareholders to Omaha each year spells opportunity for many local Hudson News store in the airport had several areas dedicated to Berkshire books and other financial titles, including "Poor Charlie's Almanack" and "Buffett & Munger Unscripted."Another airport eatery had a See's Candies stall and a sign from Berkshire welcoming its shareholders.I took a taxi to the DoubleTree by Hilton in downtown Omaha. There was a banner in front of the hotel welcoming Berkshire shareholders, and a similar display outside the elevators on my floor. This was my third annual meeting, and I'm always interested to see how it changes to reflect the deals that Buffett conglomerate added Squishmallows-owner Jazwares to its exhibitors after acquiring the toy company's parent, Alleghany, in was one of the biggest exhibitors at Berkshire's shareholder shopping day this year, with myriad displays and interactive took full ownership of Pilot Travel Centers at the start of 2024. Pilot employees were selling coffee outside the meeting venue, the CHI Health Center. Inside, the company offered everything from Berkshire Blend coffee to T-shirts with Buffett quotes. Wan Xue, or "Cathy," 33, from China, was first in line to get her shareholder pass on Friday. She told me she'd purchased 11 books on this trip already, and planned to buy planned to see everything related to Buffett that she could, and had already visited his birthplace and school as well as Berkshire headquarters, she said. Veteran investors including billionaire Mario Gabelli and Buffett's former financial assistant, Tracy Britt Cool, spoke at conferences on Friday, the day before Buffett's Q& manager Chris Bloomstran said at the Gabelli Funds conference that tariffs, trade wars, recessions, depressions, and other crises were "net good for Berkshire" as they created buying opportunities. "Bring on a little pain," he added.I asked Gabelli straight after the conference how he felt about owning Berkshire stock given the current market shrugged off any concerns, saying he first met Buffett more than 50 years ago at Columbia Business School, and has only ever sold Berkshire to stop his portfolio becoming too her company Kanbrick's conference, Britt Cool shared a memorable piece of advice from Buffett about long-term, responsible management: "Think about this business as if it's your family's only asset and you cannot sell it for 50 years." After Buffett shocked the world with his retirement plan, I left the press area and spoke to several dumbstruck things calmed down, I took a taxi to Nebraska Furniture Mart for the shareholder picnic, and saw "Mrs B's Clearance & Outlet," named after the remarkable lady who built NFM and sold it to was a photo of Buffett's face on the front door. NFM stocked Buffett T-shirts and other merchandise, and featured an entire See's Candies concession. Shareholders took the news of Buffett's exit in good spirits. At the picnic in NFM's parking lot, there was live music, bocce, barbecue, drinks, and lots of people laughing, taking photos, playing games, or McColgan, 31, a Stanford graduate student, told me he was "somewhat relieved" that Buffett had announced his resignation, as "it would have been a shock to the world" if he'd died while still CEO. The finishers' medals were satisfyingly heavy. I liked the look, feel, and weight of my finishers' rest area after the race was well set up with breakfast burritos, Dairy Queen ice cream, and energy drinks at the Berkshire Hathaway Energy booth for was fun to tear off a tab from my race bib and exchange it for a Pilot hot chocolate too. Buffett's retirement was front-page news on Sunday. The magnitude of what I'd witnessed became clearer after I saw Buffett on the front page of his hometown paper in my hotel's lobby on bought the Omaha World-Herald for $150 million (and took on its $50 million of debt) in late 2011. He sold his newspapers, which also included The Buffalo News, to Lee Enterprises for $140 million in 2020. People were still processing Buffett's bombshell. After a shower back at the hotel, I took a Lime scooter to Markel's brunch at the Omaha Marriott, down the road from where Buffett held his Q& of the second floor was packed with people wearing Berkshire merch they'd purchased over the previous two days, from hats and windbreakers to polo shirts and Sowah, 30, a venture capitalist from New York City, told me that Buffett's casual manner caught him off guard."I wasn't expecting it," he said. "And he just said it so nonchalantly that it was like, 'Oh, wait, what? You're retiring.'" Speaking in the hallway outside Markel's shareholder meeting, Martin Wiegand, 67, told me he's attended more than 30 Berkshire meetings and has owned the stock for about 40 said his father was a school friend of Buffett, and his parents attended Berkshire meetings told me he wants Buffett to continue talking after his deputy, Greg Abel, takes over as CEO in the new year."I hope he doesn't drop the mic and walk off the stage, never to be heard from again," Wiegand said. "I hope he teaches a Coursera course — some sort of a podcast is too much to ask," he continued, adding that he'd like Buffett to keep doing media appearances."Warren Buffett's the moral authority of finance in America," he said. "And I think he proved yesterday he's still the sharpest man in the room at 94." There was time for one final story from Omaha on my trip home. I thought my Berkshire experience was over when I boarded a flight to New York City early Monday my seatmates, Aidan Sims and John Di Bella, were two finance majors from NYC who'd also made the trip to see Buffett said he had a date to a formal on Friday night, but managed to make it to Omaha in time to watch Buffett's bombshell Bella told me how he spent the night outside to get good seats for the Q&A. He played poker on the street, vaulted up the arena's steps once the doors opened, and scored selfies with Apple CEO Tim Cook and former Secretary of State Hillary chance encounter cemented Omaha in my memory as a magical place to meet fascinating people, hear wild stories, visit historic locations, and, just maybe, have a once-in-a-lifetime experience.
