Founders: #295 I had dinner with Charlie Munger

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What I learned from having dinner with Charlie Munger and rereading The Tao of Charlie Munger. ---- Get access to the World’s Most Valuable Notebook for Founders at Founders Notes ---- Follow Founders Podcast on YouTube ---- Follow one of my favorite podcasts Invest Like The Best ! (5:45) The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices. (8:48) He has never forgotten the importance of having friends in high places. (9:04) Most people systematically undervalue their time. — Peter Thiel (11:08) Franklin & Washington: The Founding Partnership by Edward Larson. Founders #251) (12:23) Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Changed America by Les Standiford. (Founders #284) (15:02) Charlie took the excess capital out of Blue Chip Stamp and invested it in profitable businesses. (16:56) Charlie started seeing the advantages of investing in better businesses that didn't have big capital requirements and did have lots of free cash that could be reinvested in expanding operations or buying new businesses. (17:38) Go for great. (21:33) In eve

[00:00:00] I can't believe this happened. I still, I still cannot believe this happened. As it was happening, I couldn't believe it was happening. It reminded me of a scene in one of my favorite documentaries. This is a documentary you can watch on HBO. It's called The Defiant Ones. It's about the partnership between Jimmy Iovine and Dr. Dre. That is the description that it will say the documentary is about. What it's really about it will say the documentary is about. It's a documentary about entrepreneurship. It's a documentary about chasing and running down a dream. And one of my favorite…

Founders: #295 I had dinner with Charlie Munger

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