Charlie Munger Donates Second Largest Gift Ever--$100 Mill to University of Michigan

Charlie Munger is an honest guy. He donates $110 million to the University of Michigan, says he deserves little credit for it (and means it), and admits he got the idea for the donation from someone else and that one of the main reasons he's ok celebrating it is because he loves attention.

Charlie Munger Donates $110 Million

Munger was reported as saying he's “cheerfully cooperating in a limited amount of celebration of his gift,” partly out of duty and partly because he enjoys the attention.

“But I particularly want to avoid any perception that I claim large donative merit. After all, I waited until my 90th year before making the gift, then gained friendship and creative joy in working with the university in a very interesting design effort likely to have a good outcome, while I parted with assets I soon won’t need.”

He’s given UM previous donations. Those, though dwarfed in amount by this most recent gift, were similar to this $110 million donation in that the all were aimed at providing facilities improvements that would contribute to students’ ability to study comfortably. He gave $20 million for improvements to the campus’ Lawyers Club housing complex and $3 million to the UM Law School for infrastructure improvements.

The three gifts are and will continue to be hugely beneficial to students. Another Munger gift, though, holds much more promise. That gist was the result of a simple agreement Warren Buffett elicited from Munger at the behest of Peter Kaufman. Kaufman recognized that he was not alone in wishing for a book that complied Munger's wisdom, and so he prevailed upon the Berkshire Hathaway magnate to in turn prevail upon Munger, his long-time business partner, to agree to cooperate in the making of such a book. I'm not sure agreement is a proper description of Munger's attitude, but he, at least, acquiesced. Reportedly on the condition that any proceeds from the book be donated to the Munger Research Center at the Huntington Library.

Munger's Greatest Gift to Date

The resulting book is a tour-de-force. Mostly a collection of speeches he has given over the years, the book contains the ingredients to what Munger takes to be the keys to attaining 'worldly wisdom'. Modeled after Ben Franklin's Poor Richard's Almanack, Poor Charlie's advocates for a multidisciplinary education that integrates the biggest ideas into a coherent worldview.

Munger's ideas provide the impetus for this blog. I recognize in Munger's thought the mental parrallel to Glassman's thinking regarding the body. And I hope to be able, in future posts, to provide some insight as to how to accomplish the widsom Munger thinks is possible. I welcome any suggestions those familiar with Munger's thinking can provide as to how to accomplish this.