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#363 Li Lu and Charlie Munger and Warren Buffett
Founders
Know Thyself and Trust Your Reasoning
Understanding your own investment philosophy is crucial, as it shapes how you navigate the complexities of the market. Acknowledging whether you align with value investing or not helps you prepare for challenges that will test your convictions. Emulating successful investors like Li Lu, Charlie Munger, and Warren Buffett requires a comfort with being in the minority—something that is against human instinct, which favors conformity. Successful investors focus on gathering facts and forming their own judgments, rather than being swayed by public opinion. True rationality, as noted by Buffett, stems not from inherent intelligence but from a steadfast dedication to independent thinking, where personal reasoning is paramount despite external influences. Ultimately, possessing and applying common sense, while recognizing its rarity, is essential for effective decision-making in investing.
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