Summary
Phonically: Read while sounding out the words
Staunch: Loyal and committed
Admonition: Advise someone
Socialism: Where the production and distribution of stuff is shared. Determined by the government. (EG China) goods
Arduous: Difficult and tiring
Voracious: Very eager
Eclectic: Obtain ideas or style
Roman Political System:
Oli
Warren Buffet is Charlie Munger’s friend. He wrote an Almanack about Charlie and their friendship. Charlie was born in Omaha, Nebraska. He liked raising hamsters and also traded them with other children. He had the ability to negociate at a young age. He went to Central High School and earned a varsity letter, regardless of his build, and also became team captain for the rifle team. When 1930 came, the great depression began. Charlie’s family wasn’t heavily affected but he did realize it affected others.
Charlie was also enlisted in the Army Air Corps. While enlisted, he married Nancy Huggins. After being discharged, he wanted to earn a bachelor’s degree. So he applied to Hardvard Law School, and managed to get in. He graduated in 1948 and then moved to Southern California. In 1953, he divorced. His son Teddy was also diagnosed with leukemia, which made Charlie very sad. So his law partner Roy Tolles introduced him to Nancy Borthwick. They were married and became a big family with 8 children.
In 1961, Charlie started property development with Otis Booth. He earned a lot of money from those projects. He also made a law firm with his friends, which was called the Munger, Tolles & Hills. At a dinner party, he met Warren and they realized they had a lot of common ideas.