What to learn from one of the top minds next to Warren Buffet !
Stumble among this book after i finish <Snow ball >, the autobiography of Warren Buffet, there are few Chapters on Charlie Munger but this one is the official and fully committed book on Munger which have a glimpse of the life of the mentor of Warren Buffet.
Charlie believe that self education is important, in order for us to develop multiple discipline, we should gather big ideas that really work in different field.
Never, when facing some unbearable tragedy, let one tragedy increase to 2-3 things because failure of will.
We should also have a success matrix, which converging of several great ideas to product outstanding results.
A partner ideally is capable of working alone, You can be a dominant partner, subordinate partner or equal partner. Don’t let your ego trick you into the need to in charge everything.
The best way to avoid envy is to deserve the success you get.
If you rely entirely on others, through purchase of professional advice, you will suffer much disaster.
In order to be truly wealthy, a person needed to build ownership in a business.
The advantage of having a weird mind set – Not seeking action for its own sake. But combine extreme patience with extreme decisiveness.
Don’t do business with people you can’t trust. The economic is irreverent if you don’t have trust.
How much ease and pleasure to buy a good business and let it roll along, than to buy a deeply discounted but struggling business and spend time, energy and money to set it straight.
We could always make friend with the dead who have the right ideas.
A few major opportunities are clearly recognizable, will usually come to one who continuously search and wait, with a curious mind, loving diagnosis multiple variables. And all that is required is a willingness to bet heavily when the odds are extremely favorable, with resources as result of prudence and patience in the past.
Not look for a quick victory, but to long term success.
Limit your tries to area of competence. If you try to predict the future of everything, you attempt too much. You are going to fail through lack of specialization.
Smart, hard working people aren’t exempted from professional disaster of over confidence. Often, they just go around in the more difficult voyages the choose, reply on the self appearance that they are superior.
As long as the odds are in our favor and not rushing the whole company on one throw, we don’t mind volatility. What we want is favorable odds, we figure out volatility time will take care itself.
Process of not disappointing anyone, one of the key factors is having them have proper expectation and being knowledgeable about what are they getting and what they are not getting.
Its necessary to accommodate a lot of failure and because no matter how about you are, you are going to have headwinds and troubles. Don’t be discouraged by a few reverse.
Until next time