The great man passed today (Nov 28).
Aged 99.
This post has nothing to do with synths, but I just wanted to take a moment to reflect
on a life of someone who I respect deeply and have tried to emulate in m own small way.
His death passed without much fanfare. He didn't make the 7pm news and probably only people
in the investment community would know who he was.
Most will remember Charlie either as an investor or for his great wealth and philanthropy, but
I think of him as a philosopher and as someone who was ethical & honest.
Munger survived a depression, and two world wars. He spent his life “avoiding traps,” — for instance he lived in the same modest home for 70 years. “In practically every case, [fancy houses] make the person less happy, not happier,” he told CNBC.
Luxuries (like expensive cars, jewelry & ostentatious houses) make you less free if you let them dominate your life. Even owning too many synths can be a problem. The old saying "less is more".
I think, the the other "traps" Charlie may have been referring to were avoiding people he didn't respect.
Munger lived modesty stating I "don't have a lot of envy" and "don't overspend (my) income".
He (and his friend Warren B) set an example of how to live a good life.
Some of my fav quotes.
(Though many of these quotes relate to the investing community, I think they are relevant to everyone.
Investing really is just applied psychology).
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People calculate too much and think too little. Remember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat. Go to bed smarter than when you woke up. Envy is a really stupid sin because it's the only one you could never possibly have any fun at.
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“There is no better teacher than history in determining the future... There are answers worth billions of dollars in 30$ history book.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
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To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people."
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“How to find a good spouse?
-the best single way is to deserve a good spouse.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
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"I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you."
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“Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group…then to hell with them.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
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“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. You'd be amazed at how much Warren reads--and at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
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"The great investors are always very careful. They think things through. They take their time. They're calm. They're not in a hurry. They don't get excited. They just go after the facts, and they figure out the value. And that's what we try to do."
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"If you want to be a good investor, you have to have a long-term perspective. You have to be willing to be very patient and wait for the right pitch. And when you get the right pitch, you have to be ready to swing hard. You can't just take a little teeny tiny swing. You have to swing with all your might."
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“It takes character to sit with all that cash and to do nothing.
I didn't get top where I am by going after mediocre opportunities.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
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"I always laugh when people talk about how they're going to learn how to invest. It's not a subject you learn in a few weeks. It takes a lifetime to learn how to invest properly."
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"The big money is not in the buying and the selling, but in the waiting."
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“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.”
― Charles T. Munger
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"I don't have to be an expert on every company, or even many. I only have to be able to evaluate industries and the leaders within them."
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"You're not learning anything if you're not making mistakes."
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“The best armour of old age is a well spent life perfecting it.”
― Charles T. Munger, Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
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"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."
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“If something is too hard, we move on to something else. What could be simpler than that?”
― Charles T. Munger, Charlie Munger: The Complete Investor
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