Berkshire Hathaway paths to success....
1. Liquor - Avoid body destroying alcohol
2. Ladies - Avoid destructive relationships
3. Leverage - Avoid debt
4. Lunacy - Avoid crazy at all costs, in which is more common than you think. It’s easy to slip into crazy. Just avoid it!
5. Literacy - “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.” - Charlie Munger
Charlie Munger, who died at age 99 last week, attributed his success and longevity at least partially to a single piece of advice: “Avoid crazy at all costs. Crazy is way more common than you think,” said Munger. “It’s easy to slip into crazy. Just avoid it, avoid it, avoid it.” What exactly constituted “crazy,” in Munger’s estimation? “My partner Charlie says there is only three ways a smart person can go broke: liquor, ladies and leverage,” Buffett told CNBC’s “Squawk Box” in 2018. Berkshire Hathaway — Buffett’s investment holding company, where Munger served for decades as vice chairman — would “easily be worth twice what it is now” if the pair had used the strategy, rather than simply reinvesting its past earnings, Munger told Quick. "Live within your income and save so that you can invest. Learn what you need to learn." Munger and Buffett are famous for living well below their means, with both having lived in the same houses for decades rather than upgrading.
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines,” Munger said in a 2007 commencement address at the University of Southern California Law School. “They go to bed every night a little wiser than when they got up, and boy does that help — particularly when you have a long run ahead of you.”
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1. Liquor - Avoid body destroying alcohol
2. Ladies - Avoid destructive relationships
3. Leverage - Avoid debt
4. Lunacy - Avoid crazy at all costs, in which is more common than you think. It’s easy to slip into crazy. Just avoid it!
5. Literacy - “In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time — none, zero. You’d be amazed at how much Warren reads — and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.” - Charlie Munger
Charlie Munger, who died at age 99 last week, attributed his success and longevity at least partially to a single piece of advice: “Avoid crazy at all costs. Crazy is way more common than you think,” said Munger. “It’s easy to slip into crazy. Just avoid it, avoid it, avoid it.” What exactly constituted “crazy,” in Munger’s estimation? “My partner Charlie says there is only three ways a smart person can go broke: liquor, ladies and leverage,” Buffett told CNBC’s “Squawk Box” in 2018. Berkshire Hathaway — Buffett’s investment holding company, where Munger served for decades as vice chairman — would “easily be worth twice what it is now” if the pair had used the strategy, rather than simply reinvesting its past earnings, Munger told Quick. "Live within your income and save so that you can invest. Learn what you need to learn." Munger and Buffett are famous for living well below their means, with both having lived in the same houses for decades rather than upgrading.
“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines,” Munger said in a 2007 commencement address at the University of Southern California Law School. “They go to bed every night a little wiser than when they got up, and boy does that help — particularly when you have a long run ahead of you.”
Charlie Munger said there was no secret to his success: 'I avoided the standard ways of failing'
Charlie Munger didn't have any big secret to his success, he said in his final CNBC interview. Rather, his cautious nature contributed to his longevity.
