From Mindset to Success: Lessons from Charles T. Munger’s “Poor Charlie’s Almanack”
Charles T. Munger, Buffett’s closest partner, passed away on November 28, 2023 (aged 99). RIP
“The most important thing to do if you find yourself in a hole is to stop digging.”
“Never have illusions about your self or others. Face reality, warts and all.”“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, and at the end of the day — if you live long enough — like most people, you will get out of life what you deserve.”
“Largely, the history of Western civilization is the history of improving the mind. The mind is a pattern-matching machine and you’ve got to feed it good pattern-matching experiences.”
“The best thing a human being can do is to help another human being know more.”
“The big ideas are not complicated. A lot of people don’t want to believe that. If you’ve got a really good idea, you don’t need a lot of ideas.”
“In my whole life, I have known no wise people who didn’t read all the time — none, zero.”
“Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount to something. This is such a no-brainer.”
“I think that one should recognize reality even when one doesn’t like it; indeed, especially when one doesn’t like it.”
“The safest way to try and get what you want is to try and deserve what you want. It’s such a simple idea. It’s the golden rule. You want to deliver to the world what you would buy if you were on the other end.”
“The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on the floor.”
“I would argue that passion is more important than brain power.”
“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.”
“I just try to avoid big mistakes. The big easy fortunes are usually made by those who do things that are scaleable and relatively riskless.”
“Life is simply a series of problems. Either you’re in or you’re out…it’s really that simple.”
“Time is the friend of the wonderful company, the enemy of the mediocre.”
“You’ve got to stand for something or you’ll fall for anything.”
“It’s amazing how many problems can be solved if you have the right model.”
“Life is very unpredictable, so always keep your financial powder dry.”
“Concentrate your time, energy, and money. The best way to get rich is to concentrate on doing one thing and do it very well.”
This book you can find here
