My favorite Charlie Munger life lessons:

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1. Investing is where you find a few great companies and then sit on your ass.

Too often when surrounded by uncertainty, volatility, and fear, we often respond with, “I don’t care what you do just do something”. In some cases, this works. But when it comes to the stock market, it rarely does.

2. Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari's - I wanted the independence.

Back when I was a young broker, and I would discuss a clients retirement objectives I used to say, “the goal is not necessarily to retire, but to work because you want to not because you have to “. In a word… independence.

3. You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time.

This reminds me of the classic joke about the two friends hiking in the woods, that attracted the attention of a giant grizzly bear. One guy immediately goes into his backpack and pulls out his sneakers and begins lacing them up. His friend says, “you can't outrun a grizzly bear, what are you doing”? He replies, “I don't have to outrun the grizzly bear I just have to outrun you”!

4. A lot of people with high IQs are terrible investors because they've got terrible temperaments.

This is also true in life, not just the markets.

5. Knowing what you don't know is more useful than being brilliant.

Being a brilliant businessman, doesn't translate into being a brilliant general manager of a football team…Jerry.

6. A great business at a fair price is superior to a fair business at a great price.?

I used to tell my clients that you're not buying stock for the short run, you're investing in a great company for the long run.

7. You'd be amazed at how much Warren reads -at how much I read. They think I'm a book with a couple of legs sticking out.

Who you are today reflects; the people you surround yourself with, the knowledge you have accumulated and the experiences you have had.

8. The best thing a human can do is to help another human being know more.

?When I started in the industry back in the 80s our approach and business model was built on a sales model, a desk, a phone, a reverse directory, and the mantra “ABC always be closing”! I had a background in education, so I chose to educate my clients on what they needed to do and why they needed to do it. I believed this approach would lead to the right decision as well as foster the resilience to adhere to the decision when things got tough.

9. To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.

In the vast majority of cases people are where they deserve to be. If you want to change where you are you have to change who you are.

10. How to find a good spouse? The best single way is to deserve a good spouse.

Many years ago, I was talking with a friend who had made-up the proverbial list of attributes they were looking for in a perspective spouse. They shared the list with me, which was quite exhaustive. I flipped the paper back to them and said, “put a check mark by all of the attributes on this list that you possess”. The result was very few check marks. I said, “how can you expect to attract someone with attributes that you don't possess yourself”?

11. 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 intelligent.?

Michael Scott asked Dwight Schutte, “what's the most inspiring thing I ever said to you”? Dwight responds, “don't be an idiot…it changed my life! Whenever I'm about to do something I think, would an idiot do that, and if they would I do not do that thing”.

12. Always take the high road, it’s far less crowded.

A good reputation is built through many positive actions over an extended period of time, while a few bad decisions can undermine it all. The temptation to take shortcuts and/or betray friendships can be very strong in both the public and private sector, and while it may work over the short term, it always ends badly.

13. When I first moved to California, there was a part-time legislature that was controlled by gambling interests, racetrack owners, and liquor distributors, who wined and dined the legislators, supplied them with prostitutes, etc. I think I prefer that to today’s full-time legislature.

And on that note, I hope you enjoyed these insights from the late great Charlie Munger, RIP…