He lived to be 99 years old and was almost 100% right in life

Personally, I'm kind of nine out of ten on the whole investing thing: I don't know a thing about it.

But I've always been a very, very big fan of Munger, even more than Warren Buffett, because Munger's wisdom can be applied to any field
and industry.

Munger is six years older than Buffett, spent his early years as a weather observer, and later was one of the most popular lawyers in the Los Angeles area.

If he had been comfortable being a lawyer and running his own firm, although he might have become the most famous lawyer in history or a well-known

founder of a law firm, I would have been saddened because Munger's revelations to the world after his time as an investor would have been more meaningful.

It should be said that Munger corrected Buffett's past "picking up cigarette butts" style of investment, allowing him to focus on the real value of the enterprise and long-term holding to profit.

Munger corrected Buffett's past "picking up cigarette butts" style of investing, allowing him to focus on truly valuable companies and hold them for a long period of time to profit.

In 2008, Buffett invested in China's BYD through Munger's introduction. Buffett has made about 60 billion RMB in BYD.

Munger has not made a systematic academic contribution.

Munger did not make any systematic academic contributions, but his personal

reflections and opinions were later assembled into the book "Poor Charlie's Book", which Duan Yongping bought at the time.

Duan Yongping bought two copies of the book at the time, totaling 110 U.S. dollars. He said it was the best investment of his life.

Many people want to know the secrets of Munger and Buffett's success, in fact, they use very simple methods and reasoning, and you are sure to know many of them.

You must know many of them, but the problem is that ordinary people may not be able to do.

I later became more and more aware of the value of Munger's content, and he also influenced my personal style.

those very simple truths, because I think the truths are really simple. Charlie Munger's truths are usually very commonplace, and they seem a little too commonplace to the average person.

For example, he said that there are two important principles in fishing, the first is to fish where there are fish, and the second is not to be some people will always forget such a simple truth, he is a restaurant, often against such a simple truth.
For example, customers will only come if the food is delicious. Is not this truth is very simple, and is correct? But many people must to go against this kind of business principle.

I have been to many new restaurant brands, and once I ate them, I knew that they had no future and were at most a Netflix restaurant. This kind of restaurant will definitely not do Munger likes to use common sense.

Munger likes to think in terms of common sense, but he also says that common sense is usually knowledge that no one else knows.

Munger has high personal moral standards, he is usually not so calculating, and he often exceeds the price of others in return, which makes Munger a good businessman.

This makes Munger a convincing and trustworthy partner for many people.
When Munger's early partner, Gurian, wanted out of the partnership, he offered himself a price that seemed high at the time, believing that his share was worth $200,000.

his own shares were worth $200,000 dollars. Munger said he had miscalculated and that his shares were worth $300,000 dollars.

It's another of Munger's credos that he'd rather lose money to himself than to others, and to always have goodwill toward the world. In this Munger does not have the stereotype of a lawyer who is very, very unsavvy.

Being kind to others is also a very common truth. But why do I still want to talk about it? Because it's actually a common truth that we ordinary people
usually can't do it.

I usually cite another example. The rationale for losing weight is actually very simple, that is, to eat less. But 99% of the people who lose weight will eventually
will fail, because the truth is very simple, but it is very difficult to do.
But Munger is a man of the world, not a white lotus flower, he has a very clear understanding of the real world. He went to Stanford to give
business school kids, and he asked what was the best way to raise the selling price and still make more sales?

Munger said there were many ways, but his favorite answer was never given.
It was to raise the selling price and then use the high profits you could make to bribe people to sell things.

To be able to say such a thing shows his own insight into the world. Munger is not discreetly concerned about his personal wealth, and he has always hoped that he would not go up on the Forbes wealth list.

And most of the rich people in the world, especially men, when they make money, invest it casually, without scrutinizing it or calculating it carefully, and then put themselves on the back of it. without careful calculation, and then lose the money they made by luck, by strength.About Munger's patience, he himself told a story:
"I read Barron's for 50 years. In the entire 50 years, I have found only one investment opportunity. And through that opportunity I made $80 million dollars with virtually no risk."Wait patiently and strike when the time is truly right. In essence, most of the wealth we acquire in our lifetime depends on just a handful of
wealth depends on just a handful of decisions, and the rest of the time is spent waiting for opportunities.

It's a common truth, but not many people have that kind of patience. We are too eager to make money.Munger also says something almost like nonsense: success is not doing stupid things.And yet it's incredibly true. For example, what does a woman do to live a good life? It's to stay away from scumbags. But relationship brain is everywhere, and the result in ruining your life.

Munger has great respect for rationality, and does not judge investment targets based on personal emotions and likes and dislikes.

And what are most failed investments? It's just a matter of willpower.
When making decisions, you say, he is my friend for many years, I absolutely believe in him, the result is not even go to see the details of the contract. This is
is irrational.
Shareholders prefer to buy listed companies in their own provinces, and this is irrational.
To think rationally is also an extremely simple and absolutely correct reason, but who can do it?
So we have learned a lot of truths, but in fact, we still cannot lead a good life? Why? It is because we do not follow these absolutely
correct reasoning to do things. Go back and look at those slogans on the wall of your company, they should all be good.