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Acquired / episode intelligence

Charlie Munger

30 Oct 2023 18 published claims 2 attributable people
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Speakers in the public record

David RosenthalBen Gilbert

Claim mix

evaluation 7belief 6uncertainty 1observation 1recommendation 1prediction 1preference 1

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Every row below preserves an exact excerpt. Identified speakers are linked; unresolved voices are labeled and excluded from people counts.

Claim ledger

The useful parts, with receipts.

18 published records

01 / evaluation

They're making smaller and smaller profits off more and more volume, which gives them this big peak leverage risk, which I would not run myself. That's the only way they make these big returns, is to have this huge leverage.

“They're making smaller and smaller profits off more and more volume, which gives them this big peak leverage risk, which I would not run myself. That's the only way they make these big returns, is to have this huge leverage.”
Speaker
Not verified from transcript
Episode
Charlie Munger
Publisher
Acquired

03 / belief

Of course you do that safer, and its easier, and so forth. But I would argue at Costco, where they've done some of these things that are extreme like the hotdog, it's smart to change their ways on one item or two.

“Of course you do that safer, and its easier, and so forth. But I would argue at Costco, where they've done some of these things that are extreme like the hotdog, it's smart to change their ways on one item or two.”
Speaker
Not verified from transcript
Episode
Charlie Munger
Publisher
Acquired

06 / belief

By and large, having bumped into a lot of people in the businesses with venture capital financing, I would say the ordinary rule is that people in the business doing the work, more often than not they hate the venture capitalists.

“By and large, having bumped into a lot of people in the businesses with venture capital financing, I would say the ordinary rule is that people in the business doing the work, more often than not they hate the venture capitalists.”
Speaker
Not verified from transcript
Episode
Charlie Munger
Publisher
Acquired

11 / recommendation

For instance, they just bought the premier social network for film buffs, Letterboxd, which has been the founder's baby for 12 years and will stay so within Tiny. This really reflects Tiny's whole ethos—work with only the best internet businesses, commit to simple diligence 30 day deals, and leave the business alone, either for you to operate or bring in new long-term oriented management.

“For instance, they just bought the premier social network for film buffs, Letterboxd, which has been the founder's baby for 12 years and will stay so within Tiny. This really reflects Tiny's whole ethos—work with only the best internet businesses, commit to simple diligence 30 day deals, and leave the business alone, either for you to operate or bring in new long-term oriented management.”
Speaker
Ben Gilbert
Episode
Charlie Munger
Publisher
Acquired

13 / prediction

2015, I believe, was the first. It's fascinating to me, this concept of if you look at distressed debt, or you look at (I think) Warren in the last Berkshire letter pointed out, it's been a handful of really good decisions….

“2015, I believe, was the first. It's fascinating to me, this concept of if you look at distressed debt, or you look at (I think) Warren in the last Berkshire letter pointed out, it's been a handful of really good decisions….”
Speaker
Ben Gilbert
Episode
Charlie Munger
Publisher
Acquired

16 / evaluation

Of course, our conversation was interesting because he's freaking Charlie Munger, but also because it was interesting to get the perspective of someone who has seen the last 99 years of human history.

“Of course, our conversation was interesting because he's freaking Charlie Munger, but also because it was interesting to get the perspective of someone who has seen the last 99 years of human history.”
Speaker
Ben Gilbert
Episode
Charlie Munger
Publisher
Acquired

17 / evaluation

In fact, they tend to be even better than the old days of See's Candies and Blue Chip Stamps because they require zero capital reinvestment, have software margins, and can build global brands much faster than the 50 some years it took See's to expand around the world.

“In fact, they tend to be even better than the old days of See's Candies and Blue Chip Stamps because they require zero capital reinvestment, have software margins, and can build global brands much faster than the 50 some years it took See's to expand around the world.”
Speaker
David Rosenthal
Episode
Charlie Munger
Publisher
Acquired

18 / preference

Longtime listeners will know that there's only one company in the Acquired universe that is truly appropriate, because everything they do is modeled after Charlie and Warren, and that's Tiny.

“Longtime listeners will know that there's only one company in the Acquired universe that is truly appropriate, because everything they do is modeled after Charlie and Warren, and that's Tiny.”
Speaker
David Rosenthal
Episode
Charlie Munger
Publisher
Acquired
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