Category: Money Tips Date: 2007-04-09
Charlie Munger is Warren Buffett's golden partner, the "brain trust behind the scenes" and "the last secret weapon," said, the external visibility, transparency has always been low, and its wisdom, value and contribution of people of the world have been seriously underestimated. Jenny Lowe from the book "Charlie Munger Biography" in the domestic price 24.80 yuan, I will be able to get online 8 yuan is evident.
"I love reading biographies," Munger said, "I think if you want some great ideas to teach useful to people if biography is a more easy-to-people will be thinking of the founders of the life and personality linked to way. If you make friends with Adam Smith, you will learn better economics. 'with those who have passed away, a great man to make friends,' This sounds ridiculous. But if your life is always with those forward-looking sagacity of the 'enemy' friends, then you will live better and more educated. This is more than just talk about a few great truths is much easier. "
Now it's own biography of Charlie Munger was born. I listened to his advice, in the Jenny Troll's "introductions", the, and Munger, "became good friends." To sum up, its hands-Munger to me on the three big lessons in life.
The true meaning of wealth
Munger and Buffett's teacher, like Graham, are to Benjamin Franklin as their idols. Franklin is the U.S. the 19th century's best writers, investors, scientists, diplomats and businessmen, but also in education and has made an outstanding contribution to public welfare undertakings.
Munger Franklin learned from an idea that is sure to become rich in order to make a contribution to humanity. "Franklin has been able to contribute because he has (financial) free." He said, "I always want to be a useful man to humanity rather than as dead as a miser. But sometimes, I come from that an ideological realm, still a long way. "To make a contribution to mankind, it must do to become rich, but to truly wealthy, a person must establish their own businesses.
It is this belief determines the Munger's life trajectory. In 1948, he graduated with honors from Harvard Law School, spin into the California court as a lawyer, and began to invest in securities and commercial activities. Since then involved in real estate, earned millions of dollars in life, the first one. 34 years old when he met Warren Buffett, the two hit it off, sympathetic, and gradually developed into a strong partnership between the classic interpretation of a series of investment cases, since 1978 has served as vice chairman of Berkshire Hathaway.
Munger is gradually becoming wealthy in the process of accomplishing something really great cause. He and Warren Buffett of Berkshire Hathaway that is now common to create a business, the investment community a model. Is also a little-known achievements have played an important role in promoting --- it was he who, many years ago that launched the market so that the movement to legalize abortion in the United States and, ultimately, victory. In 1989 to U.S. depository institutions group, he wrote a letter to protest the organization does not support the savings and loan industry in the reform and in the year to exit the body, has aroused strong repercussions. Sure enough, the savings and loan industry, the outbreak of the crisis later in U.S. history, one of the largest financial scandals.
Munger's legendary life, gives a lot of inspiration, such as the wealth of what is the true meaning of understanding. I think that Munger espouse this a great belief in pursuit of wealth can become all the world's "religion" on the one hand it provides steady stream of forward momentum, on the other hand help people get rid of the process in the pursuit of wealth, all kinds of confusion.
A taste of the true meaning of wealth, receive a great belief: "we must become rich in order to make a contribution to mankind." This is Mans grid to me on the first lesson.
Hero Quality
Munger's personal life has been very difficult, sometimes it can be said to be miserable. He almost went through a person can experience all the suffering and misery.
Young hasty marriage, made him the father of two children; just divorced shortly after his son Teddy died, unfortunately, suffering from leukemia, huge medical expenses, loss of loved ones great pain and torment him; Munger managing partner of investment company experience from 1973 to 1974 stock market crash and a loss of more than half; in 1978, Munger left eye because of cataract surgery complications led to total loss of sight ... ...
However, Munger was not that the ensuing suffering and misfortune of the knock. Munger and his ex-wife, a son, Charles, said: "He is able to proceed without hesitation to trouble out of these tragedies." Charlie and Graham, Franklin, like, it is the kind of hell to reach paradise through the saints.
Socrates said: "The tests have not experienced the life unworthy of living." (Unexamining life is not worth of living.) Munger ordinary people experienced unbearable suffering and misfortune, are a reflection of his heroic qualities: integrity, honesty, perseverance, positive and optimistic.
To withstand the test of sudden tragedies and disasters, honing their own character, always maintain a positive outlook on life. This is the Munger to me on the second lesson.
Genius intelligence
Buffett and Munger constitute a combination of unusual intelligence, creating ever be rated as the best investment records. Buffett's wisdom is well known. But Buffett's son Howard, sharp eyes: "My father was the person I know the second most intelligent --- Charlie Munger is the chief." Buffett said of his partner : "Charlie pushed me like Graham, as a bargain purchase only the direction, which he gave me a real impact. He took me from a point of view of the limitations of Graham pulled out, which is thought Charlie power, he expanded my horizons. "
Munger often stand outside the system to investment theory, he's thinking different, which makes he often can draw some interesting conclusions. Here are my favorite Munger wisdom of The Analects of Confucius, but also he gave me on the third lesson:
â—?I know a manufacturing hooks, he produced a number of shiny green and purple bait. I asked: "These bait fish will like it?" "Charlie," he said, "I can not sell the fish to baitå‘€."
â—?make you in the event of an unacceptable tragedy, you never can not not escape its troubles, and then repeated failures in life and let it become a tragedy, two, three.
â—?life is a series of "opportunity cost", you have to and you can more easily find the best marriage, investment and how is this ah.
â—?a good-quality business and a struggling business is that the difference between good companies take an easy one to make decisions, and bad enterprises are increasingly required to make painful choices.
â—?If you are thinking is totally dependent on others, as long as one area than you, you help experts suggest, then you will suffer the most.
â—?I have never paid for the intrinsic value of the stock, unless the kind of people like Warren Buffett in charge of the stock, only a few people deserve a little in order to invest in long-term benefits, the investment game is always inherent to consider quality and price, skill is the from your pay the price for better quality, is very simple.
â—?Do not the same pigs, wrestling, because you would dirty body, while the other was never tired of.
â—?If you put raisins and fecal mixed together, then they have become a fecal.
In a heroic quality, often and popularity, reputation confused era, in a quick victory is often the desire to replace the era of the pursuit of lasting success, for wealth in a city where people often lose self era, "Charlie Munger Biography" calm to demonstrate a long-suffering people of the brave wisdom, courage, calm, tranquil and worthy of our intentions to try to figure out thin.
