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On Saturday, the two investors were asked a number of questions about how to make sound decisions during the Q&A session of the shareholder meeting, such as one about how to avoid making mistakes in life and business. “You should write your obituary and then try to figure out how to live up to it,” The two billionaires also weighed in on how to chase success—and an important part of it is keeping away from “toxic” people. “The great lesson of life is get them the hell out of your life—and do it fast,” Munger said of people who are a bad influence. But that’s not all: He advises people to also be prudent with money and always be open to learning throughout their lives. “It’s so simple to spend less than you earn, and invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, and do a lot of deferred gratification. If you do all those things, you are almost certain to succeed. If you don’t, you’re going to need a lot of luck.” Buffett agreed with Munger, noting that cutting out toxic people should be done “tactfully.” But while distancing from toxic influences is important, the Oracle of Omaha warned against vilifying people. He said that burning bridges would lead to a worse outcome: having no friends at all. “I’ve never known anybody that was basically kind that died without friends,” Buffett said. “And I’ve known plenty of people with money that have died without friends.” Berkshire Hathaway: 2023 and beyond Over time, Berkshire...

“It’s not nearly as bad as it was in 2008,” Warren Buffett’s right-hand man told the Financial Times in an Berkshire Hathaway in the past has backed banks in tough times, investing about $5 billion in both The shift to remote work has hammered commercial real estate, leading to “A lot of real estate isn’t so good any more,” Munger said. “We have a lot of troubled office buildings, a lot of troubled shopping centers, a lot of troubled other properties. There’s a lot of agony out there.” Banks today, he noted, are hesitant to loan to commercial developers. “Every bank in the country is way tighter on real estate loans today than they were six months ago,” he told the British paper. “They all seem [to be] too much trouble.” Last month, Munger acknowledged Berkshire Hathaway’s past success with bank investments. But he also referred to lessons learned. “We’ve had some disappointment in banks, too. It’s not that damned easy to run a bank intelligently. There are a lot of temptations to do the wrong thing.” His comments come ahead of Berkshire Hathaway’s

Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Charlie Munger shares investing advice and slams stock-market gamblers in a newly surfaced conversation. Here are his 9 best quotes. • Charlie Munger gives investing tips and blasts stock-market gamblers in a newly surfaced interview. • Warren Buffett's business partner underlines the power of focus, patience, and independent thought. • The billionaire investor praises US officials' pandemic response and warns of threats to humanity. Charlie Munger offered up investing advice, and complained about degenerate gamblers in the stock market, during a conversation with Todd Combs that was Warren Buffett's right-hand man and Munger praised the US government for preventing an economic catastrophe during the pandemic, and flagged the enormous threat that nuclear war poses to the world. Here are Munger's 9 best quotes, lightly edited for length and clarity: 1. "It's perfectly possible to do splendidly well if you have the right temperament. Just go at it over a long time. What I am is a guy who has been able to take moderate obsession and a long attention span and turn them into pretty good results." 2. "I just stay away from the problems that can't be fixed and pick the ones that can – I don't like unlimited failure. I don't want to fish forever and never catch a fish. I...

Billionaire investor Charlie Munger has been vocal in expressing his concerns about U.S. healthcare, stating that it is "shot through with rampant waste" and has become "immoral." Don't Miss: Why Silicon Valley Elites Are Betting On This Startup’s Vision For Reuniting American Families Munger says there are substantial problems that need to be addressed, including the presence of unnecessary costs and inefficiencies that plague the medical field. Drawing a vivid analogy at a Daily Journal Annual Meeting, Munger compared the experience of a dying old person in many American hospitals to that of a carcass on the plains of Africa. He painted a bleak picture, describing how vultures, jackals, hyenas and other scavengers swarm around the helpless creature. In an attempt to address these issues, Berkshire Hathaway, Amazon.com Inc., and JPMorgan Chase joined forces to establish Haven Healthcare a venture that despite their combined efforts failed to achieve its objectives. Some startups have seen success where they failed. Munger, vice chairman of Berkshire Hathaway Inc., criticized the high costs and inefficiencies in medical care as both expensive and wrong. In a CNBC interview, he went on to claim that some medical providers artificially prolong death to increase their profits. With over 35 years of experience as board chairman of Good Samaritan Hospital in Los Angeles, Munger expressed his belief that certain healthcare practices are absurd. "A lot of the medical care we do...