On 28 November 2023, just 34 days shy of his 100^th birthday, the world lost not just one of the great investors, but one of the great contributors to society.

Charlie Munger was the lesser-known business partner and friend of Warren Buffett. Like most, I only became aware of Charlie because I was fascinated with Warren Buffett. And whilst I have an incredibly deep respect for Warren, I found I was even more drawn to Charlie. His exceptional insights, relentless curiosity, and witty way of communicating wisdom left an indelible mark on those that he touched.

I was fortunate enough to meet Charlie (albeit very briefly) back in 2007 when I took my first trek to Omaha Nebraska for the Berkshire Hathaway AGM. Back then, international shareholders were able to meet both Warren and Charlie and whilst our interaction was brief, I have the memento of a signed $USD 1 note that still sits on my desk 16 years later. Fortuitously I took the opportunity to head over again this year (although the meet and greet for international holders was no longer possible due to the sheer number) which sadly turned out to be the last AGM as we know it.

There have been so many great things written and said about Charlie since his passing. And I would encourage anyone interested to read or listen to some of his speeches or if you’re really game his book “Poor Charlie’s Almanack” - I am sure you will find it worthwhile.

It’s impossible to sum up his remarkable life in a few short words, but I thought the following response to a question asked just a month before his passing says so much about who he was. Charlie was a billionaire, yet he chose to live in the same house in California for 70 years. In response to why, he answered ″Warren and I are both smart enough to have watched our friends who got rich build these really fancy houses, and I would say in practically every case, they make the person less happy, not happier.” A basic house has utility, said Munger, noting that a larger home could help you entertain more people — but that’s about it. “It’s a very expensive thing to do, and it doesn’t do you that much good. Another drawback to owning a mega-mansion, is that such an ostentatious display of wealth could spoil your kids by encouraging them to “live grandly”. Warren and I both considered bigger and better houses, I had a huge number of children, so it was justifiable even. And I still decided not to live a life where I look like the Duke of Westchester or something. I did it on purpose ... I didn’t think it would be good for the children.”

In my opinion, it’s this humility, conduct, intellect and lack of material greed which made his words resonate so deeply. Charlie was only too happy to call out poor behaviour when he saw it – even within the financial industry in which he worked. He did so articulately and simply – very few people in his position would have the courage to say such things, but even fewer had the reputation and historical success for it to have such a profound impact.

I will finish with some of my favourite quotes from Charlie.

“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than when they got up and boy does that help — particularly when you have a long run ahead of you.”

“How to find a good spouse? The best single way is to deserve a good spouse.”

“Envy is a really stupid sin because it’s the only one you could never possibly have any fun at. There’s a lot of pain and no fun. Why would you want to get on that trolley?”

On investing “It's not supposed to be easy. Anyone who finds it easy is stupid.”

“I want to think about things where I have an advantage over others. I don't want to play a game where people have an advantage over me. I don't play in a game where other people are wise and I am stupid. I look for a game where I am wise, and they are stupid. And believe me, it works better. God bless our stupid competitors. They make us rich.”