This would be perfect for the Founders group!💡
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Lifelong learning and self-improvement are valuable traits that have a compounding effect on knowledge. Charlie Munger implemented a one-hour-a-day self-education regime and after many years and thousands of books read, he saw how different areas of knowledge interplay and compound, making one more aware of the world. Charlie Munger's three rules for a career are: don't sell anything you wouldn't buy yourself, don't work for anyone you don't respect and admire, and only work with people you enjoy. Mistakes are inevitable in life, and the trick is to get to a point where you can handle them and learn from them. Charlie Munger values learning from mistakes and admits to his own mistakes, believing that admitting stupidity is a trick to perform better and improve.
(5:45) The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices.
(8:48) He has never forgotten the importance of having friends in high places.
(9:04) Most people systematically undervalue their time. — Peter Thiel
(15:02) Charlie took the excess capital out of Blue Chip Stamp and invested it in profitable businesses.
(16:56) Charlie started seeing the advantages of investing in better businesses that didn't have big capital requirements and did have lots of free cash that could be reinvested in expanding operations or buying new businesses.
(17:38) Go for great.
(21:33) In everything I’ve done it really pays to go after the best people in the world. —Steve Jobs
(27:15) If you're in a good business just know that it's human nature to mess it up. Don't mess it up. Just stay there and let time do its work.
(27:34) One truly great business will make your unborn grandchildren wealthy.
(35:11) One of the reasons Charlie and Warren have never worried about anyone mimicking their investment style is because no other institution or individual has the discipline are the patience to wait as long as they can.
(38:31) Wise people step on big and growing troubles early.
(44:51) I am continually amazed at the number of people who are presented with an opportunity and pass. There’s your basic dividing line between the people who shoot up in their careers like a rocket ship, and those who don’t — right there. — Marc Andreessen's Blog Archive (Founders #50)
(1:10:15) Charlie looks at nearly everything through the lens of history. You aren't changing human nature. Things will just keep repeating forever.
(1:13:13) There should be more willingness to take the blows of life as they fall. That's what manhood is, taking life as it falls. Not whining all the time and trying to fix it by whining.
“I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth