Friday Coffee with MAP - May 10, 2024

Hello, and welcome to Friday Coffee with MAP!

Warren Buffet once said, “You should ask yourself who you’d want to spend the last day of your life with, and then figure out how to meet them, like tomorrow.” This week's article highlights Warren Buffett's enduring partnership with the iconic Charlie Munger, who passed away in 2023, posting it as a model of a hugely effective partnership– and offering actionable advice on cultivating strong partnerships of your own. In business as in life, an effective partner complements your strengths, expanding possibilities and avenues for development.

Happy reading!

How to Find a Partner like Charlie Munger
_{by Frederik Geischen for The Alchemy of Money Newsletter}

Warren Buffet may be the most well-known investor of all time, but even masters have their biases and blind spots. Buffet’s success would not have been possible without the longtime partnership of Charlie Munger. Their partnership, one rooted in respect, honesty, and rigor, is one that anyone in business should strive to replicate.

Here are some tips for finding your Charlie Munger.

• Know yourself. Be crystal clear about your goals, your own personal skills and strengths– and the qualities you lack. This will help you define what you need in a partner.
  

• Put yourself out there. Make yourself findable for a potential partner, by sharing your story and philosophy online. Make connections, both online and at events. Follow up diligently.
  

• Say yes to the dinner. Buffett and Munger’s meeting was happenstance. If one had decided not to go out that night, the partnership would never have been born. Get out there and open yourself to opportunities.
  

• Deserve one. Be great at what you do, and build a reputation for being trustworthy and responsible. Embody what you are looking for in a partner.
  

• Assemble one. You can identify talent around you and work with them on their skills and attributes over time.
  

• Be Charlie Munger. It is easy to resist a partnership in which one member gets more notoriety than another (Buffet overshadowed Munger in the public eye). But do not let ego deter you– maybe you are the Charlie Munger to a potential partner who plays the more prominent Buffett role.

A good partnership can open you and your business up to opportunities that were previously unimaginable, just as Buffet and Munger’s did. Don’t be afraid to be intentional and diligent in your search for one.

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So tell us: What qualities do you look for first in a business partner? Do you have any distinctive tests of character or intention you use when evaluating a potential partner?

We’re looking forward to hearing from you! Have a wonderful weekend.

Thank you,

The MAP Team

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