The same goes for CNBC's anchor Becky Quick.

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Buffett List, which 99-year-old 'Big Investor' Munger couldn't achieve, Tuna Fishing [Kim Jae-hyun's Investment Price Read]
[Editor's note] Let's explore the right way to invest through the investment of the masters.

On the 28th of last month, Berkshire Hathaway Vice Chairman Charlie Munger died at the age of 99 at a hospital in California, USA, while his family watched him. Charlie Munger, who had shown his correct attitude so far, suddenly died on January 1st next year, ahead of his 100th birthday, and many people are disappointed.

The same goes for CNBC's anchor Becky Quick. Quick has been in charge of interviews with Berkshire Chairman Warren Buffett and Munger for a long time, and it seems to be more related to Berkshire Hathaway's shareholders' meeting in May every year, selecting questions sent by shareholders and delivering them to Buffett.

Becky Quick's eyes kept turning red as he talked about Munger on CNBC. Quick was preparing a special plan for Munger's 100th birthday, and released some of the unreleased interview videos with Munger a few weeks ago on the 29th.

1. Munger's dream was 200 pounds of tuna fishing

Quick asks Munger if he has a "bucket list" or is there anything he wants to do? Munger's bucket list, I'm curious.

Munger answers, "That's a very interesting question," and then pauses for a while and starts talking.

Munger says, "If I were a little younger, I would offer as much money as I would to catch a 200-pound tuna… I've never caught one before." Munger also stressed, "I'm too old and weak now compared to when I'm 96 years old, so I don't want to catch a 200-pound tuna anymore. It's too hard and it takes a lot of physical strength to catch a tuna."

Munger says he refuses now, even if he's given a chance, and then pauses for a moment to say he won't go out to catch tuna, adding, "Over time, things come to give up."

I think Munger, who has loved fishing since he was young, wanted to catch a 200-pound tuna once.

However, listening to Munger's frank confession, which not only left a fortune of 2.6 billion dollars (3.4 trillion won) despite numerous donations, but also left a huge mark on American society, reminds me of the vanity of life. I realize that the passage of time cannot be avoided by even a successful person.

But it wasn't just the things Munger had to give up while he was 99. There's also a newfound joy in old age. Quick says, "Don't you have a pretty busy schedule? I know you have a lot of appointments for breakfast and lunch," and Munger says he likes those things and replies, "That's what I think it's like to be a proper old age." And he adds that it wasn't planned, it just happened and I accepted it with a welcome.

There are two things we can learn from the 200-pound tuna Munger couldn't catch. First, while we have a chance to catch a 200-pound tuna, we must step up to catch it at all costs. And when we have to give up after time, we must accept new opportunities ahead of us, rather than holding back.

Munger also shared his thoughts on how Berkshire Hathaway became a giant company. Munger exclaimed, "When Warren and herself started out on a small, humble scale, we never imagined it would be worth $100 million, let alone hundreds of billions. What an amazing result."

To Quick's question about what led to his success, Munger replies, "It really helped us a lot that we were less crazy and less stupid than others." He also says, "We were given time to run much longer than most people in our 90s." Of course, it helped that Munger and Buffett became smarter as they went on to be.

2. This year, Buffett's book of spacing out

An unusual part of Warren Buffett's book on shareholders released in February this year is that he listed almost one page of his long-time partner Charlie Munger's quotes. Buffett praised Munger's thinking is similar to what Munger has, but when he explains it in one page, Munger explains the point in one sentence. He also added that Munger's explanations are always logical, technical, and straightforward to one's eyes. I chose 10 of Buffett's 15 Munger's quotes.

