#2 - Charlie Munger

($BRK)

Welcome everybody to another episode of Practical Wisdom! 🧘‍♀️

• To get what you want, deserve what you want.
• Just because you like it does not mean that the world will necessarily give it to you.
• Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.
• In my whole life, I have known no wise people who didn't read all the time —none, zero.
• Develop into a lifelong self-learner through voracious reading.
• The best thing a human being can do is to help another human being know more.
• The great investors are always very careful. They think things through. They take their time. They're calm. They're not in a hurry. They don't get excited. They just go after the facts, and they figure out the value.
• The big money is not in the buying and the selling, but in the waiting.
• What are the secrets of success? -one word answer: "rational".
• We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
• A life properly lived is just learn, learn, learn.
• You need patience, discipline, and an agility to take losses and adversity without going crazy.
• You're not learning anything if you're not making mistakes.
• Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world.
• Get rid of people who always confidently answer questions about which they don’t have any real knowledge.
• I never allow myself to have an opinion on anything that I don’t know the other side’s argument better than they do.
• Spend each day trying to be a little wiser than you were when you woke up.
• I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
• It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
• I always say I want to know where I would die so I can never go there.
• If you didn’t get the deferred-gratification gene, you’ve got to work very hard to overcome that.
• Take a simple idea, and take it seriously.
• Acknowledging what you don’t know is the dawning of wisdom.
• You want to deliver to the world what you would buy if you were on the other end.
• A majority of life's errors are caused by forgetting what one is really trying to do.
• The habit of committing far more time to learning and thinking than to doing is no accident.
• Just the discipline of having to put your thoughts in order with somebody else is very useful thing.
• Opportunity comes to the prepared mind.
• Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari's -I wanted the independence. I desperately wanted it.
• I paid no attention to the territorial boundaries of academic disciplines and I just grabbed all the big ideas that I could.
• Learn what you need to learn.
• When you borrow a man's car, always return it with a tank of gas.
• I would argue that passion is more important than brainpower.
• Always take the high road, it's far less crowded.
• You don't have to have the ability that quantum mechanics requires. You just have to know a few simple things and really know them.
• Invert, always invert: Turn a situation or problem upside down. Look at it backwards.