Core Insights - Charlie Munger, vice chairman of Berkshire Hathaway, made a surprising investment in coal in 2023, resulting in over $50 million in paper gains [1][4]. Investment Strategy - Munger had avoided coal for six decades but decided to invest in Consol Energy and Alpha Metallurgical Resources, believing that many coal producers were undervalued, particularly those producing metallurgical coal essential for steelmaking [3][4]. - His investment in Consol Energy saw its stock double, while Alpha Metallurgical Resources also experienced significant gains by the time of Munger's death in late November 2023 [4]. Personal Context - Munger continued to engage in investment discussions with Warren Buffett, maintaining an active role despite not being involved in day-to-day operations at Berkshire Hathaway [5].

Core Insights - Charlie Munger, the vice chairman of Berkshire Hathaway, continued to pursue bold investment opportunities and face new challenges even in his later years, demonstrating a commitment to lifelong learning and engagement in the investment world [2][3]. Investment Strategies - Munger made significant investments in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in gains from stocks like Consol Energy and Alpha Metallurgical Resources, which saw their prices double before his passing [3][8]. - He also increased his real estate investments, partnering with a young neighbor, Avi Meyer, to acquire nearly 10,000 garden-style apartments in Southern California, with the assets valued at approximately $3 billion [9][13]. Personal Engagement - Munger maintained an active role in his investments, personally overseeing details such as community selection and building quality, even participating in negotiations for acquisitions shortly before his death [10][13]. - His relationship with Meyer exemplified his mentorship style, as he encouraged Meyer to pursue higher education and supported his ventures in real estate [9][13]. Health and Lifestyle - Despite facing health challenges, including significant vision issues, Munger remained socially active, participating in a weekly breakfast club with friends and business associates, which provided him with mental stimulation and camaraderie [14][15]. - Munger's dietary preferences were noted, as he enjoyed simple foods and resisted strict dietary guidelines, often indulging in takeout meals [18][20]. Legacy and Philosophy - Munger's approach to investing emphasized the importance of a few key decisions leading to success, reflecting a philosophy of quality over quantity in investment choices [15]. - He expressed satisfaction with his achievements and optimism for Berkshire Hathaway's future, indicating a belief in the enduring value of the investment framework he helped establish [21].

本周 推荐阅读 《华尔街日报》最近刊登了一篇精彩的回顾文章，写的是查理·芒格人生最后几年的故事。其中，他的继 子 哈尔·博思威克 （Hal Borthwick ）用一句话把芒格概括得淋漓尽致："直到他去世那一天，他的大脑 都在全速运转。他从来没有停止过学习。" 这种近乎固执的好奇心，一直持续到生命尽头。无论是他对人工智能未来的反复思考，还是对看似普通 的煤炭这种大宗商品重新审视，皆是如此。 在生命最后一年，99岁的芒格愈发坚信：市场严重低估了煤炭在全球能源结构中长期存在的重要角色。 带着这样的信念，他将真金白银投进了康索尔能源（Consol Energy）和阿尔法冶金资源公司（Alpha Metallurgical Resources）。 没过多久，这两笔投资的浮盈便已超过5000万美元。据说他有生之年看到了这笔重注翻番。 2、 聪投专访！ "看多中国"的背后逻辑！独家专访《中国的选择》作者马凯硕，关于西方误读、中国开 放与全球新秩序…… 3、 "安全边际大师"卡拉曼MIT经典演讲：要有健康的投资纪律，能不能睡个安稳觉比什么都重要…… 4、 谷歌正"王者归来"！CEO桑达尔·皮查伊最新对话："全栈式转型"已渡 ...

Core Insights - Charlie Munger's later years were marked by active investment decisions and new challenges rather than a quiet retirement [2][3] Investment Strategies - Munger made a significant investment in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in paper gains [3][5] - He purchased shares in Consol Energy and Alpha Metallurgical Resources, both of which saw substantial stock price increases, with Consol's price doubling by the time of his passing [6][5] Real Estate Ventures - Munger collaborated with a young neighbor, Avi Mayer, to invest in real estate, leading to the establishment of Afton Properties, which now holds assets valued at approximately $3 billion [7][9] - The trio acquired nearly 10,000 low-rise apartments in Southern California, with Munger actively involved in various operational aspects [7][9] Personal Challenges and Social Engagement - Munger faced health challenges, including vision problems, but maintained a humorous outlook and engaged in social activities to combat loneliness [10] - He emphasized the importance of forming new friendships in his later years, participating in weekly breakfast meetings with business associates [10] Relationship with Warren Buffett - Munger maintained a close friendship and collaboration with Warren Buffett, communicating regularly despite challenges due to hearing issues [11][12] - Their final conversation occurred shortly before Munger's passing, highlighting the enduring bond between the two investment legends [12]

