I've always liked the story of Charlie Munger.
At 31, he was basically at rock bottom.
He was freshly divorced, had lost the house, and his son died of leukemia. Munger paid for every treatment out of pocket and was left with almost nothing.
Yet he kept going.
Instead of drowning in bitterness, he worked, he read, and he kept his head down.
With a new marriage and some stability, he began investing his lawyer's salary into stocks and real estate.
Then in 1959 he met Buffett.
Inspired by someone who was already running his own partnership, Munger founded Wheeler, Munger & Company in 1962.
The wealth started to accumulate. Through real estate projects and his growing investment partnership, Munger became a millionaire around age 43.
Many successful investments followed, many alongside Buffett, and the relationship grew close enough that working together was the only thing that made sense.
Munger wound down his partnership in 1975. Over 13 years, he had compounded at 19.8% annually, against 5% for the Dow.
In 1978, he became Vice Chairman of Berkshire Hathaway and helped build the empire it was set to become.
Somewhere along the way he lost an eye to a failed surgery, but that didn't bother him much. He still had one left. Plenty enough to read annual reports.
When most people think of Munger, they just see a rich old wise man who almost stood in Buffett's shadow. But the truth is that Munger's wisdom didn't come from nowhere.
He worked himself up from rock bottom, a place where many others would have stayed down, to become one of the most respected investors in history. And a billionaire on top of that.
He never let it go to his head. He lived in the same house in Pasadena for decades. The place didn't even have AC. He cooled it with ice and fans.
Hard to find a better role model than that.
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In 1980, Europe spent 6.1% of GDP on healthcare; the U.S. spent 8.2%. In 2023, however, Europe spent 9%, while the U.S. spent 16.7%. The obvious question: Why does the U.S. spend a much higher proportion on healthcare and receive an inferior outcome in terms of life expectancy?