Vice Chairman of Berkshire Hathaway Charlie Munger just passed away 🕊
10 WORLD-CLASS INVESTMENT TIPS FROM THE MAN WHO HELPED WARREN BUFFETT BUILD HIS $800B+ EMPIRE 👇🧵
1. Master risk
• Keep a safety net when making decisions
• Always stay away from questionable people (‘sup SBF)
• Get paid what you're worth (should be in line with your responsibilities)
• Be cautious about inflation and interest rates
• A single mistake is enough to cause your downfall
2. Embrace independence
• Remain rational and objective at all times
• Keep in mind that agreement or disagreement from others doesn't determine correctness—what truly matters is the accuracy of your judgment
• Following the masses leads to average performance (don’t act like everyone else)
3. By failing to prepare, you are preparing to fail
• Aspire to permanent self-improvement, read books, and feed your curiosity
• The dedication to preparation is stronger than the desire to win
• Acquire skills in several key academic fields
• Always ask yourself if what you're doing makes sense or has an impact
4. Wisdom flourishes in intellectual humility
• Operate within your known areas of expertise and capabilities
• Acknowledge and address conflicting evidence that challenges your beliefs
• Avoid the temptation of seeking false accuracy or absolute certainty
• Always remain vigilant against self-deception, recognizing that deceiving oneself is often the easiest mistake to make
5. Be disciplined
• Consider value beyond just price, progress beyond just being busy, and success beyond just size
• Focus more on remembering everyday information rather than trying to understand complex, obscure ideas
• Focus on analyzing businesses rather than markets or macroeconomics
• Think about all the possible risks and outcomes, including the effects that might happen later or on a larger scale
• Try flipping problems around in your mind to see them from different angles and find new ways to solve them
6. Allocate your funds accordingly
• Always consider that the best use of something is determined by what you would lose by choosing another option (opportunity cost)
• Put more effort into situations where the chances of success are high and there aren't many good ideas available
• Avoid becoming overly attached to an investment; instead, adapt based on circumstances and seize opportunities as they arise
7. Don't get too impatient
• Allow compound interest to work its magic uninterrupted, as it's a powerful force
• Minimize needless transactional taxes and costs, and refrain from acting without purpose
• Stay attentive and recognize opportunities when luck presents itself
• Appreciate both the journey and the rewards, as life happens in the process
8. Decisiveness is the key to success
• Exhibit caution when others are overly confident and show ambition when others are fearful in the market
• Act quickly when opportunities arise because they come and go
• Success only happens when you're prepared for opportunities
9. Being stubborn means losing money
• Adjust to the reality of the world without expecting it to conform to your desires
• Consistently challenge your beliefs
• Accept the truth even if it's unfavorable or unpleasant, especially when it involves money
10. Stay 100% focused
• Your reputation and integrity are precious assets that can vanish quickly, so handle them with care
• Arrogance doesn't bring anything positive
• Avoid getting so caught up in details that you miss obvious factors
• Confront significant issues rather than avoiding or ignoring them
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Russia-backed separatists alleged that 40 prisoners-of-war had been killed and injured 75 others, in a rocket strike on the prison camp in Olenivka.
This prison has been used to house many of the Ukrainian soldiers who surrendered at the Azovstal plant in Mariupol two months ago
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‼️Russian troops attacked Ukraine‼️
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