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8 Down-To-Earth Things Warren Buffett

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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.

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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.

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“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.

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He has a mindset very much like ours. Business fundamentalism and relentless rationality and doing business in a very high-grade way.”

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“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.”