he’s an American business magnate lawyer investor and philanthropist he’s vice
investor and philanthropist he’s vice
investor and philanthropist he’s vice chairman of Berkshire Hathaway the
chairman of Berkshire Hathaway the
chairman of Berkshire Hathaway the investment company chaired by Warren
investment company chaired by Warren
investment company chaired by Warren Buffett he has a net worth of 1.3
Buffett he has a net worth of 1.3
Buffett he has a net worth of 1.3 billion dollars he’s Charlie Munger and
billion dollars he’s Charlie Munger and
billion dollars he’s Charlie Munger and here are his top 10 rules for success
the other great secret is that we’re
the other great secret is that we’re good at lifelong learning
good at lifelong learning
good at lifelong learning Warren is so much better in some ways in
Warren is so much better in some ways in
Warren is so much better in some ways in his 70s and 80s and he was younger that
his 70s and 80s and he was younger that
his 70s and 80s and he was younger that it’s almost awesome weight if you keep
it’s almost awesome weight if you keep
it’s almost awesome weight if you keep learning all the time you have a huge
learning all the time you have a huge
learning all the time you have a huge advantage and we both just like it and
advantage and we both just like it and
advantage and we both just like it and we have a wonderful group of friends
we have a wonderful group of friends
we have a wonderful group of friends really wonderful from home we can learn
really wonderful from home we can learn
really wonderful from home we can learn a lot
a lot
a lot well luckily I got at a very early age
well luckily I got at a very early age
well luckily I got at a very early age the idea that the safest way to try and
the idea that the safest way to try and
the idea that the safest way to try and get what you want is to try to deserve
get what you want is to try to deserve
get what you want is to try to deserve what you want it’s such a simple idea
what you want it’s such a simple idea
what you want it’s such a simple idea it’s the golden rule so to speak you you
it’s the golden rule so to speak you you
it’s the golden rule so to speak you you want to deliver to the world what you
want to deliver to the world what you
want to deliver to the world what you would buy if you were on the other end
would buy if you were on the other end
would buy if you were on the other end there is no ethos
there is no ethos
there is no ethos in my opinion that is better for any
in my opinion that is better for any
in my opinion that is better for any lawyer or any other person to have by
lawyer or any other person to have by
lawyer or any other person to have by and large the people who had this ethos
and large the people who had this ethos
and large the people who had this ethos when in life and they don’t win just
when in life and they don’t win just
when in life and they don’t win just money just honors and emollient once
money just honors and emollient once
money just honors and emollient once they win the respect the deserve trust
they win the respect the deserve trust
they win the respect the deserve trust of the people they deal with and there
of the people they deal with and there
of the people they deal with and there is huge pleasure in life to be obtained
is huge pleasure in life to be obtained
is huge pleasure in life to be obtained from getting deserved trust and so and
from getting deserved trust and so and
from getting deserved trust and so and the way to get it is to deliver what
the way to get it is to deliver what
the way to get it is to deliver what you’d want to buy if the circumstances
you’d want to buy if the circumstances
you’d want to buy if the circumstances were reversed one of these guys at the
were reversed one of these guys at the
were reversed one of these guys at the Berkshire meeting from one of the
Berkshire meeting from one of the
Berkshire meeting from one of the foreign publications said quite a couple
foreign publications said quite a couple
foreign publications said quite a couple of guys in a little place in Omaha do so
of guys in a little place in Omaha do so
of guys in a little place in Omaha do so much better than all these powerful
much better than all these powerful
much better than all these powerful minds and great institutions and I said
minds and great institutions and I said
minds and great institutions and I said well I think Warren and I know the edge
well I think Warren and I know the edge
well I think Warren and I know the edge of our competency better than other
of our competency better than other
of our competency better than other people do and that’s humility and
people do and that’s humility and
people do and that’s humility and Umbrella sense
Umbrella sense
Umbrella sense that is a very important thing to know I
that is a very important thing to know I
that is a very important thing to know I say over and over again it’s not a
say over and over again it’s not a
say over and over again it’s not a competency if you don’t know the edge of
competency if you don’t know the edge of
competency if you don’t know the edge of it you were a disaster if you don’t know
it you were a disaster if you don’t know
it you were a disaster if you don’t know the edge of your own competency why I’m
the edge of your own competency why I’m
the edge of your own competency why I’m frequently says I’d rather deal with the
frequently says I’d rather deal with the
frequently says I’d rather deal with the guy with an IQ of 130 who thinks it’s
guy with an IQ of 130 who thinks it’s
guy with an IQ of 130 who thinks it’s 125 the guy with like you 180 the thinks
