Charlie Munger, business partner of Warren Buffett, recently spoke at the 2020 Daily Journal Annual Meeting. You can watch the full recording here. It turned out to be a great one, full of wisdom and juicy punches. A 96 year-old with a sharp mind and snappy tongue! Takeaways: #1: Take the high road, because it’s…
Tag: Charlie Munger
Do what works
I love this principle from Charlie Munger from last year’s Berkshire Hathaway Shareholder Meeting. It’s simple, and powerful. So I thought it deserves it’s own blog post: “Figure out what works, and go do it.” Charlie Munger Do what feels good Another dimension of this principle is to listen to how you feel. Generally speaking,…
How to choose a money manager?
You’ve inherited some money, or sold a business. What now? Most people don’t have the skill, time, or willingness to manage their own investments. One option is to entrust your funds to a professional money manager. But how to choose one? I would recommend the following checklist: 1. Skin in the gameThe first question I…
The Key Principles of Value Investing
The style of investing that speaks most to me is value investing, as practiced by Warren Buffett and Benjamin Graham. I’m often asked: “What is value investing exactly?” Here is my understanding of the core principles: Have more purchasing power in the futureThe goal of all investing is laying out money today, so that you…
What I Learned at Warren Buffett’s 2019 Berkshire Hathaway Shareholders Meeting: Plus A Complete Guide on How to Attend
It took me 11 years after becoming a Warren Buffett enthusiast to finally attend my first Berkshire Hathaway Annual Meeting in Omaha, Nebraska. Here are my notes and my guide for first-time attenders. Key Learnings from 2019 Meeting Write down your thesisBefore you buy a stock, write down: “I’m buying this company for [insert market…
Be a Useful Member of Society
Every morning, I answer the question “What is important to me?” One of the answers is “Be useful”. Benjamin Franklin has been teaching it 300 years ago. Charlie Munger is teaching it today. The idea is simple: Be a useful member of society. Remember Charlie Munger’s Three Basic Rules: Don’t sell things you wouldn’t buy…
Charlie Munger’s Three Basic Rules for Business
Don‘t sell anything you wouldn‘t buy yourself. Don‘t work for anyone you don‘t respect and admire. Work only with people you enjoy. If we could all apply these a little more often, the world would be a better place. (Learned from Poor Charlie’s Almanack.)
6 Key Takeaways from Charlie Munger’s 2019 Daily Journal Annual Meeting
Charlie Munger, business partner of Warren Buffett, recently spoke at the 2019 Daily Journal Annual Meeting. You can watch the full recording here. Here are my key takeaways: #1: Fish where the fish areFor Charlie, that means China. High-quality companies in China are currently available for cheaper prices than similar companies in the USA. #2:…
China vs. Silicon Valley
Silicon Valley is mission-driven, pure, about making a dent in the universe. Abundance mindset. Copying is shameful. China is market-driven, hyper-competitive, survival of the fittest. Scarcity mindset. Culture of copying. In Beijing entrepreneurs often joke that Facebook is the most Chinese company in Silicon Valley, for its willingness to copy and its fierce competitiveness. While…
Deferred gratification
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…