Top 10 Life Lessons from Charlie Munger
Almost everyone has heard of Warren Buffet and his great investment ideas. But he is only one half of the duo - Charlie Munger is the other half and he has plenty of life advice to dispense as well. Here are the top 10:
- Pursue your interests. You are not going to excel in something you deeply dislike. Play in a game where you have some unusual talent.
- Be a continuous learning machine. You will not get very far in life based on what you already know. Go to bed every night a little wiser than you were when you woke up that morning.
- Find your true path.
- Don't super-specialize. According to him, he stuck with investing because he thought it was a lot of fun. But he recommends a broader set of specialization. Even if you do super-specialize, set aside about 20% of time every day to broaden your knowledge. Don't be a one-legged person in an ice-skating competition.
- Clone great ideas. There is no harm and no shame in copying ideas that have been successful in the past.
- Cherish old fashioned values. Family comes first. Hard work. Integrity and honesty. Good communication. Positive attitude.
- Destroy bad ideas. The real estate in your brain that processes ideas is limited. Fill it with good ideas, not bad ones.
- Evolve.
- Think like a business owner. Problem with General Motors was that it was led by career-ists, and they couldn't understand business strategy.
- Most importantly - have fun. Warren Buffett and Charlie Munger appeared together in several talks. Here is one exchange between them: WB - "That is Charlie, I am Warren. You can tell us apart because he can hear and I can see. That is why we work together so well. What is your dream Charlie?" To which Charlie Munger responded - "Sometimes when I am especially wishful, I think what it would be like to be 90 again."
Extracted from YouTube.