125 the guy with like you 180 the thinks
125 the guy with like you 180 the thinks it’s 200 but that second guy will kill
it’s 200 but that second guy will kill
it’s 200 but that second guy will kill you and and so it is very important to
you and and so it is very important to
you and and so it is very important to know the edge of your own competency
know the edge of your own competency
know the edge of your own competency it’s not my nature when you get little
it’s not my nature when you get little
it’s not my nature when you get little surprises as a result of human nature to
surprises as a result of human nature to
surprises as a result of human nature to spend much time feeling betrayed
spend much time feeling betrayed
spend much time feeling betrayed I’m always want to just put my head down
I’m always want to just put my head down
I’m always want to just put my head down on it just so I don’t allow myself to
on it just so I don’t allow myself to
on it just so I don’t allow myself to spend much time ever with any feelings
spend much time ever with any feelings
spend much time ever with any feelings of betrayal so you’re asking the wrong
of betrayal so you’re asking the wrong
of betrayal so you’re asking the wrong person because of a if some flickering
person because of a if some flickering
person because of a if some flickering idea like that came to me I’d get rid of
idea like that came to me I’d get rid of
idea like that came to me I’d get rid of it quickly I don’t like any feeling of
it quickly I don’t like any feeling of
it quickly I don’t like any feeling of being victimized I think that’s a
being victimized I think that’s a
being victimized I think that’s a counterproductive way to think as a
counterproductive way to think as a
counterproductive way to think as a human being and I am NOT a victim I’m a
human being and I am NOT a victim I’m a
human being and I am NOT a victim I’m a survivor I listened in law school when
survivor I listened in law school when
survivor I listened in law school when some wag said a legal mind is a mind
some wag said a legal mind is a mind
some wag said a legal mind is a mind that when two things are all twisted up
that when two things are all twisted up
that when two things are all twisted up together and interacting it’s feasible
together and interacting it’s feasible
together and interacting it’s feasible to think responsibly about one thing and
to think responsibly about one thing and
to think responsibly about one thing and not the other well I could see from that
not the other well I could see from that
not the other well I could see from that one sentence that that was perfectly
one sentence that that was perfectly
one sentence that that was perfectly ridiculous and it pushed me further into
ridiculous and it pushed me further into
ridiculous and it pushed me further into my natural drift which was into learning
my natural drift which was into learning
my natural drift which was into learning all the big ideas and all the big
all the big ideas and all the big
all the big ideas and all the big disciplines so I wouldn’t be a perfect
disciplines so I wouldn’t be a perfect
disciplines so I wouldn’t be a perfect damn fool who was trying to think about
damn fool who was trying to think about
damn fool who was trying to think about one aspect of something that couldn’t be
one aspect of something that couldn’t be
one aspect of something that couldn’t be removed from the totality of the
removed from the totality of the
removed from the totality of the situation in a constructive fashion and
situation in a constructive fashion and
situation in a constructive fashion and what I noted since the really big ideas
what I noted since the really big ideas
what I noted since the really big ideas carry 95% of freight there wasn’t
carry 95% of freight there wasn’t
carry 95% of freight there wasn’t all hard for me to pick up all the big
all hard for me to pick up all the big
all hard for me to pick up all the big ideas in all the disciplines and make
ideas in all the disciplines and make
ideas in all the disciplines and make them a standard part of my mental
them a standard part of my mental
them a standard part of my mental routines once you have the ideas of
routines once you have the ideas of
routines once you have the ideas of course they’re no good if you don’t
course they’re no good if you don’t
course they’re no good if you don’t practice if you don’t practice you lose
practice if you don’t practice you lose
practice if you don’t practice you lose it so I went through life constantly
it so I went through life constantly
it so I went through life constantly practicing this Malo disciplinary
practicing this Malo disciplinary
practicing this Malo disciplinary approach well I can’t tell you what
approach well I can’t tell you what
approach well I can’t tell you what that’s done for me it’s it’s it’s made
that’s done for me it’s it’s it’s made
that’s done for me it’s it’s it’s made life more fun it’s made me more
life more fun it’s made me more
life more fun it’s made me more constructive it’s maybe more helpful to
constructive it’s maybe more helpful to
constructive it’s maybe more helpful to others it’s maybe enormous ly rich you
others it’s maybe enormous ly rich you
others it’s maybe enormous ly rich you name it that attitude really helps we
name it that attitude really helps we
name it that attitude really helps we have to deal in things that were capable
have to deal in things that were capable
have to deal in things that were capable of understanding and then once we’re
of understanding and then once we’re
