Global Investment
Charlie Munger

What Li Lu learned from Charlie Munger

What Li Lu learned from Charlie Munger

“When Charlie thinks, he always Starts by inverting. To understand how to be happy in life, Charlie will study how to make life miserable. To examine how businesses become big, strong and successful, Charlie first studies who businesses decline and fall. When most people care only about how to succeed in the stock market, Charlie is most concerned about why most fail in the stock market. His way of thinking comes from the saying in the Farmer’s philosophy: ‘All I want to know is where I’m going to die so I never go there.’”

To put it another way, Charlie Munger solidly believes that the best way to succeed in life is to find out what stops most people from being successful, and avoiding whatever that is:

“Throughout his life, Charlie has been constantly collecting and researching the notable failures in each and every type of person, business, government and academic research. He then arranges the cause of failures into a checklist for making the right decisions. Because of this, he has avoided major mistakes in his decision-making over his life and career. The importance of this on the performance of Buffett and Berkshire Hathaway over the past 50 years cannot be emphasized enough.”

 

” Charlie’s mind is original and creative. It is never restrained by rigid rules or doctrines. He has the insatiable curiosity of a child and possesses the qualities of top-notch scientists and their scientific methodologies. He has had a strong thirst for knowledge throughout his life and is interested in practically everything. To him, with the right approach, any problem can be understood through self-study. Further innovations can be built on the foundations laid by the intellectual forefathers. In this matter, he is very much like Benjamin Franklin.”

The human mind has weaknesses and blind spots. 

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