Charlie Munger is not only Buffett's lifelong partner, but also the biggest contributor to Berkshire's success.
"Berkshire Hathaway could not have grown to where it is today without the inspiration, wisdom and involvement of Charlie Munger," Buffett said.
"Charlie Munger was the 'architect' of Berkshire Hathaway, and I was the 'general contractor,' building day in and day out for his vision."
He even went so far as to say that without Charlie's help, he would still be creeping along in his evolution from ape to human.
Li Lu, Munger's partner, said: "If Confucius (the famous ancient Chinese thinker, politician and educator) were reborn in today's America, Charlie would probably be its best incarnation."
Biographer Peter Kaufman, based on Munger's previous conversations, speeches and interview materials, summed up Munger's life experience and wisdom, and borrowed Munger's idol Franklin's "Poor Richard's Yearbook", named "Poor Charlie's Bible".
The most valuable part of the "Treasure Book" is the wisdom of his nearly one hundred years of life, each of which can be used as a guide to action for our ordinary people.
01 Make your efforts worthy of ambition
During one lecture, a student asked Munger how he could keep up with a girl he liked.
He said to the young man, "I was lucky enough to learn at an early age that the surest way to get something you want is to make yourself worthy of it.
This is a simple and profound truth. Young people living in this era, no doubt everyone has the ambition to change the world, but countless people's ambitions are basically based on empty talk and fantasy.
There's a saying that goes, the majority of people tried so little, it doesn't make any sense to compete on the level of talent.
In fact, there is an unknown truth behind this sentence is that we have been taught that hard work is a quality of will, but for many people, hard work is talent, and some people are not gifted to drive their own efforts.
02 Live and learn
Munger is a model of lifelong learning.
He once told many people, "I've never met a smart person in my life (smart people from all walks of life) who doesn't read every day - no, not one." You might be surprised at how much Warren reads and how much I read. My kids laugh at me. They think I'm a book with two legs."
Never too old to learn, in addition to infinite curiosity about knowledge, Munger is better at internalizing the content of learning and forming his own original knowledge system. He was never bound by any rules or dogma. He has the research quality and scientific research methods of first-class scientists. In his opinion, any problem can be completely mastered by self-study using the right method, and he can innovate on the basis of predecessors.
03）Hit the ball within the circle of ability
Whether it is investment, business or life, we have always emphasized that you do not do what you are not familiarized , which means that you do not do things outside your circle of competence.
Everyone has their own circle of competence, and we can gradually expand the circle of competence through learning. Remember, however, to be very clear about where the boundaries of your circle of competence lie. Before you make any decision, ask yourself, is it beyond your sphere of competence? Within your own circle of competence, wait patiently, identify the aircraft, attack with full force.