Renowned investor Charlie Munger say Good Bye to whole World at the age of 99. He was very close to Warren Buffet and working with him as vice chairman of Berkshire Hathaway.
Munger was famous for his intelligence, passion for learning and his unique approach to investing. He become popular worldwide with his presence of wisdom.
People used to look at him for the prospective of making money with right process. His prospective was not limited to investing, he used to talk about other similar stuff as well. He made lots of money and his net worth was $2.7 billion as per Forbes.
Anyone interested in investing and business, can read his book named as “Poor Charlie’s Almanack”.
Let’s explore his famous quotes:
On Learning:
He had seen few people who are neither too smart or hard working but they continuously focus on learning. While going at sleep, we must be little wiser then the day passed away. This practice is important, if someone wants to go ahead in life.
On Investing in Tech Domain:
They were not so much expert in becoming tech giant at some time. He asked how many of us masters the Google quickly ? It seems to be new to them but things become better with time.
On Algo Trading:
They also run algo trading setup, which compete with other algo computers. There are lots of people who don’t know much about stocks but they still doing it with the help of stock brokers.
On Long Term Investing:
Sitting tight on winning positing and hold them for longer. Holding and waiting on good investment can create wealth as per his opinion. Investors can also save brokerage charges by holding long term position. If people hold his position for longer time frame, they also have some advantage from taxes point of view as well. You should marry to the best person with who you feel convenient. Same concept follows on picking the right investment. (Quoted this on annual meeting of Hathaway in 1997)
On Handling Emotions:
Even people with best brains, doesn’t have the right temperament. He gives more value to temperament as compared to high IQ person. Emotion needs to be under control. Apart from emotions, need to have right patience and discipline. It helps in accepting the losses and adversity. People must not go crazy in case of huge success as well. (Quoted in Kiplinger Interview 2005)
On Passion:
You must have passion for the field you opted for. If Warren Buffet had gone to some entertainment field, probably no would have heard about him. (Quoted this on annual meeting of Hathaway in 2008)
On Mismanagement:
One should invest in a business which can be run by a fool person as well. In case that person did some mismanagement due to any reason, it shall not impact business much.
On Inflation:
If he can stay motivated when he is near to dead, then people can handle some inflation hopefully. (Quoted this on annual meeting of Hathaway in 2010)
On Success:
To be successful in life, spend less than what you earn. Invest wisely and stay away from toxic people and toxic environment. Keep learning and keep improving for the betterment. Feel some sort of satisfaction on the field you chosen. If someone is going to implement this positivity in life, his chances of success is more in life. If not following the same, may wish him good luck.
On Old Age:
If you enjoyed the time prior to this stage, give some sort of happiness.
These quotes inspires the generation to do well in life. Many people take inspiration from him to grow in their personal and professional life.
