Charles Manger Biography

Date is a big redistribution today. During the war, the state took almost companies belonging to the Russians. What happened to them? According to Buffete, the manan is an exceptional realist on which he experiences his ideas. Charlie in 30 seconds can analyze any idea, ”he says. He is also the director of Salomon Inc. Graham against the manger to understand the influence of the manger on Buffetus, the investment evolution of the latter should be mentioned.

Buffett began as an absolute supporter of Ben Graham’s approach: buy cheap promotions at reduced prices, if possible, and sell them when they are already expensive. Using a thorough analysis of balance books and reports of companies, you determine when the shares are cheap. Buffete is still adhering to a gram thorough analysis, but it has not been buying stocks for a long time, which, according to Graham, are cheap in terms of assets, earnings or cash flow.

Like it does not sell shares when they are valued in the market. Over the years, especially in X and X, Buffete moved to the “Buy and hold forever” strategy, and if not forever, then at least a significant deterioration in the key indicators of the company. General Director of Berkshire Hathaway Warren Buffett L and vice-head Charlie Manger at the annual meeting of shareholders in Omaha, Nebraska, May 3 of the year.

But Berkshire did not take a cent of profits on the company's shares and did not sell a single promotion. Among other investors, Buffetus and Manger is distinguished by the fact that they do their homework well, as Graham bequeathed.

Where most analysts saw only good, full -fledged companies, Buffett saw invaluable organizations that are almost not vulnerable to inflation and capable of prolonged growth. Buffett says: Charlie pushed me to not be leading only to cheap actions, as Ben Graham taught me. It took powerful power to distract me from Graham's limited views. Charlie's mind was this force, and he expanded my worldview.

” Thus, you can pay less to brokers, ”Manger explains, adding that this can be saved on taxes. It implies that the so -called tax income tax in the United States is actually a transaction tax. That is, there is no transaction - there is no tax. If you do not take your income, but capitalize them, then theoretically you must pay taxes, but in practice the money works for you.

Manger explains: “The focus is to buy shares that offer not payments of dividends, but the capitalization of income from your capital. Buffett and Manger share a deep respect for the incredible, mysterious power of complex interest, and Manger always has a table of complex Compound Rate of Return. Buffett and Manger successfully use the principle of complex interest with the help of Levridge.

Manger is a Buffett and Manger, an unemotional lawyer of the devil, but regularly speak on the phone. Buffete chooses shares, and the mangrove is a skeptic, which makes a doubt, the devil’s lawyer, looking for shortcomings in the ideas of Buffett. They are guided by the rule: you can’t say for sure whether a good idea or bad, until we weigh all the possible shortcomings.

It’s not that the Manger was a pessimist who could not please. During the discussion, they joke and listen to each other. Our minds work the same way, ”says Manger about Buffete. Photo Getty images in what is this expressed? The manger explains how to avoid problems and choose companies. Yes, this is a good company. But is it cheap enough? It is controlled by people with whom the manger and buffet is comfortable?

If it is cheap enough to buy, is this cheapness due to correct or wrong reasons? Manger characterizes this: “What is the catch? What potential problem did I not pay attention to? Manger is very stubborn and has all his opinion, but he agrees to play the second violin. To restrain his views and a strong personality, high self -discipline and objectivity are needed. The objectivity here is the main thing.

It means making decisions without emotions, hopes, fears, impatience, self -deception and all other subjective elements. Few people know how, but a mangrove in this AC. Objectivity requires cold mind. Most of us will lose their heads when our stocks we have rapidly growing. We will cover the fear of losing conditional income, so we sell shares and sometimes regret it. Manger and Buffett try to completely turn off emotions.

If things are not very good, they do not hope for the best, but they are unemotionally analyzing all the possibilities. So recently they decided to sell privileged promotions of the problematic Salomon Inc. Emotionally Manger and Buffett were connected with this company, but objectively they can find the best investment projects. Charity and policy of Buffett is much richer than his partner.

While Buffett never sold a single Berkshire campaign, the manger gave several hundred to charity.He also sacrificed a lot of money to the Good Samaritan Los Angeles Hospital, the Planned Parenthood clinic, Stanford's Law School and the Harvard Vestleyk in Los Angeles at the preparatory school at the preparatory school. Charlie Manger, vice-head of Berkshire Hathaway Inc.

Photo Getty images is not about greed, because Buffett does not be luxurious. They just have different approaches to managing the state: the mangrove wants to see firsthand what is done for his money, and Buffett prefers to accumulate as much as possible so that his descendants have done something good with this state. That's what the question is Manger and Buffett do not converge at all, it is in politics.

Manger with the second wife Nancy has eight children and he is a devoted Republican. While buffet is a democrat and often communicates with Clintons. Manger is not as preoccupied in the issue of civil rights as Buffett, but he agrees with a friend in the issue of controlling the birth rate and the right to abortion. In x Manger, he paid for women in California a trip to Mexico, where they could have been abortion.

Then he also actively lobbied the California Supreme Court, so that he first in the country cancel the ban on abortion on the basis of constitutional rights, and he did it. Buffete recalls that Manger worked for this business for days and nights. He studied at the University of Michigan and the California Institute of Technology, but did not receive diplomas there. During the Second World War, he was a mute officer in the Air Force.

Manger managed to enter the Harvard’s legal farm without a bachelor's diploma and end it in m. Unlike Buffetus, Manger never engaged in investing as a full -fledged work. He moved away from the role of an active partner, although he has a cabinet left there and he continues to instruct other partners. The Manger became a major shareholder of Berkshire Hathaway at the end of X, when his two large assets Diversified Retailing and Chip Stamps merged with Berkshire.

At this time, Manger and Buffete made friends, and the latter had the most productive period. It is interesting that neither Manger nor Buffete respect Wall Street too much. Those who do this simply abolish each other, ”adds Manger. I am engaged in my non -investment activity to atone for my ... ”Materials on the topic.