Business Insider
10-05-2025
- Business
- Business Insider
I flew to Omaha to cover Warren Buffett's annual meeting. I didn't know I'd witness history being made.
I had a dream start to my reporting journey. My nine-hour flight from London to Chicago became far more interesting after I learned my seatmate was making the same pilgrimage. The value investor in his 30s, who asked not to be named, showed me a Berkshire Class B share certificate — signed by Buffett in 2005 — that his firm had given him as the proof of ownership he needed to get a meeting pass. He told me that when his wife asked why he was so excited to go to Omaha, he replied, "Imagine you're a Christian and you have a chance to see Jesus Christ." When he nodded off a few hours later, Buffett's face looked up at me from the Kindle on his lap, as he'd been reading "Tap Dancing to Work." Arriving in Omaha, it was clear this was Berkshire turf. I took a connecting flight from Chicago to Omaha and arrived late on Thursday night. One of the welcome ads on the airport's wall requested visitors to "check your SPACs, Crypto, and EBITDA at the gate" — a nod to Buffett and his late business partner Charlie Munger's disdain for risky, speculative, and volatile assets. Munger called the proliferation of special-purpose acquisition vehicles, or SPACs, a "moral failing," dismissed bitcoin as "stupid" and "evil" as well as "rat poison." He also described earnings before interest, tax, depreciation, and amortization as "bullshit earnings." Omaha businesses were ready for Berkshire weekend. The influx of thousands of Berkshire shareholders to Omaha each year spells opportunity for many local companies. The Hudson News store in the airport had several areas dedicated to Berkshire books and other financial titles, including "Poor Charlie's Almanack" and "Buffett & Munger Unscripted." Another airport eatery had a See's Candies stall and a sign from Berkshire welcoming its shareholders. I took a taxi to the DoubleTree by Hilton in downtown Omaha. There was a banner in front of the hotel welcoming Berkshire shareholders, and a similar display outside the elevators on my floor. Berkshire's big bash evolves with every acquisition. This was my third annual meeting, and I'm always interested to see how it changes to reflect the deals that Buffett makes. The conglomerate added Squishmallows-owner Jazwares to its exhibitors after acquiring the toy company's parent, Alleghany, in 2022. Squishmallows was one of the biggest exhibitors at Berkshire's shareholder shopping day this year, with myriad displays and interactive activities. Berkshire took full ownership of Pilot Travel Centers at the start of 2024. Pilot employees were selling coffee outside the meeting venue, the CHI Health Center. Inside, the company offered everything from Berkshire Blend coffee to T-shirts with Buffett quotes. Buffett superfans were out in force. Wan Xue, or "Cathy," 33, from China, was first in line to get her shareholder pass on Friday. She told me she'd purchased 11 books on this trip already, and planned to buy more. She planned to see everything related to Buffett that she could, and had already visited his birthplace and school as well as Berkshire headquarters, she said. Plenty of Buffett experts were in town. Veteran investors including billionaire Mario Gabelli and Buffett's former financial assistant, Tracy Britt Cool, spoke at conferences on Friday, the day before Buffett's Q&A. Fund manager Chris Bloomstran said at the Gabelli Funds conference that tariffs, trade wars, recessions, depressions, and other crises were "net good for Berkshire" as they created buying opportunities. "Bring on a little pain," he added. I asked Gabelli straight after the conference how he felt about owning Berkshire stock given the current market turmoil. He shrugged off any concerns, saying he first met Buffett more than 50 years ago at Columbia Business School, and has only ever sold Berkshire to stop his portfolio becoming too concentrated. At her company Kanbrick's conference, Britt Cool shared a memorable piece of advice from Buffett about long-term, responsible management: "Think about this business as if it's your family's only asset and you cannot sell it for 50 years." After Buffett's bombshell, I headed to Nebraska Furniture Mart for the shareholder picnic. After Buffett shocked the world with his retirement plan, I left the press area and