Charlie Munger revealed how to succeed in business and the best way to get what you want in life.
I endeavor to collect gems of wisdom from the greatest investors of all time, so in today’s video I’ve curated some of the best tricks and habits that gave Charlie Munger enormous advantages in life.
If we can adopt Charlie’s tricks and habits, then we are likely to benefit from the same advantages of aptitude toward reading, arithmetic, and problem-solving.
Charlie explained what he and Warren Buffett look for in businesses. They want a business that is intrinsically a very good business that an idiot could run, but they prefer to have good management in place with few exceptions.
Charlie said that if you have a business with a reputation for being tough and a brilliant manager, it is the reputation of the business that remains.
The attitude that helped Charlie succeed in business and in life is: “the best way to get what you want in life is to deserve what you want,” which means to be worthy of success by diligently working at becoming successful.
When you apply this attitude to business, Charlie said “that means you really take care of customers,” where he made more money that way than if he operated for short-term gains only.
What you want is a business that delivers a win-win for its customers, employees, shareholders, and all stakeholders involved. Costco is one example of a win-win business that Charlie extols the virtues of.
Charlie Munger has the humility to admit his mistakes and to do his best to not repeat his past mistakes. He explained how he destroyed one of his best loved ideas, and how the first prime minister of Singapore Lee Kuan Yew experienced a similar idea-destroying situation that involved people he was close to.
The key takeaway is we should strive to learn from our mistakes and if we like self-education and reading, we will increase our odds of succeeding in business.
If you’re interested in learning how to take control of your finances and start becoming an investor like Warren Buffett, check out my free PDF guide.
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