Recently I watched this Q&A with Charlie Munger. Pure wisdom, and two hours very well spent.
He talked about a key principle of (value) investing: Deferred gratification
We live in a world of instant gratification. It’s very hard to get rich if you eat your seeds, instead of planting them.
That’s what makes value investors rich. And that’s what transformed China into a rich country: they had a savings-rate of 50% and applied this principle masterfully.
Charlie also joked that people who have mastered this concept enjoy it so much, that they never harvest their fruit. They keep deferring until they die.
Personally, I’d rather die a rich deferrer than a poor pleasure-seeker. Even better, I’d prefer to die a poor deferrer. Having given away the fruit to people and causes who need them more than I do.
