𝐂𝐨𝐠𝐧𝐢𝐭𝐢𝐨𝐧 𝐈𝐬 𝐓𝐡𝐞 𝐓𝐫𝐮𝐞 𝐃𝐢𝐯𝐢𝐝𝐞 — 𝐋𝐞𝐬𝐬𝐨𝐧𝐬 𝐟𝐫𝐨𝐦 𝐏𝐨𝐨𝐫 𝐂𝐡𝐚𝐫𝐥𝐢𝐞’𝐬 𝐀𝐥𝐦𝐚𝐧𝐚𝐜𝐤 After reading Poor Charlie’s Almanack, I slowly came to realize: the real gap lies in cognition. Charlie Munger lived to 99 and passed away in November 2023. He devoted his entire life to one pursuit: sharpening his mind to think more clearly. He shared a piercing line: “The best way to get what you want is to deserve it.” What is the prerequisite for deserving it? It is sufficient cognition. #CharlieMunger# #ValueInvesting# #WealthBuilding#

CHARLIE MUNGER SAID IT WAS NOT CRAZY FOR GOOD COMPANIES TO TRADE AT WAY HIGHER MULTIPLES THAN THEY USED TO "I think everybody is willing to hold stocks at higher price earnings multiples when interest rates are as low as they are now. And so I don't think it's necessarily crazy that good companies sell at way higher multiples than they used to." "On the other hand, I didn't get rich by buying stocks at high price earnings multiples in the midst of crazy speculative booms. And I'm not going to change."

Charlie Munger on what makes a good business: “What really makes it work is, the business school term is durable competitive advantage, which is a pretty good term. You really want an advantage that, nourished without overwhelming skill, will keep working for you for a long, long time.” And on what to avoid: “You want to avoid a business which is just so brutally competitive that nobody does well over the long pull.”

Charlie Munger explains Private Equity and Investment Bankers with an example of a dumb Horse 😂 “Man goes to a Vet complaining about his horse who gets vicious sometimes. The Vet replies: The next time horse behaves well…sell it.” “That’s how private equity works.”

HOWARD MARKS SAYS CHARLIE MUNGER GAVE HIM THE BEST INVESTING ADVICE HE'S EVER RECEIVED IN ONE SENTENCE It happened over lunch right after Marks finished writing his first book. As he got up to leave, Munger hit him with this: "Just remember, none of this is easy. Anybody who thinks it's easy is stupid." Marks has called it one of the great things anybody has ever said to him. The point: it cannot be easy to be smarter and more disciplined than every other smart person trying to do the same thing. Simple, but not easy.