In October 1998, Charlie Munger gave a speech to the Foundation Financial Officers Group at Miramar Sheraton Hotel, Santa Monica, California.
Read more hedge fund letters here
For more up-to-date hedge fund content, and exclusive access to value-focused hedge fund managers, check out Hidden Value Stocks.
In the talk, the billionaire investor proclaimed that he believes charitable foundations should serve as societal exemplars. They should avoid reckless behavior and invest their trustees' money in the most responsible ways, he added.
Munger's advice for foundations
According to the speech, which was later published...