This is an excellent piece. Thanks for this bracing reminder of the need for sheer, dogged, indomitable perseverance in the face of the many setbacks and struggles that all of us encounter. It’s one of the great lessons of Munger’s life. It’s also a reminder of why we need to have compassion for others: we all struggle and we all suffer. As Tom Gayner’s father once told him, everyone has their turn in the barrel. Warm wishes, William Green
"Life will have blows, terrible blows, horrible blows, unfair blows. It doesn't matter. And some people recover and others don't. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the blow in a constructive fashion. That is a very good idea."---Charlie Munger
Perhaps it was the 1990 Berkshire Hathaway meeting and along with hundreds of other shareholders, I was at Borsheim’s the Sunday afternoon prior to the BRK meeting. I happened to find myself standing at the watch display counter next to Mrs. Nancy Munger—she was an elegant woman—and we engaged in small talk. I remember one thing that she said.
The challenges Charlie Munger faced in his personal life, so well described in this article, no doubt shaped his view of "soldiering on" throughout life and I think it also made run-of-the-mill financial setbacks seem minor in comparison. In the 73-74 bear market, Charlie's investment partnership lost significant money. He soldiered on and made it all back before closing down the partnership a couple of years later. Then he officially joined Berkshire Hathaway as Vice Chairman in 1977. I'm sure the 73-74 bear market was nothing compared to the loss of his son and earlier financial setbacks that had left him nearly broke twenty years earlier. We can learn a great deal from Charlie's long life.
This is an excellent piece. Thanks for this bracing reminder of the need for sheer, dogged, indomitable perseverance in the face of the many setbacks and struggles that all of us encounter. It’s one of the great lessons of Munger’s life. It’s also a reminder of why we need to have compassion for others: we all struggle and we all suffer. As Tom Gayner’s father once told him, everyone has their turn in the barrel. Warm wishes, William Green
Thank you so much! 🙏
Touche!
"Life will have blows, terrible blows, horrible blows, unfair blows. It doesn't matter. And some people recover and others don't. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well. Every mischance in life was an opportunity to learn something and your duty was not to be submerged in self-pity, but to utilize the blow in a constructive fashion. That is a very good idea."---Charlie Munger
I love when Charlie talks about the Stoics.
Perhaps it was the 1990 Berkshire Hathaway meeting and along with hundreds of other shareholders, I was at Borsheim’s the Sunday afternoon prior to the BRK meeting. I happened to find myself standing at the watch display counter next to Mrs. Nancy Munger—she was an elegant woman—and we engaged in small talk. I remember one thing that she said.
“Charlie was always a young man in a hurry.”
"Charlie was always a young man in a hurry." I love that!
Thank you for the reminder…..practice makes perfect
Great post, Kingswell! A powerful reminder of resilience and determination.
The challenges Charlie Munger faced in his personal life, so well described in this article, no doubt shaped his view of "soldiering on" throughout life and I think it also made run-of-the-mill financial setbacks seem minor in comparison. In the 73-74 bear market, Charlie's investment partnership lost significant money. He soldiered on and made it all back before closing down the partnership a couple of years later. Then he officially joined Berkshire Hathaway as Vice Chairman in 1977. I'm sure the 73-74 bear market was nothing compared to the loss of his son and earlier financial setbacks that had left him nearly broke twenty years earlier. We can learn a great deal from Charlie's long life.
Great point. Those personal setbacks no doubt put his partnership's struggles in '73-74 into perspective.