Charlie Munger
Portfolio
How position sizing, concentration, and risk fit the style.
Holdings and investment positions
Charlie Munger invested through several different vehicles: his partnership, Blue Chip Stamps and Wesco Financial, Berkshire Hathaway, the Daily Journal Corporation, and private accounts. These portfolios should not be combined into a single personal holdings list.
Documented holdings and businesses
See's Candies: Acquired through Blue Chip Stamps in 1972 and later folded into Berkshire, See's became the clearest example of Munger's preference for a high-quality business with pricing power.
Wesco Financial: Blue Chip acquired control over time. Munger served as chairman and used Wesco as another platform for insurance and investment operations before Berkshire completed its acquisition.
BYD: Berkshire's 2008 investment in the Chinese battery and electric-vehicle company was strongly associated with Munger's conviction in founder Wang Chuanfu. Berkshire later reduced the position.
Costco: Munger was a longtime director and personally owned shares; he repeatedly discussed the company's culture and customer value favorably.
Daily Journal bank holdings: Public filings showed concentrated positions including Bank of America, Wells Fargo, U.S. Bancorp, and earlier POSCO. Alibaba was added in 2021 and later reduced.
Ownership and timing caveats
Berkshire investments were collective decisions and cannot automatically be attributed to Munger alone. Daily Journal filings covered a corporate portfolio, not all of Munger's personal assets, and later changes may have occurred after his management role ended.
How to read this list
The list maps the principal vehicles and disclosed holdings. The Best Investments section should explain the economics and outcome of selected cases such as See's or BYD.