"I learned at a very early age how important it is to work hard and be honest..."
— Warren Buffett
"The keys are discipline, hard work, and practice."
— Charlie Munger
I’m a great believer in solving hard problems by using a checklist."
— Charlie Munger
"The checklist has prevented many investments that may not have been prevented otherwise...it doesn't take much effort, but delivers a huge reward—I like that."
— Mohnish Pabrai
"If you make yourself a very reliable person and stay reliable all your life, faithfully doing whatever you engage to do, it will be very hard for you to fail at anything you want."
— Charlie Munger
What is it that makes you cry? It is only your attachments. What is it that you miss when it is lost? It is the object of your attachment. Ponder over this. - Osho
“Neither Warren nor I is smart enough to make the decisions with no time to think. We make actual decisions very rapidly, but that’s because we’ve spent so much time preparing ourselves by quietly sitting and reading and thinking.”
— Charlie Munger
"You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success"
--- Charlie Munger
Warren Buffett: "What gives you opportunities is other people doing dumb things...I would say there’s been a great increase in the number of people doing dumb things"
#Berkshire2023
“I have made bad business decisions—you can’t live a successful life without doing some difficult things that go wrong. That’s just the nature of the game.”
— Charlie Munger
This exchange between Warren Buffett and Charlie Munger is golden—lessons for building wealth and living a better life:
Buffett:
"Write your obituary and try to figure out how to live up to it. For business, You just want to make sure you don't make any mistakes that take you out of the game or come close to taking you out of the game. You should never have a night when you're worried about investing. You should spend a little bit less than you earn."
2 lessons Buffett said learned from Tom Murphy:
"You can always tell someone to go to hell tomorrow."
"Praise by name, criticize by category."
Buffett continued:
"I've never known anybody who was kind that died without friends. But I've known plenty of people with money that died without friends."
Munger:
"It's so simple: you spend less than you earn. Invest shrewdly. Avoid toxic people and toxic activities. Try to keep learning all your life. And do a lot of deferred gratification.
If you do all of those things, you are almost certain to succeed.
And if you don't, you're going to need a lot of luck. And you don't want to need a lot of luck. You want to go into a game where you're very likely to win without having any unusual luck."
Buffett added:
"You need to know how people can manipulate other people and you need to resist the temptation to do it yourself."
Munger agreed vehemently:
"Oh yes, the toxic people who are trying to fool you, lie to you, or who aren't reliable in meeting their commitments—a great lesson in life is to get them the hell out of your life. And do it fast."
Buffett:
"And do it tactfully, too, if possible. But do get them out of your life."