Berkshire Hathaway just reported that Charlie Munger passed away at 99.
According to his family, he died at a California hospital and was just weeks away from turning 100 on New Year’s Day. While he will be sorely missed by many investors, we’re left with many of his secrets for success, including:
“I had a gift for recognizing twaddle, and there’s nothing remarkable about it. I don’t have any wonderful insights that other people don’t have. I’m just slightly more consistent than others and have avoided idiocy. Other people are trying to be smarter. All I’m trying to be is non-idiotic. I find that’s all you have to do to get ahead in life is to be non-idiotic and live a long time. It’s harder to be non-idiotic than most people think,” he said at a 2015 annual meeting.
Here are more from Munger over the years, as noted by Riverbend Wealth Management.
- The big money is not in the buying and the selling but in the waiting.
- Those who keep learning will keep rising in life.
- We have three baskets for investing: yes, no, and too tough to understand.
- Knowing what you don’t know is more useful than being brilliant.
- Spend each day trying to be a little wiser than you were when you woke up.
- Live within your income and save so that you can invest. Learn what you need to learn.
- It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.
- People calculate too much and think too little.
- To get what you want, you have to deserve what you want.
- It is not supposed to be easy. Anyone who finds it easy is stupid.