Charles T. Munger is an American billionaire investor, businessman, and former lawyer. He runs Berkshire Hathaway with Warren Buffett.
I’m sure he has enough savings to retire. But he just turned 99 this week and is still working.
Maybe someone should introduce him to the idea of FIRE. 😁
Buffett has described Munger as his closest partner and right-hand man.
If Buffett respects him that much then maybe the rest of us can learn a few things from him as well.
So here are five life lessons we can learn from Charlie Munger.
- 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. The best way to learn? Read.
“In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero.” — Charlie Munger
- Take some time to sit and think. Humanity would have fewer problems if more people had the ability to sit quietly in a room by themselves.
“We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.” — Charlie Munger
- Learn to destroy your old ideas when they become obsolete. A wise individual changes their mind all the time. If something doesn’t work, or if there is a better argument, then you need to adapt.
“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.” — Charlie Munger
- Clone great ideas. There is no harm and no shame in copying other people’s ideas, especially that ones that have been successful in the past.
“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.” — Charlie Munger
- To get what you want, you have to deserve what you want. It may seem some people are luckier than others. But in the long run we all get out of life what we put into it.
“The world is not yet a crazy enough place to reward a whole bunch of underserving people.” — Charlie Munger
Random Useless Fact:
Most people are better off investing in an index fund than picking individual stocks.