What you'll learn:
☞ Who is Charlie Munger?
Meet Charlie Munger, one of the brightest minds of the 20th century. In this article, we aim to capture his wisdom in a way that everyone can appreciate.
Charlie once said, “Strive to be a bit wiser every day compared to when you woke up. Carry out your duties diligently. Progress might not always be lightning-fast, but consistency is key.
Discipline is built by gearing up for those speedy sprints. Inch by inch, day by day, you make your way. If you’re patient enough, you’ll likely get what you truly deserve.”
Charles “Charlie” Munger calls Pasadena, California home and holds the esteemed title of Vice Chairman of Berkshire Hathaway, Inc., a true compounding powerhouse.
During Charlie and Warren Buffett’s tenure at the helm of Berkshire, the company delivered an astonishing 20,000-to-1 return on its initial value, all within their lifetimes.
How did they do it?
Simply by intelligently investing the company’s capital in thriving businesses and steering clear of excessive debt. It’s an awe-inspiring success story.
Don’t let the term “sidekick” fool you; it doesn’t capture the essence of Charlie Munger. To those who know him well, he’s an independent intellectual who, as Buffett puts it, “Marches to the beat of his own music, a melody that few others can hear.”
Charlie’s journey is fascinating. With a background in meteorology during World War II and a law degree from Harvard, he transitioned to the business world.
Drawing inspiration from various fields, such as psychology, economics, physics, biology, and history, Munger developed a unique system of “multiple mental models” to unravel intricate problems in complex social systems. It’s an approach unlike any other.
His insights on business and life are nothing short of remarkable. Speeches and writings from the past continue to stand the test of time due to their foundation in timeless wisdom.
Embracing the “Munger” way of thinking can be challenging, but it’s worth the effort. By adopting the core principles, you’ll soon find your mind becoming sharper and more insightful. When asked about his secret to success, Munger offered a simple answer: “I’m rational.”
☞ Popular Charlie Munger Quotes
|11 Charlie Munger Quotes|
|“If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.”|
|“Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Systematically you get ahead, but not necessarily in fast spurts. Nevertheless, you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve.”|
|“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.”|
|“Just because you like it does not mean that the world will necessarily give it to you.”|
|“I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.”|
|“I always say I want to know where I would die so I can never go there.”|
|“The iron rule of nature is: You get what you reward for. If you want ants to come, you put sugar on the floor.”|
|“We’re just not interested in taking a substantial chance of taking a lot of very decent people back to “Go” so we can have one more zero on our net worth.”|
|“I think Warren and I know the edge of our competency better than other people do.”|
|“I paid no attention to the territorial boundaries of academic disciplines and I just grabbed all the big ideas that I could.”|
|“Take a simple idea, and take it seriously.”|
⬇️ More from thoughts.money ⬇️
- This Is What Famous Billionaires Did As Their First Job
- Here Are the 9 Most Common Motorcycle Types
- This Is the Difference Between Hard and Soft Money
- This Is How to Exercise Your Stock Warrants
- After Thanksgiving Comes Cyber Monday (What’s the Story?)
- So Long Mr. Munger: A Life Well Spent
- So, You Wanna Buy a Busa? (Here’s All You Need to Know)
- Capitalism Makes the World Go Round? (Let’s Find Out)
- Interested in Bitcoin Mining? (Here’s How It Works)
- The World’s Largest Companies (By Revenue)
🔥 Daily Inspiration 🔥
〝Does it pay to listen? Always.〞– Arlene Dickinson