Vale Charlie Munger...... Buffet and Munger would be devoted Karooners

Awoke today to the sad news of Charlie Munger's passing aged 99. Warren Buffet's long time partner at Berkshire Hathaway and a legendary long term value investor. He would love owning Karoon here at 2x free cashflow, take all of his rights and be buying more on any day to day weakness. They never care about day to day price movements (see 4. below)

Interestingly Berkshire has in recent times been building large stakes in oil and gas companies such Occidental Petroleum and Chevron, in addition to owning many private energy companies in the US. Several of Charlie Mungers best quotes about making money -- as well as making the most out of life:-

1. "Lifelong learning is paramount to long-term success."

2. "If I can be optimistic when I'm nearly dead, surely the rest of you can handle a little inflation" -- drawn from the 2010 annual Berkshire Hathaway meeting.

3. "Every time you hear EBITDA, just substitute it with bulls--."

4. "If you're not willing to react with equanimity to a market price decline of 50% two or three times a century, you're not fit to be a common shareholder and you deserve the mediocre result you're going to get."

5. "It's so simple. You spend less than you earn. Invest shrewdly, and avoid toxic people and toxic activities, and try and keep learning all your life, etcetera etcetera. And do a lot of deferred gratification because you prefer life that way. And if you do all those things you are almost certain to succeed. And if you don't, you're gonna need a lot of luck."

6. "From my perspective, though, Charlie's most important architectural feat was the design of today's Berkshire. The blueprint he gave me was simple: 'Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.'"

7. "The best thing a human being can do is to help another human being know more."

8. "The world is not driven by greed. It's driven by envy," he said last year while speaking at the annual meeting of the Daily Journal, the newspaper company where he is a director. "I have conquered envy in my own life. I don't envy anybody. I don't give a damn what someone else has. But other people are driven crazy by it."

9. "The best armor of old age is a well spent life preceding it."