Charles 'Charlie' Munger, was an American businessman, investor, and a philanthropist who passed away on November 23, 2023. He is also best known as the vice chairman of Berkshire Hathaway.
1. "Know what you don't know"
Charlie Munger was a confident man, but along with that he was also aware of his limitations. According to him, one should also focus on the areas of knowledge about which they don't know.
2. "Be Consistently Clear-Minded"
Munger was the expert of clear and reasonable thinking. According to him a person should never follow any ideologies only because they were famous. Instead they should think clear and consistent.
3. "Be A Learning Machine"
Charlie Munger was a keen reader and was always learning. He adhered that one should be always learning and should constantly improve their knowledge about world and its ways.
4. "Always Take Responsibility For Your Outcomes"
Munger always believed that if a person knows how to fix their attitude and takes up the responsibility of their actions and not feel like a victim in any situation, they can make up the best version of themselves.
5. "Value Your Ideas"
One of the important learning of Munger is that one should always value simple ideas and should take it seriously, rather than stressing and running after big & complex ideas.
6. "Importance of Patience"
Charlie Munger always said that real money is not made when you buy or sell, it is made when you wait. Patience allows a person to make rational, right, and calm decisions.
"7. Patient Money Last Longer"
Munger always considered that one should always wait for the idea that results in great business at a fair price. He always laid emphasis on working patiently rather in a hurry.