If Munger had a silver spoon as a toddler, it would have been worth 23 US cents an ounce. It is now worth US$24 ($31.89) an ounce, an annual return of 4.5%. This is less than half the return for investing in the Dow — 10.5%.
Charlie Munger was born exactly 100 years ago in Omaha, Nebraska. His family circumstances were middle class. The Mungers owned a store on the main street. The store offered provisions such as cigarettes and vegetables. The store was a vital cog in the town, but there was little sign of the riches that followed. Munger and his senior sidekick Warren Buffet built Berkshire Hathaway — the world’s most famous investment company.
Munger was not born with a silver spoon. This might explain his aversion to precious metals. He was a scathing critic of gold and silver. He said, “I think civilised people don’t buy gold, they invest in productive businesses.”