1. All I want to know is where I will die and I will never go there. Related thoughts are writing your own obituary early and acting accordingly.
2. The world is full of silly gamblers who won't perform as well as patient investors.
3. If you don't see the world as it is, it's like looking at it with a distorted lens and evaluating something.
4. Patience can be learned. Having a "long attention span" and the ability to focus on one thing for a long time is a huge benefit.
5. If you can swim to a boat that can sail, do not pump out water from a sinking boat.
6. A good company keeps working even when you're not working. For a company like that, it's a no-brainer.
7. Benjamin Graham said, "In the short term, the stock market is a voting machine, but in the long term, it is like a weighting machine." If you keep building something worthwhile, wise people will notice and start buying.
8. Leveraging is risky because there is no 100% sure chance when it comes to investing. Even if you make a series of high returns, multiplying them by zero once you get it to zero. Don't expect to be able to get rich twice.
9. If you want to be a good investor, you have to study constantly. When the world changes, you have to change, too.
10. Warren, think a little more, because you're smart and I'm right.

Buffett added one of his principles to Munger's quotes, saying he always laughed and realized something new whenever he spoke to Munger. "Find a very clever and great (high-grade) partner (it's better if you're a little older than you) and listen very carefully to what he says."

I pray for the repose of the late Berkshire Hathaway Vice Chairman Charlie Munger (1924-2023), who has generously shared wisdom and teachings with us.


This is a tribute to Munger Ong who posted on Buffett Club. I started searching for tickets to LA and Omaha yesterday, and I'm planning to visit Buffett Ong next year.

<In honor of Charlie Munger, my mentor whom I've never met before>

At 7:05 a.m. on November 29, 2023, I left my house and the morning moon looked unusually bright and big. There was a Kakao Talk notification when I opened it, and the news came out that Berkshire Hathaway Vice Chairman Charlie Munger had died at the age of 99. As I got dizzy for a moment, I thought, "What has come. I wish it were fake news."

It was after purchasing Charlie Munger's book "Poor Charlie's Almanack" from Amazon that I became deeply interested in the late Charlie Munger, who had long known as Warren Buffett's best friend. The book printed in color on thick paper and unfamiliar with the style was not well read, so I left it in the corner for a while, but in 2018, I fell in love with Munger as I read it whenever I had time for four to five months.

"Poor Charlie's Almanack" was unique in appearance. I've bought numerous brick books while working as an MBA and doctoral student, but none of them were as heavy as this book (2.5 kg). The book was more unique and I couldn't help but fall for Charlie Munger. It's the most unique book I've ever read and changed my mind the most.

While reading "Poor Charlie's Almanack", I thought that if I could recommend only one book to my son 20 years later, I would like to recommend this book. The idea became the seed and I wrote a column about this book with Charlie Munger, and just in time, translator Egan learned that he had long conceived a book about Munger, so we published "Charlie Munger Bible" together at the end of 2022.

As written in the foreword to "Charlie Munger Bible", we often don't know the importance of what we have and only realize the importance after disappearing. Charlie Munger and Warren Buffett are the best investors born in the 20th century. There was never before and never will be a story that Buffett took over the collapsing textile company Berkshire Hathaway in 1965 and grew it with Munger into a huge empire with a market capitalization of $785 billion today.

While finishing the manuscript for "Charlie Munger Bible" in the second half of last year, I repeatedly wondered how much we would be sorry if one of Munger and Buffett, who are likely to be by their side, disappeared. Then, time flew by. At the Daily Journal's shareholders' meeting in Los Angeles in February and the Berkshire Hathaway's shareholders' meeting in Omaha in May, we could have seen Munger from afar, but now we have no chance. I feel heartbroken.

Buffett has stressed at every opportunity that he and Munger made a lot of money but what he really wanted was "independence." Munger put more importance on independence than Buffett. Roger Lowenstein's "Buffitt" published in 1995 explains why Munger wanted to become rich.

“Not because I wanted Ferraris, I wanted independence.”

In other words, he wanted to be rich because he wanted to live independently, not because he wanted Ferrari. This sentence also includes the reason why I used Munger as a mentor in my heart.

In early May of next year, I plan to go to Omaha, his hometown, via Los Angeles, where Munger has lived for a long time. I should put a flower in front of Charlie Munger's grave in one of the two cities and say thank you for the wisdom and teachings you have shared.

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