"synopsis" may belong to another edition of this title.
Answer: Buffett of course is the chairman of the company, and as such is the company's spokesman and public symbol. But it's also a matter of style. Buffett is a natural showman and handles publicity well. Munger prefers to have a quieter life and work behind the scenes.
Q: Some people say that Munger actually is the power behind the Buffett throne. Is this true?
A: Munger and Buffett are two very smart men. They both were doing well financially before they met. When they joined forces, they both did much, much better. Munger often says that "lollapalooza" results are obtained when you put two or more big ideas (or big thinkers) together.
Q: What did Munger bring to the party that Buffett needed?
A: As an experienced corporate lawyer, he brought a deep understanding of the best ways to create wealth, making the most of the legal system and taking best advantage of tax laws. But Munger also was a real estate developer and had operated several industrial companies, and he knew the nuts and bolts of business. Munger hadn't studied under Benjamin Graham at Columbia University as Buffett had done. His ideas were based on experience and they drew Buffett beyond the traditions of value investing.
Q: Did Charlie Munger become a billionaire because of Warren Buffett?
A: Munger was a millionaire when he met Buffett, so he was well on his way. But there is no doubt, by working with Buffett, his financial fortunes were improved.
Q: What can the everyday investor learn from Charlie Munger?
A: Many things of course, but basically, how to structure your personal and financial life in a way that builds wealth. He lived below his means, reinvested profits, and like a poker player, folded early on bad hands but bet big on good hands.
Q: Munger and Buffett are of an older generation and they won't even buy tech stocks. Do they have anything relevant to say to today's investors?
A: Microsoft founder Bill Gates listens to them, venture capitalist Roger McNamee listens to them, as do many other high tech players. While the Berkshire Hathaway portfolio was structured on the expertise of an earlier time, the principles Buffett and Munger use are sound in any type of market or when investing in any market sector.
Q: Buffett and Munger are value investors, but that style of investing hasn't done so well recently. Is it a dead theory?
A: Buffett always warned investors that markets could be cyclical and that he would have down years. People stopped believing him when decade after decade, his performance soared. Then in the late 1990s when his prophecy came true, people had a difficult time believing that Berkshire Hathaway would recover. When the Internet frenzy cooled, value investing began to regain its luster, proving that the theory survives.
Q: Did Munger and Buffett agree to be interviewed for this book, and if so, what were the interviews like?
A: Munger and Buffett both agreed to be interviewed. Because I had interviewed Buffett before, I knew what to expect. He has a talent for being quotable. The interviews with Charlie were fascinating, but went slowly. This is because he has so much to say on so many subjects that it was difficult to stay on the point and get the specific answer I was aiming for. One thing is for sure, the interviews were never dull.
Q: What was the most difficult part of writing this book?
A: So little had been written about Munger, the research was time-consuming and daunting. Once the research was completed, a massive amount of material had to be organized, facts checked, etc. This was a labor-intensive book.
Q: What was the most fun thing about writing Damn Right?
A: The interviews were enormously fun to do. Munger is surrounded by interesting and entertaining people.
Q: Why did you choose this title for the biography?
A: At one point I asked Munger a question, and he enthusiastically declared, "Damn Right!" He holds strong beliefs, and wants very much to do the right thing, so the words, I believe, describe Munger himself.
Q: What will Charlie Munger's legacy be?
A: Munger said that he wanted to be wealthy so that he could have a large family, but also so that he could be independent, follow his own ideas and live life the way he chooses. He hopes to follow the example of Benjamin Franklin - to use his wealth and independence to do good works. His legacy will be that of a self-made billionaire who also is a dedicated family man, a faithful friend and a good citizen. He may also be remembered for his passion for fishing.
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