This Thursday morning, I saw the news of Munger's death. A month before his 100th birthday, Charlie Munger passed away in a California hospital. Warren Buffett has lost his best friend forever, and the world has lost a humorous and rebellious wise man.
On the morning of November 28, local time, Charlie Munger passed away peacefully in a California hospital. Warren Buffett, the company's CEO, said: "Without Charlie's inspiration, wisdom and involvement, Berkshire would not have been where it is today. “
In the future, Berkshire's shareholder meeting will never see that humorous old man again, and will no longer hear the familiar phrase: "I have nothing to add".
I have to admit that Charlie Munger is by far the person who has influenced me the most, not only in investment, but also in all aspects of life, values, etc.
I remember opening the book "Poor Charlie's Book: Charlie Munger's Wisdom Sayings" out of curiosity, and I was deeply attracted to this book in the following time, and from then on, I understood interdisciplinary thinking, set a lifelong goal of Xi, and in the years that followed, I paid more and more attention to and collected Munger's views.
Because of his: "There is not a smart person I have met in my life (smart people from all walks of life) who does not read every day – no, not a single one. Warren Buffett reads so much, and I read so much, that it might surprise you. The kids laughed at me. They thought I was a book with two legs. "I started reading a lot. Because of his principle of "accepting simple truths and taking them seriously", I began to practice some truths, insisting on doing things that I thought were meaningful, and no longer pursuing short-term gains and losses.
Finally, a review of Munger's wisdom (the following is an excerpt from my usual collection):
Accept simple ideas and take them seriously.
People who insist on not doing stupid things instead of trying to do smart things will surely gain extraordinary advantages if they persist in the long run.
Any year, if you don't break one of your favorite ideas, you could be wasting a year.
At the end of each day, try to make yourself wiser than when you woke up in the morning. Perform their duties loyally and excellently, improving a little bit every day. Eventually, if they live long enough, most people will get what they deserve.
Three rules of career:
1.Don't sell things you wouldn't want to buy yourself;
2.Don't work for people you don't respect and appreciate;
3.Only work with people you like.
There is not a single smart person I've met in my life (smart people from all walks of life) who don't read every day — no, not one. Warren Buffett reads so much, and I read so much, that it might surprise you. The kids laughed at me. They thought I was a book with two legs.
If a person wants to improve the quality of life, many times he does not need to be very good and how many "right things" he can do, he just needs to know what is bad and then not do it.
With a hammer in your hand, see that everything is a nail;
The world is full of stupid gamblers who don't do as well as patient investors.
If you don't see the world in a real way, it's like judging something through a distorted lens.
I just want to know that I'm going to die in ** so that I never go there. There's also a related idea: write down your expected obituary early – and then act accordingly.
If you don't care if you're rational or not, you won't try. Then you will remain irrational and get bad results.
Patience can be learned. Having a long attention span and concentration to focus on one thing for a long time is a huge advantage.
You can learn a lot from deceased people. Read the stories of the deceased whom you admire and loath.
If you can swim to a seaworthy ship, don't run away in a sinking ship.
A great company that's still in operation after you're gone;This is not the case with a mediocre company.
Warren and I don't pay attention to the prosperity of the market. We look for excellent long-term investments and hold them for a long time.
Ben Graham once said, "Day after day, ** is a voting machine;In the long run, it is a weighing machine. "If you keep making something more valuable, then some smart people will notice and start buying.
When it comes to investing, there is no such thing as a 100% certainty. Therefore, the use of leverage is dangerous. A wonderful string of numbers multiplied by zero is always equal to zero. Don't expect to get rich twice.
However, in order to become rich, you don't need to have a lot of things.
If you want to be a great investor, you have to keep Xi. When the world changes, you have to change yourself.
Warren and I didn't like railroads for decades**, but the world changed, and eventually the U.S. economy had four large railroad companies that were vital to it. We weren't aware of the change for a long time, but better late than never.