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Charles Thomas MungerOracle of Pasadena

Berkshire Hathaway / Daily Journal

United States

3.5

Charles Thomas Munger — Investment style

Growth7Value

Seeks quality businesses at reasonable prices

Macro9Companies

Prioritizes business moats over macro forecasts

Quantitative8Qualitative

Emphasizes management quality and durable business models

Short term9Long term

Holds great businesses for decades to compound wealth

Concentrated2Diversified

Concentrates in a few high-conviction businesses

Aggressive7Conservative

Avoids permanent losses but accepts concentration risk

Leveraged7Unleveraged

Used early leverage but later warned against excess debt

Short9Long positions

Favors long ownership over short selling

Innovative6Traditional

Favors proven moats over untested technology

Alternative assets9Stocks

Primarily owns equities and operating businesses

Style and evaluation scores are subjective HappyStock editorial assessments.

Evaluation scores

Long-term excess returns9/10

Partnership earned 13.7% annually net over 14 years

Performance consistency7/10

Strong long-run record despite severe losing years

Downside protection4/10

Partnership fell roughly 53% across 1973 and 1974

Replicability7/10

Clear principles but exceptional judgment is hard to copy

Explosiveness9/10

Partnership investors gained 73.2% in 1975

Top 3 investment successes

See’s Candies Acquisition : In 1972 Munger and Buffett acquired See’s for about $25 million Its durable brand and pricing power helped generate $1.35 billion in cumulative pretax earnings through 2006 with minimal additional capital
Early BYD Investment : In 2008 Munger backed Berkshire’s roughly $230 million investment in BYD, impressed by Wang Chuanfu and its battery expertise BYD’s share price rose more than twentyfold before Berkshire began selling in 2022
Long-Term Costco Investment : Munger admired Costco’s membership model and low-price culture, serving for decades as a director and shareholder Costco’s 2023 proxy disclosed that he directly held 185,997 shares

Top 3 investment setbacks

Alibaba Investment Error : Daily Journal built an Alibaba stake starting in 2021 but misjudged retail competition and Chinese regulatory risks It reduced the position by about half in 2022 Munger called the investment one of his worst mistakes in 2023
Concentrated Portfolio Drawdown : Munger’s partnership lost 31.9% in 1973 and 31.5% in 1974, a cumulative drop of about 53% It rebounded 73.2% in 1975, but the episode highlighted the volatility of a concentrated strategy
Missed Google Investment : Berkshire subsidiary GEICO benefited from Google advertising, yet Munger and Buffett did not buy the stock early Munger acknowledged the mistake in 2019 This was a missed opportunity, not a realized trading loss

Top 10 reported SEC 13F holdings

Quarter ended: 2026-09-30 · Filed: 2026-11-02

#	Top 10 reported SEC 13F holdings	Share of reported 13F value
1	Wells Fargo (WFC)	45%
2	Bank of America (BAC)	44%
3	Alibaba Group (BABA)	8%
4	U.S. Bancorp (USB)	3%

SEC 13F covers reported positions of an associated investment manager, not the investor’s full current portfolio.