Legendary investor Charlie Munger has entrusted a stake of his personal wealth to a Melbourne-based investment company and endorsed the founder as a “soulmate” of Berkshire Hathaway.
Mr Munger told The Australian Financial Review in an exclusive interview that the little-known Stonehouse Corporation
run by American-turned-Australian Charles Jennings, was successfully emulating the Berkshire “playbook” to acquire and manage businesses for the long term.
“I got interested in one Australian because I think he’s very much like the kind of people that are in Berkshire,” Mr Munger said in a Zoom call from the library of his Los Angeles home.
“Berkshire and Jennings are quite similar.“He’s picky and manages things well.
He has a mindset very much like ours. Business fundamentalism and relentless rationality and doing business in a very high-grade way.”
“If you’re relentlessly rational, you don’t make a lot of mistakes other people made.”
“It sounds so obvious. You think everybody’s willing to stay rational but of course they aren’t, the world’s full of madmen.”