Core Insights - Charlie Munger's later years were marked by active investment decisions and new challenges, rather than a quiet retirement [2][3] - Munger made significant investments in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in paper gains [5][6] - He also collaborated with a young neighbor to build a real estate empire valued at approximately $3 billion [8][9] Investment in Coal Industry - Munger's unexpected investment in coal stocks came as many investors were bearish on the sector due to declining usage [5] - He believed that global energy demand would keep coal necessary, and many producers remained profitable with undervalued stock prices [5] - In May 2023, he purchased shares of Consol Energy and later Alpha Metallurgical Resources, both of which saw significant stock price increases [6] Real Estate Ventures - Munger's real estate investment began with a mentorship of his young neighbor, Avi Mayer, who sought guidance in his career [8] - Together with Mayer and Reuven Gradon, they acquired nearly 10,000 low-rise apartments in Southern California starting around 2017 [8] - Afton Properties, the company they formed, now holds assets valued at about $3 billion, with Munger actively involved in decision-making [9] Health Challenges and Social Engagement - Munger faced significant health challenges, including vision loss, but maintained a humorous outlook and engaged socially to combat loneliness [10][11] - He adapted his lifestyle, including dietary changes, and emphasized the importance of forming new friendships in his later years [11] - Munger continued to communicate regularly with Warren Buffett, maintaining their long-standing partnership despite health issues [12][13]

Core Insights - Charlie Munger made a significant investment in coal-related stocks during his final year, which he had previously avoided for 60 years, resulting in over $50 million in gains [15][25][29]. Investment Strategy - Munger's late investment in coal companies, such as Consol Energy and Alpha Metallurgical Resources, was driven by the belief that coal would not be completely abandoned as long as global energy demand continued to grow [27][28]. - Despite the coal industry's long-term decline, Munger identified undervalued companies with strong profitability, leading to substantial returns as their stock prices doubled [26][29]. Personal Philosophy - Munger's approach to aging was characterized by active engagement in life, focusing on bold investments, forming new friendships, and facing challenges head-on [4][12]. - He maintained a curious and learning mindset until the end, questioning the relevance of Moore's Law in the age of artificial intelligence [16]. Legacy and Influence - Munger's final years were marked by a commitment to mentoring younger investors, exemplified by his partnership with Avi Mayer and Reuven Gradon in real estate investments, which grew to a portfolio valued at approximately $3 billion [39]. - His ability to adapt and remain involved in investment decisions, even in his 90s, serves as a model for how to age gracefully while maintaining purpose [17][41]. Health Challenges - Munger faced significant health issues, including vision problems and the loss of mobility, yet he continued to engage with friends and maintain a social life [41][46]. - His humor and perspective on aging were evident in his interactions, as he often joked about his longevity and health [63][64].

美国投资大师查理·芒格逝世两周年之际，曾与他朝夕相处的亲人和商界伙伴一齐发声，描绘出芒格生命最后时刻的温暖故事。 总结来说，在最后的时间里，芒格押注了职业生涯中鲜少涉足的题材，并豪赚超过5000万美元；还加大了房地产领域的投资，与一位偶然 寻求他人生建议的年轻邻居合作买下近万套房产；同时直面身体的衰老，并选择以自己喜欢的生活方式（虽然并不健康）过完了这一生。 芒格的家人和朋友也表示，他繁忙的最后岁月也提供了一份蓝图： 投资者如何优雅、平和且有目标地老去 。 生命不息、投资不止 在生命的最后10年里，已减少参与伯克希尔事务，和巴菲特维持每一两周通话。 与选择一辈子住在奥马哈老宅里的巴菲特类似，芒格也选择住在洛杉矶一套连空调都没有的老房子里。由于两位大师都有听力问题，打起电 话来颇为困难。 芒格的外孙媳妇惠特妮·杰克逊说：" 两人会对着对方高声喊叫。他们的对话原本该是私密的，但一英里范围内的任何人都能听到。 " 除了跟巴菲特定期交流外，年近9旬的芒格将注意力转向了其他的事业。他曾是零售巨头好市多的董事会成员，去世时还持有价值约1亿美元 的股票。他还投资了李录的喜马拉雅资本，以及位于美国、澳大利亚的一些小型投资公司 ...

