What We Can Learn from Charlie Munger

On November 28th Charlie Munger, the Vice Chairman of Berkshire Hathaway, and Warren Buffet’s right-hand man, died. By many counts, he’s considered one of the greatest investors of the all-time. What made him great? Here are just some of his thoughts……

“….One is the constant tendency to overrate your own intelligence and skills in deciding what to do and what not to do.”

On bitcoin…..“In my life, I try to avoid things that are stupid and evil and make me look bad…and bitcoin does all three. In the first place, it’s stupid because it’s still likely to go to zero. It’s evil because it undermines the Federal Reserve System…and third, it makes us look foolish compared to the Communist leader in China. He was smart enough to ban bitcoin in China.” – CNBC interview

On following your passions… “You’ll do better if you have passion for something in which you have aptitude.”

“Knowing the edge of your circle of competence is one of the most difficult things for a human being to do. Knowing what you don’t know is much more useful in life and business than being brilliant.”

“Live within your income and save so that you can invest. Learn what you need to learn.”

Read more “ Munger-isms” here. RIP Charlie.

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