of understanding and then once we’re over that filter we have to have a
over that filter we have to have a
over that filter we have to have a business with some intrinsic
business with some intrinsic
business with some intrinsic characteristics that give it a durable
characteristics that give it a durable
characteristics that give it a durable competitive advantage and then of course
competitive advantage and then of course
competitive advantage and then of course we would vastly prefer a management in
we would vastly prefer a management in
we would vastly prefer a management in place with a lot of integrity and talent
place with a lot of integrity and talent
place with a lot of integrity and talent and finally no matter how wonderful it
and finally no matter how wonderful it
and finally no matter how wonderful it is it’s not worth an infinite price so
is it’s not worth an infinite price so
is it’s not worth an infinite price so we have to have a price that makes sense
we have to have a price that makes sense
we have to have a price that makes sense and gives a margin of safety considering
and gives a margin of safety considering
and gives a margin of safety considering the natural vicissitudes of life that’s
the natural vicissitudes of life that’s
the natural vicissitudes of life that’s a very simple set of ideas and the
a very simple set of ideas and the
a very simple set of ideas and the reason that our ideas have not spread
reason that our ideas have not spread
reason that our ideas have not spread faster is they’re too simple the
faster is they’re too simple the
faster is they’re too simple the professional classes can’t justify their
professional classes can’t justify their
professional classes can’t justify their existence if that’s all I have to say we
existence if that’s all I have to say we
existence if that’s all I have to say we have this system where we translate very
have this system where we translate very
have this system where we translate very trustworthy people and give them
trustworthy people and give them
trustworthy people and give them enormous trust and as they practice that
enormous trust and as they practice that
enormous trust and as they practice that trust they get more confirmed and being
trust they get more confirmed and being
trust they get more confirmed and being trustworthy and eventually we’ve got
trustworthy and eventually we’ve got
trustworthy and eventually we’ve got this seamless web of trust which is
this seamless web of trust which is
this seamless web of trust which is incredibly efficient and very useful and
by the way this is not just my doctrine
by the way this is not just my doctrine there’s a doctor in economics that tries
there’s a doctor in economics that tries
there’s a doctor in economics that tries to explain why firms come into existence
to explain why firms come into existence
to explain why firms come into existence and firms come into existence because a
and firms come into existence because a
and firms come into existence because a lot of people who trust one another
lot of people who trust one another
lot of people who trust one another operating within a firm are more
operating within a firm are more
operating within a firm are more efficient
efficient
efficient than they would be if they were bunch of
than they would be if they were bunch of
than they would be if they were bunch of independent proprietors I’m really
independent proprietors I’m really
independent proprietors I’m really following a very key idea of the
following a very key idea of the
following a very key idea of the greatest lawyer of antiquity Marcus tell
greatest lawyer of antiquity Marcus tell
greatest lawyer of antiquity Marcus tell us Cicero and Cicero is famous for
us Cicero and Cicero is famous for
us Cicero and Cicero is famous for saying a man who doesn’t know what
saying a man who doesn’t know what
saying a man who doesn’t know what happened before he’s born goes through
happened before he’s born goes through
happened before he’s born goes through life like a child that is a very correct
life like a child that is a very correct
life like a child that is a very correct idea of Cicero’s and he’s right to
idea of Cicero’s and he’s right to
idea of Cicero’s and he’s right to ridicule somebody so foolish as not to
ridicule somebody so foolish as not to
ridicule somebody so foolish as not to know what happened before he was born
know what happened before he was born
know what happened before he was born but if you generalize Cicero as I think
but if you generalize Cicero as I think
but if you generalize Cicero as I think one should there are all these other
one should there are all these other
one should there are all these other things that you should know in addition
things that you should know in addition
things that you should know in addition to history and those other things are
to history and those other things are
to history and those other things are the big ideas and all the other desert
the big ideas and all the other desert
the big ideas and all the other desert ones and it doesn’t help you just to
ones and it doesn’t help you just to
ones and it doesn’t help you just to know them enough so you could prattle
know them enough so you could prattle
know them enough so you could prattle them back on an exam and get an A you
them back on an exam and get an A you
them back on an exam and get an A you have to learn these things in such a way
have to learn these things in such a way
have to learn these things in such a way with their in a mental lattice work in
with their in a mental lattice work in
with their in a mental lattice work in your head and you automatically use them
