Good evening everyone, this is Qingyao.
It took more than a month to finish reading this book, and the book is a good book, but the disadvantage is that the words are too small, the word count is too crowded, and it looks like it takes a lot of eyes.
But it's well worth it.
Warren Buffett said that he has met countless people in his life, but he has never met someone like Charlie.
This kind of praise is the only one here in Buffett, in fact, he and Charlie Munger belong to each other's achievements.
Each other is very strong, but they are attracted by each other's talents and are willing to give in and achieve together.
This book basically encapsulates some of the most important speeches, remarks, and wisdom of Charlie's life.
The biggest feeling when I read it isSuccessful people never rely on luck and talent, but on the willingness to forge ahead and good character.
People who are willing to grow are hardworking and diligent, and they will use every opportunity to enrich their brains, feed their patterns, and iterate on their values.
Gradually build your own values and knowledge system, and use them to expand your own territory.
Today, I will share Charlie's 6 successful wisdoms that I have learned to use for a lifetime.
01 Lifelong learning
Charlie Munger has his own universal wisdom and investment system, so he is able to get a head start on investing.
He said
If you want to become an investor, there will always be areas that you don't fully understand.But if you study hard and keep improving, then you can be sure that your investment will yield good results.
"If you don't keep learning, others will surpass you. ”Growing up is like driving on the road, there are always some people who run fast and some people who run slowly.
Graduating from college is a starting point for everyone, but ten years later, everyone's situation is very different.
The reason for this is that some people are so busy with work and life after leaving school that they forget about self-growth.
And some people never stop reading and getting better.
Charlie was called a walking book by his own children, and he loved books so much that he took them with him wherever he went.
He believes that psychology is the foundation of all disciplines, and he believes that everything is connected, and that interdisciplinary learning and problem-solving can do more with less.
So he studies interdisciplinary books and grasps the intrinsic connections between different things in different disciplines.
In Charlie's view, any problem can be fully mastered through self-study using the right method, and can be innovated on the basis of predecessors.
"Reading has brought me so many benefits over the years," he says. ”
02 Wide range of interests
Charlie Munger was a master investor, and few people knew him to be an excellent architect.
He personally designed the Stanford University graduate residence hall, the Harvard High School Science Museum, the Huntington Library, and many more.
He also designed and built a yacht himself.
I fell in love with physics for a while, and since then I have always been keen to solve problems in the way of physics.
He believes that anyone who wants to be successful should study physics.
Charlie often said on his lips, "To the man with the hammer in his hand, the world is like a nail." ”
It's a bit like what we often call the frog at the bottom of the well.
There are only nails in the eyes of the blacksmith, and the blue sky of the world is only as big as the mouth of the well in the eyes of the frog at the bottom of the well.
The narrowness of a person's perception of things limits his imagination and the uniqueness of his answers to problems.
His extensive interests have allowed him to learn a lot outside of his profession, and this knowledge has also played a pivotal role in his investment career.
03 Excellent character
"Competence will get you to the top, and only virtue will keep you there. ”After reading more than a dozen books on financial quotients, I found that every rich person has good moral cultivation.
Charlie is especially rational, objective, calm, positive, wise, focused, self-disciplined, generous and friendly to others.
Once, when he met a guest after a luncheon, he was 45 minutes late, and he apologized to the two juniors in a particularly solemn manner.
He is strict with himself, always makes appointments 45 minutes early, and travels only in economy class.
The family lives in an ordinary house that I bought many years ago.
Charlie has spent his life studying the causes of human failure, and he has a very deep understanding of the weaknesses of human nature.
Therefore exercise restraint with yourself, be simple, humble, and objective. And this good character has also won him many excellent partners.
04 Unique reverse thinking ability
Charlie would often say:
"I just want to know where I'm going to die in the future so I don't go there. ”Not failing is a success in itself.
Charlie always likes to study those cases that have failed, find out the reasons for their failures, and analyze and study them.
If you study the reasons for the failure of others, you will not fall in this area, which greatly improves the success rate.
We are always thinking about how we can be happy, and Charlie studies why people are unhappy.
05 Keep things simple and keep things simple
Think simple and act seriously. ”
Like Thomas Sr., the founder of IBM. Watson said: "I'm not a genius. I'm smart and I'm just staying in those few points. ”
It's easy to say, but it's hard to do.
Most investment firms have their own investment advisors, but Charlie and his company do not have these investment advisors.
He used his knowledge system to build a system through which he screened investment projects.
It is simple and effective to list the necessary conditions and check them one by one.
To simplify things and invest in a company, it depends on those few hard conditions, and you don't need to think too much.
06 Stick to your "circle of competence".
Munger's distinction between investments that can be invested and those that cannot be invested is too difficult to understand.
Choose a mainstream industry that is easy to understand, has room for development, and can survive in any market environment.
It's like going shopping, you have 100 yuan in your pocket, and you can't always buy 1,000 yuan.
If you borrow money to buy it, you will bring debt, and more follow-up troubles.
Charlie's choice of investment is to invest in a circle where he can grasp the risks.
This is what it means to stick to your circle of competence, in other words, to do what you think is safe.
For example, driving 80 yards is your safe zone, and if it's 120, it's easy to lose control.
Richard. Feynman said
"Don't fool yourself, remember, you are the easiest person to be fooled by yourself. ”People need to be adventurous, but when they make a choice, they must consider their own circle of competence and don't easily cross the line.
Success can make people swell, and it is easy to break away from the original circle of ability and dance on the cliff.
Write at the end:
It's really hard for anyone to deal with all the changes in their lives.
Textbooks from childhood to adulthood do not teach us how to deal with complex workplace relationships, how to balance work and family, how to deal with husband and wife relationships, mother-in-law and daughter-in-law conflicts, and so on.
But we can all learn these things from other places, and we can just use them.
After reading this book, I found that most of Charlie Munger's code of conduct was learned from books, especially Franklin, whose autobiography he always carried with him, and used his wisdom to correct himself.
Everyone's life and mind are unique, and you are bound to make new discoveries when learning from the wisdom of others.
It will also create a set of effective life plans that suit you.
The only thing that separates us from those who are good is books.