E6: How Charlie Munger and Warren Buffett beat the market

This week, writer Byrne Hobart and investor Erik Torenberg discuss the lessons to be learned from the life of the late Charlie Munger. They explore what made Munger a great investor, how he was different from Warren Buffett, and where to find the next Munger today. --- The Riff is a part of the Turpentine podcast network. Learn more: turpentine.co --- Check out Erik's new show Request for Startups featuring a rotating cast of founders and investors sharing their requests for startups they want to exist in the world, and also their stories of navigating the idea maze in different sectors so founders don’t have to reinvent the wheel anymore. The first episode is out now - we cover better dating apps, references as a service, and WeWork for productivity Watch and Subscribe on Substack: https://requestforstartups.substack.com/p/receipt-based-dating-reference-checks Apple: https://podcasts.apple.com/us/podcast/request-for-startups-with-erik-torenberg/id1728659822 Spotify:https://open.spotify.com/show/739L1LR32QI2XyoZlRh5nv --- We're hiring across the board at Turpentine and for Erik's personal team on other projects he's incubating. He's hiring a Chief of Staff, EA, Head of Special Projects, Investment Associate, and more. For a list of JDs, check out: eriktorenberg.com. --- Thanks to our sponsor: SECUREFRAME Secureframe: the only compliance automation platform with AI capabilities that help customers speed up cloud remediation and security questionnaires. Get 20% off your first year of Secureframe by mentioning "The Riff" during your free demo: https://secureframe.com/riff --- LINKS: Byrne's writing: https://thediff.co --- RECOMMENDED PODCAST: Live Players With Samo Burja Join host Samo Burja and Erik Torenberg as they analyze the mindsets of today’s most intriguing business leaders, investors, and innovators through the lens of their bold actions and contrarian worldviews. Think: Elon, Sam Altman, Peter Thiel, George Soros and more. You’ll come away with a deeper understanding of the development of technology, business, political power, culture and more. Listen and subscribe everywhere you get your podcasts: https://link.chtbl.com/liveplayers --- X / TWITTER: @eriktorenberg @byrnehobart --- TIMESTIMESTAMPS: (00:00) Intro (01:01) Byrne's reflections on businessman, investor, and philanthropis Charlie Munger (09:33) On countersignaling (15:53) Does Berkshire Hathaway bet against the future? (22:57) What would Munger and Buffett be doing if they were starting their careers today? (28:26) Are there certain market periods where Buffet and Munger would have done worse? (32:38) Sponsor - Secureframe (33:33) Buffett and Soros vs modern quants (42:26) The half life of investing strategies (53:50) AI's impact on social media (1:02:37) Wrap --- The Riff is a production from Turpentine Producer: Sam Kaufman Editor: Seven Morris For guest or sponsorship inquiries please contact [email protected]