Core Insights - Charlie Munger's final years were marked by active investment decisions and new challenges, rather than a quiet retirement [3][4] - Munger made significant investments in the coal industry, an area he had avoided for 60 years, resulting in over $50 million in paper gains [5][6] - He also played a crucial role in real estate investments, helping to build a $3 billion apartment empire [8] Investment in Coal Industry - Munger's unexpected investment in coal came as many investors were bearish on the sector due to declining usage [5] - He believed that global energy demand would keep coal necessary, and many producers remained profitable with undervalued stock prices [5] - His investments in Consol Energy and Alpha Metallurgical Resources led to substantial gains, with Consol's stock price doubling by the time of his passing [6] Real Estate Ventures - Munger mentored a young neighbor, Avi Mayer, leading to a partnership in real estate that acquired nearly 10,000 low-rise apartments in Southern California [7] - Under Munger's guidance, their company, Afton Properties, adopted long-term loans to secure favorable rates, resulting in a portfolio valued at approximately $3 billion [8] Health Challenges and Social Engagement - Munger faced significant health issues, including vision problems, but maintained a humorous outlook and engaged socially to combat loneliness [9] - He continued to share investment wisdom and life philosophy with peers during regular breakfast meetings [9] Final Farewell to Buffett - Munger maintained a close friendship with Warren Buffett, communicating regularly despite challenges due to hearing issues [10][11] - In his final days, Munger requested privacy to make a last call to Buffett, marking a poignant farewell between the two legendary investors [11]

Core Insights - Charlie Munger's later years were marked by active investment decisions and new challenges, rather than a quiet retirement [1] - Munger made significant investments in the coal industry, a sector he had avoided for 60 years, resulting in over $50 million in paper gains [2] - He also collaborated with a young neighbor to build a real estate empire valued at approximately $3 billion [3][4] Investment in Coal Industry - Munger's unexpected investment in coal stocks came in 2023, contrary to the prevailing market sentiment that was bearish on the sector due to declining coal usage [2] - He purchased shares of Consol Energy and Alpha Metallurgical Resources, both of which saw substantial price increases, leading to significant returns [2] Real Estate Ventures - Munger's involvement in real estate began with mentoring a young neighbor, Avi Mayer, leading to a partnership in Afton Properties [3] - The company acquired nearly 10,000 low-rise apartments in Southern California, with Munger actively participating in various operational decisions [3][4] - Afton Properties' assets are currently valued at around $3 billion, showcasing the success of their investment strategy [4] Health Challenges and Social Engagement - Munger faced significant health challenges in his later years, including vision problems, but maintained a positive outlook and humor [6] - He countered feelings of loneliness by engaging in regular social gatherings and maintaining friendships, particularly with Warren Buffett [6][7] Final Days and Legacy - Munger's communication with Buffett remained strong until his final days, highlighting the enduring nature of their partnership [7] - He made a final phone call to Buffett shortly before his passing, marking the end of a legendary collaboration [7]

Core Insights - Charlie Munger, Warren Buffett's long-time partner, made significant investments in the coal industry, an area he had previously avoided for 60 years, resulting in over $50 million in profits before his passing [2][5][6] - Munger also increased his investments in real estate, collaborating with a young neighbor to acquire nearly 10,000 garden-style apartments in Southern California, making them one of the largest low-rise apartment owners in the state [7][9] Investment in Coal Industry - Munger, who had historically overlooked coal stocks, began investing in coal companies in 2023, believing that despite a long-term decline in coal usage, the industry remains essential due to global energy demands [5][6] - He purchased shares in Consol Energy and Alpha Metallurgical Resources, with Consol's stock price doubling by the time of his death [5][6] Real Estate Investments - Munger supported a young neighbor, Avi Mayer, in real estate investments, leading to the establishment of Afton Properties, which has assets valued at approximately $3 billion [8][9] - Munger was actively involved in the business decisions of Afton Properties, emphasizing long-term financing strategies over short-term gains [8][9] Personal Insights and Legacy - Munger maintained a close relationship with Buffett, communicating regularly despite health challenges, and continued to engage in discussions about investments and life principles [5][11] - His final years were marked by a commitment to learning and sharing knowledge, providing valuable lessons for investors on aging gracefully and purposefully [11][12]