‘In Their System, There’s Nothing Better Than A Rich Old Man’
Charlie Munger, Warren Buffett’s trusted right-hand man and one of the most celebrated investors of all time, lived a life marked by sharp wit, deep intellect and relentless curiosity.
Before becoming a billionaire and vice chairman of Berkshire Hathaway, Munger was a real estate attorney – a career that reflected his ability to think critically and navigate complex challenges. His journey from lawyer to investment icon inspired countless admirers, culminating in his book Poor Charlie’s Almanack, a collection of essays, speeches and lessons drawn from his life.
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The book became a cult favorite among investors and thinkers, offering insights into everything from business strategies to mental models for decision-making. With Munger’s reputation as a source of timeless wisdom, one might expect the book to have sold the most copies in the United States, where his name carries immense weight. Surprisingly, Poor Charlie’s Almanack found an even larger audience in China.
In his final Daily Journal interview in February 2023, Munger spoke with journalist Becky Quick about the book’s unexpected success overseas. Quick suggested the obvious: “Well, there’s more people there.” But Munger dismissed the idea that population size alone explained the phenomenon. “That’s not the sole reason,” he said. “A rich old man looks like Confucius. In their system, there’s nothing better than a rich old man.”
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For Munger, the explanation went deeper than demographics. His book resonated with Chinese readers because it aligned with their cultural values shaped by Confucianism. Reverence for wisdom, respect for elders and admiration for wealth achieved through discipline and hard work are deeply ingrained in Chinese society. Munger embodied those principles, making him a figure of immense appeal.
But Munger’s connection to China wasn’t just about admiration but also opportunity. Over the years, he consistently expressed a bullish stance on China’s economy. In an October 2023 interview on the Acquired podcast, Munger stated, “The Chinese economy has better future prospects over the next 20 years than almost any other big economy.” He pointed out that many leading Chinese companies were stronger and more competitively priced than their global counterparts, making them attractive investments.
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