spoke to several dumbstruck shareholders. Once things calmed down, I took a taxi to Nebraska Furniture Mart for the shareholder picnic, and saw "Mrs B's Clearance & Outlet," named after the remarkable lady who built NFM and sold it to Buffett. There was a photo of Buffett's face on the front door. NFM stocked Buffett T-shirts and other merchandise, and featured an entire See's Candies concession. Shareholders took the news of Buffett's exit in good spirits. At the picnic in NFM's parking lot, there was live music, bocce, barbecue, drinks, and lots of people laughing, taking photos, playing games, or dancing. Sam McColgan, 31, a Stanford graduate student, told me he was "somewhat relieved" that Buffett had announced his resignation, as "it would have been a shock to the world" if he'd died while still CEO. I even went on a shareholder fun run On Sunday morning I donned an official shirt and racing bib and took part in Brooks' 5K run. I loved the branded team shirts for See's Candies and Oriental Trading employees, and the announcer's wordplay about "investing in yourself" to garner "healthy returns." I enjoyed traversing the center of the city, but the run wasn't long enough as I was interviewing people along the way and had to keep retracing my steps to avoid finishing. The finishers' medals were satisfyingly heavy. I liked the look, feel, and weight of my finishers' medal. The rest area after the race was well set up with breakfast burritos, Dairy Queen ice cream, and energy drinks at the Berkshire Hathaway Energy booth for runners. It was fun to tear off a tab from my race bib and exchange it for a Pilot hot chocolate too. Buffett's retirement was front-page news on Sunday. The magnitude of what I'd witnessed became clearer after I saw Buffett on the front page of his hometown paper in my hotel's lobby on Sunday. Buffett bought the Omaha World-Herald for $150 million (and took on its $50 million of debt) in late 2011. He sold his newspapers, which also included The Buffalo News, to Lee Enterprises for $140 million in 2020. People were still processing Buffett's bombshell. After a shower back at the hotel, I took a Lime scooter to Markel's brunch at the Omaha Marriott, down the road from where Buffett held his Q&A. Much of the second floor was packed with people wearing Berkshire merch they'd purchased over the previous two days, from hats and windbreakers to polo shirts and shoes. Calvin Sowah, 30, a venture capitalist from New York City, told me that Buffett's casual manner caught him off guard. "I wasn't expecting it," he said. "And he just said it so nonchalantly that it was like, 'Oh, wait, what? You're retiring.'" A veteran shareholder told me he wants Buffett to keep sharing his wisdom. Speaking in the hallway outside Markel's shareholder meeting, Martin Wiegand, 67, told me he's attended more than 30 Berkshire meetings and has owned the stock for about 40 years. Wiegand said his father was a school friend of Buffett, and his parents attended Berkshire meetings too. He told me he wants Buffett to continue talking after his deputy, Greg Abel, takes over as CEO in the new year. "I hope he doesn't drop the mic and walk off the stage, never to be heard from again," Wiegand said. "I hope he teaches a Coursera course — some sort of a podcast is too much to ask," he continued, adding that he'd like Buffett to keep doing media appearances. "Warren Buffett's the moral authority of finance in America," he said. "And I think he proved yesterday he's still the sharpest man in the room at 94." There was time for one final story from Omaha on my trip home. I thought my Berkshire experience was over when I boarded a flight to New York City early Monday morning. But my seatmates, Aidan Sims and John Di Bella, were two finance majors from NYC who'd also made the trip to see Buffett speak. Sims said he had a date to a formal on Friday night, but managed to make it to Omaha in time to watch Buffett's bombshell announcement. Di Bella told me how he spent the night outside to get good seats for the Q&A. He played poker on the street, vaulted up the arena's steps once the doors opened, and scored selfies with Apple CEO Tim Cook and former Secretary of State Hillary Clinton. The chance encounter cemented Omaha in my memory as a magical place to meet fascinating people, hear wild stories, visit historic locations, and, just maybe, have a once-in-a-lifetime experience.
