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Munger Disbands His Investor Cult With Barbs for Wall Street

Charles Munger, the 87-year-old billionaire, used his farewell conference to criticize Wall Street, reflect on investing and raising children, and treat a fawning audience to his gratitude and familiar jibes.

“You all need a new cult hero,” Munger said on July 1 at the conference, called ‘A Morning with Charlie,” in Pasadena, California. “I’m doing you a favor” by ending the annual question-and-answer sessions with investors, he said.