The Munger Way: Charlie Munger's shareholder meeting speeches 1987-2022

Introduction

This book collects Charlie Munger's speeches at WestCorp Financial from 1987 to 2010 and at the Daily Journal shareholders' meeting from 2014 to 2022. As the chairman of these two companies, he became a protagonist like Buffett at the shareholders' meeting, making a long opening speech, introducing the two companies and the current situation of Berkshire Hathaway, speaking frankly about his attitude towards people and things, and then answering shareholders' questions frankly and completely.

Munger's speeches in the book span 35 years, covering a large number of major international or national events of the year, such as the US savings and loan industry crisis, the bursting of the Japanese bubble, the Internet bubble, the 2008 subprime mortgage crisis, the rise of Bitcoin and cryptocurrency, and the COVID-19 pandemic. The speeches also include important trends in Buffett's ideological development and investment career, such as the influence of Graham and Fisher, interdisciplinary multi-model thinking, early failures, the Solomon incident, investment in Coca-Cola, setbacks in the aviation industry, and investment in China, especially BYD. By reading these speeches carefully, we can use the perspective of the yearbook review to more comprehensively appreciate his thoughts and follow his investment and way of life.