your head and you automatically use them
your head and you automatically use them for the rest of your life if you do that
for the rest of your life if you do that
for the rest of your life if you do that I solemnly promise you that one day
I solemnly promise you that one day
I solemnly promise you that one day you’ll be walking down the street and
you’ll be walking down the street and
you’ll be walking down the street and you look to your right and left you
you look to your right and left you
you look to your right and left you think my heavenly days I’m now one of
think my heavenly days I’m now one of
think my heavenly days I’m now one of the few most competent people of my
the few most competent people of my
the few most competent people of my whole age covert one and I have not made
whole age covert one and I have not made
whole age covert one and I have not made our way in life by making successful
our way in life by making successful
our way in life by making successful macroeconomic predictions and betting on
macroeconomic predictions and betting on
macroeconomic predictions and betting on our conclusions our system is to swim as
our conclusions our system is to swim as
our conclusions our system is to swim as competently as we can and sometimes the
competently as we can and sometimes the
competently as we can and sometimes the tide will be with us and sometimes it
tide will be with us and sometimes it
tide will be with us and sometimes it will be against us but by and large we
will be against us but by and large we
will be against us but by and large we don’t much bother with trying to predict
don’t much bother with trying to predict
don’t much bother with trying to predict the tides because we plan to play for
the tides because we plan to play for
the tides because we plan to play for the game for a long time I recommend to
the game for a long time I recommend to
the game for a long time I recommend to all of you exactly the same attitude
all of you exactly the same attitude
all of you exactly the same attitude it’s kind of a snare and a delusion to
it’s kind of a snare and a delusion to
it’s kind of a snare and a delusion to outguess macroeconomic cycles very few
outguess macroeconomic cycles very few
outguess macroeconomic cycles very few people do it successfully and some of
people do it successfully and some of
people do it successfully and some of them do it by accident and the game is
them do it by accident and the game is
them do it by accident and the game is that tough why not adopt the other
that tough why not adopt the other
that tough why not adopt the other system of swimming as competently as you
system of swimming as competently as you
system of swimming as competently as you can and figuring that over a long life
can and figuring that over a long life
can and figuring that over a long life you’ll have your share of
you’ll have your share of
you’ll have your share of good times and bad tides white will have
good times and bad tides white will have
good times and bad tides white will have terrible blows in horrible blows unfair
terrible blows in horrible blows unfair
terrible blows in horrible blows unfair blows doesn’t matter
blows doesn’t matter
blows doesn’t matter and some people recover and others don’t
and some people recover and others don’t
and some people recover and others don’t and and their I think the attitude of
and and their I think the attitude of
and and their I think the attitude of epictetus is the best he thought that
epictetus is the best he thought that
epictetus is the best he thought that every missed chance in life was an
every missed chance in life was an
every missed chance in life was an opportunity to behave well every missed
opportunity to behave well every missed
opportunity to behave well every missed chance in life was an opportunity to
chance in life was an opportunity to
chance in life was an opportunity to learn something and that your duty was
learn something and that your duty was
learn something and that your duty was not to be submerged in self-pity but to
not to be submerged in self-pity but to
not to be submerged in self-pity but to utilize the terrible blow and I
utilize the terrible blow and I
utilize the terrible blow and I construct a fish thank you guys so much
construct a fish thank you guys so much
construct a fish thank you guys so much for watching I made this video because
for watching I made this video because
for watching I made this video because Dom aviation channel asked me to so
Dom aviation channel asked me to so
Dom aviation channel asked me to so there’s a famous entrepreneur that you
there’s a famous entrepreneur that you
there’s a famous entrepreneur that you want me to profile next leave it in the
want me to profile next leave it in the
want me to profile next leave it in the comments below and I’ll see what I can
comments below and I’ll see what I can
comments below and I’ll see what I can do I’d also love to know which of
do I’d also love to know which of
do I’d also love to know which of Charlie Munger’s top 10 rules had an
Charlie Munger’s top 10 rules had an
Charlie Munger’s top 10 rules had an impact on you the most leave in the
impact on you the most leave in the
impact on you the most leave in the comments below and I’m going to join in
comments below and I’m going to join in
comments below and I’m going to join in the discussion thank you guys so much
the discussion thank you guys so much
the discussion thank you guys so much for watching
for watching
for watching to believe and I’ll see you soon
”
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