Yahoo
31-01-2025
- Business
- Yahoo
Charlie Munger Revealed Why His Investing Book Was a Smash Hit In China: 'In Their System, There's Nothing Better Than A Rich Old Man'
Charlie Munger, Warren Buffett's trusted right-hand man and one of the most celebrated investors of all time, lived a life marked by sharp wit, deep intellect and relentless curiosity. Before becoming a billionaire and vice chairman of Berkshire Hathaway, Munger was a real estate attorney – a career that reflected his ability to think critically and navigate complex challenges. His journey from lawyer to investment icon inspired countless admirers, culminating in his book Poor Charlie's Almanack, a collection of essays, speeches and lessons drawn from his life. Don't Miss: Here's what Americans think you need to be considered book became a cult favorite among investors and thinkers, offering insights into everything from business strategies to mental models for decision-making. With Munger's reputation as a source of timeless wisdom, one might expect the book to have sold the most copies in the United States, where his name carries immense weight. Surprisingly, Poor Charlie's Almanack found an even larger audience in China. In his final Daily Journal interview in February 2023, Munger spoke with journalist Becky Quick about the book's unexpected success overseas. Quick suggested the obvious: "Well, there's more people there." But Munger dismissed the idea that population size alone explained the phenomenon. "That's not the sole reason," he said. "A rich old man looks like Confucius. In their system, there's nothing better than a rich old man." Trending: Nancy Pelosi Invested $5 Million In An AI Company Last Year — For Munger, the explanation went deeper than demographics. His book resonated with Chinese readers because it aligned with their cultural values shaped by Confucianism. Reverence for wisdom, respect for elders and admiration for wealth achieved through discipline and hard work are deeply ingrained in Chinese society. Munger embodied those principles, making him a figure of immense appeal. But Munger's connection to China wasn't just about admiration but also opportunity. Over the years, he consistently expressed a bullish stance on China's economy. In an October 2023 interview on the Acquired podcast, Munger stated, "The Chinese economy has better future prospects over the next 20 years than almost any other big economy." He pointed out that many leading Chinese companies were stronger and more competitively priced than their global counterparts, making them attractive investments. One of Munger's most successful moves in China came in 2008 when he persuaded Warren Buffett to invest in BYD, a Chinese electric vehicle manufacturer. Munger praised BYD's founder, Wang Chuanfu, calling him a genius and saying he was even better at manufacturing than Elon Musk. BYD became a major player in the EV market, and Munger called the investment one of his best all of Munger's investments in China were as successful. For instance, his position in Alibaba (BABA) struggled in recent years. But even setbacks didn't shake his confidence in the country's long-term potential. Munger acknowledged the risks of investing in China – his portfolio had around 18% exposure to Chinese companies – but he believed the opportunities far outweighed the uncertainties. The success of Poor Charlie's Almanack in China reflects more than just Munger's financial acumen. It speaks to his universal appeal as a thinker who valued lifelong learning, humility and rationality. His ability to connect with readers across cultures and distill complex ideas into timeless wisdom ensured his legacy would extend far beyond his years. Munger's admiration for his Chinese readers seemed mutual, rooted in a shared appreciation for wisdom and a lifelong pursuit of knowledge. Read Next: The average American couple has saved this much money for retirement —? Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article Charlie Munger Revealed Why His Investing Book Was a Smash Hit In China: 'In Their System, There's Nothing Better Than A Rich Old Man' originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
