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But the gift that most significantly changed the Stanford landscape was the Munger Graduate Residence, a five-building complex that houses more than 600 graduate students across disciplines adjacent to the law school’s campus. The objective was to build “a community that doesn’t exist yet in American education,” Charlie Munger said at the time. It did so by attracting graduate students from different fields of study – law, business, medicine, education, engineering, the sciences, and others – and promoting their interactions. “The education these students will give each other is probably every bit as important as the education the professors will give them,” he said.
Wealth and philanthropy
That takeaway seems wildly optimistic given some reviews of the building on websites like Yelp and the apartment site VeryApt. While some students are OK with sacrificing windows in the interest of having centrally located housing, many were suffocated by the lack of daylight. He also expressed concern about the impact of visible wealth on his children, suggesting that an extravagant lifestyle might encourage them to “live grandly” in ways that were not wholesome or beneficial.
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Charlie Munger, the venerable billionaire and right-hand man of Warren Buffett, was famous for his sharp wit as he was for his wealth. Over the years, Munger shared plenty of eyebrow-raising opinions on financial matters, sparking discussions and debates among investors and the public alike. Let's dive into some of his most controversial takes on money and investing.
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Frugal Charlie Munger was worth $2.6 billion at the time of his death at age 99 - but little of that wealth is - Daily Mail
Frugal Charlie Munger was worth $2.6 billion at the time of his death at age 99 - but little of that wealth is.
Posted: Wed, 29 Nov 2023 08:00:00 GMT [source]
Munger had reportedly pledged to donate $200 million for a structure estimated to cost in excess of $1 billion to build. Charlie Munger, the outspokenly plainspoken billionaire and sometime Montecito resident who helped propel Warren Buffett and the investment firm Berkshire Hathaway into the outer stratosphere of financial success, died this week at the age of 99. I have sympathy for UC Santa Barbara administrators contending with a housing crunch that has stranded students in hotels. But a windowless warehouse that doesn’t have the architectural charm of even a Comfort Inn is not the solution.
In 2004, he and his wife, former university trustee Nancy Munger, ’45, made a gift to construct the Charles and Nancy Munger Graduate Residence, a campus residential complex that houses graduate students from across the university. At the time, the gift was believed to be the largest individual gift ever given outright to an American law school, as well as the largest gift for Stanford student housing. Charlie Munger is an American businessman, particularly known as the vice chairman of Berkshire Hathaway. Furthermore, this popular business person also worked as a real estate lawyer. Moreover, he was the chairman of Wesco Financial Corporation as well. He is a great philanthropist who has donated to several good deeds.
Charlie Munger in final CNBC interview: You've got to learn how to recognize rare opportunities when they come - CNBC
Charlie Munger in final CNBC interview: You've got to learn how to recognize rare opportunities when they come.
Posted: Tue, 28 Nov 2023 08:00:00 GMT [source]
He noted that while a larger home might increase one’s ability to host gatherings, it brings little else of value and is costly. The late Charlie Munger, the esteemed investor and vice chairman of Berkshire Hathaway Inc., chose a path less traveled by those of immense wealth. Munger’s design for the 11-story dorm complex omits windows from nearly all dorm rooms. Munger argues this was necessary to allow for individual bedrooms and better common spaces.
Lottery winners often quickly buy many fancy homes, which financial advisors warn is a mistake. Buffett wrote in 2010 that while it’s easy to feel pressured to buy a home, it can be smarter to rent, depending on one’s personal finances. Munger told The Real Deal shortly after that there was “no real controversy” and that a “couple of nutcases… went off half-cocked,” over the project. The quarter-acre property packs in a full-size tennis court, a dining terrace and some gardens. There is also access to the community’s private beach and swimming pool.
Early life and education
By now, many, if not most, investors are aware of Charlie Munger, longtime business partner of Warren Buffett, who credited him with being the "architect" of Berkshire Hathaway (with Buffett considering himself merely the general contractor). Munger passed away in November 2023 at the age of 99, leaving an enormously impressive legacy, not just via Berkshire Hathaway, which has grown to be one of America's biggest companies, but also via countless brilliant things he said. Munger was much in the news recently because of his role instigating UCSB Chancellor Henry Yang’s ill-fated proposal to build an 11-story dorm capable of housing 4,500 students dubbed “Dormzilla” because 94 percent of the rooms had no real windows.
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Munger, echoing his colleague Warren Buffett’s sentiments, observed that grandeur often failed to enhance happiness, reinforcing his commitment to simplicity. Stuff more than 4,500 students into an 11-story warehouse-size building in which the overwhelming majority of the units — about 94% — do not have access to natural light or fresh air. Known for his sharp wit and wise investment strategies, Munger amassed a fortune but remained dedicated to a remarkably modest lifestyle. For over 70 years, he lived in the same understated home, avoiding the lavish living standards that often accompany financial success.
At Stanford, he was known for his longtime service at the law school, quick wit, and incredible generosity. Despite his considerable wealth, Munger’s professional background as a real estate attorney gave him a unique perspective on property ownership. He owned other real estate investments, yet he chose to make his permanent residence in a modest home. This decision was not for lack of opportunity to live more grandly but was a deliberate choice to model values of contentment and restraint. Munger, in his lifetime, deliberately embraced a modest lifestyle, eschewing opulent living despite his immense wealth and professional success. Over 70 years, he resided in the same unassuming home, diverging from the extravagant norms of affluence.
Munger, the billionaire investor and longtime business partner to Warren Buffett, died on Tuesday at the age of 99. He'd previously filmed a wide-ranging interview with CNBC's Becky Quick, which aired on Thursday evening, and discussed his rationale for living in the same California home over the past 70 years. Nancy Munger, who died in 2010, devoted more than 30 years to volunteer leadership at Stanford and became one of few alumni to hold the Gold Spike Award, which honors distinguished longtime service to the university. Much of the couple’s philanthropy at Stanford was directed to the law school, where they created the Nancy and Charles Munger Professorship in Business. Other gifts were directed to Hoover Institution, Stanford Medicine, and the School of Humanities and Sciences. The Munger Rotunda in the Bing Wing of Green Library is also named for their generosity.
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