Very interesting and philosophical content related to Charlie Munger is being given below and you must go through it. Just for your information that Charles Thomas Munger is an American investor, businessman, former real estate attorney, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner.Our wisdom is simple, people don't like simple wisdom though.
We also make mistakes, but we make smaller ones, that do not sink us.
Don't be a one-legged men in a kicking competition. Everyone wants to be rich, famous and Happy. Become deserving of what you desire. You will get what you want.
Be prepared: Prepare yourself such nothing can sink you. Munger got divorced at 30, lost a son to cancer soon & lost an eye - but he was prepared for anything in life.
Berkshire is sitting on cash of 137 Bn of 450 bn balance sheet. This is called preparedness for any crisis / right opportunity.
Goldman: The smartest people in the world - had to give the best deal in the world at the bottom of a cycle to Berkshire - with huge upside & downside protection. This is called preparedness.
GOOD BEHAVIOUR: Accept what nature as given you. If u are 5 2", accept it. You can do much better in 1000 other things than trying to excel in basketball
BE RELIABLE: Whole of Ramayan is centered around Pran jay pan vachan na jaye.Being reliable under all circumstances matters the most.
BE SIMPLE: Buffet stays in the same house for the last 50 years. They have same corporate office for so many years, with only 25 people.
BE INFORMED: CHARLIE MUNGER READS EXTENSIVELY, EVEN WITH ONE EYE, TO
REMOVE IGNORANCE EVEN AT THE AGE OF 96
VERY VERY IMPORTANT: MARGIN OF SAFETY DON'T DO ANYTHING WITHOUT
MARGIN OF SAFETY.
POWER OF COMPOUNDING IS THE MOST POWERFUL CONCEPT OF INVESTMENTS.
DISTINGUISH BETWEEN ACTIVITY AND PROGRESS
VERY IMPORTANT EMOTIONAL TRAINING DON'T SELF PITY OR GIVE EXCUSES. DON'T ENVY - THAT'S THE BIGGEST MISTAKE OF INVESTMENT. RESENTMENT -
NEVER RESENT ANYTHING- AVOID SELF SERVING BIAS.
Warren Buffet and Charlie Munger are like modern-day Rishis - who sees reality without biases, without greed or fear, without pain or excitement, without envy or resentments, are prepared for any eventualities, live a simple life and follow discipline.
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