1. Be capricious and don’t do what you are doing religiously

2. Don’t learn and learn from other people’s failures and successes. Instead, use your own experience. Gain experience, such as drunk driving, contracting sexually transmitted diseases through indulgence, being brainwashed by a cult, being addicted to drugs and unable to extricate yourself

3. After encountering failure in life, do not get up and become depressed

4. Face When dealing with difficult problems, don’t think about changing angles, but work together to the end

1. The human brain always needs to establish multiple thinking models

It must rely on some thinking frameworks instead of one, which is called pluralism Mental models are used to arrange your direct or indirect experiences and lessons. They are composed of models from multiple disciplines (hard science or engineering), so that you can look at your existing knowledge from different dimensions.

Mathematics: The principle of compound interest and the principle of permutation and combination. You must form the habit of using these quantitative tools in your life, otherwise "you will give up huge advantages to others."

Accounting: It is the basic language of business activities. But be aware of the limitations of accounting, which is relatively rough and simple.

Psychology: See through the characteristics of people whose brains work in the wrong way, especially those with cognitive disorders, to avoid being manipulated by others. The psychology of misjudgment should be focused on.

Form the habit of Shuanggui analysis, that is, rational analysis and subconscious evaluation.

Communication must abide by the five W principles: who, when, why, what, and where.

Engineering: backup systems, breaking point theory.

2. Scale advantage

Scale advantage is also reflected in the "social identity" of psychology. People will be influenced by others subconsciously or consciously.

Scale advantage can also create a winner-takes-all situation. In turn, the division of labor within the enterprise will be more detailed and professional. Large scale also has shortcomings, such as bloated institutions, bureaucracy, and inefficiency.

The opposite is to reduce the scale and strengthen the degree of specialization.

The way to identify is whether this new technology is used in emerging industries or sunset industries. Technology updates targeting sunset industries are not worth investing in. For example, in the textile industry, continuous technological updates will not increase the returns of investors, but will only benefit the producers of new equipment.

A good business is to seize the wave of new technologies and new industries. For example, cash registers are a good business opportunity. You must cultivate your sense of touch and find such opportunities. In fact, such opportunities only come once in a lifetime. .

If you want to discover such an opportunity, it must be within your own circle of competence, or a circle of competence that has been reserved for a long time.

1. What is the essence of stocks?

In fact, the essence of stocks is the horse racing prize pool betting system (this system is all betting amounts minus management fees, and the winners divide the prize pool according to their winning amounts). Everyone places a bet, and the odds are based on Note that the situation is changing.

Many people in this system just choose their lucky numbers, while smart people place heavy bets on horses that find pricing problems. If they can't find them, they don't place bets and wait patiently for opportunities. God will definitely give everyone such an opportunity: a wrongly priced bet, provided the person is diligent enough to discover this opportunity. So the basis for becoming a winner is to study hard and study again, work hard and work again, and wait for the opportunity to appear at any time, and hit it with one hit. However, most people only remember to study hard and work hard, but forget to seize opportunities. Much of the wealth Berkshire has accumulated is actually the result of a dozen opportunities.

The most classic example above is the change of FedEx’s assessment method from an hourly wage system to a pricing system. Efficiency is greatly improved.

2. A method to find stocks whose price is lower than the value: Geiger detector

The specific method is to calculate the value of the entire enterprise, refer to the concept of net assets, and then multiply the stock price by If the product of the total number of shares is one-third of the net assets, then the stock is undervalued and has a low value. But be careful not to be fooled by current accounting statements.

This method comes from Benjamin Graham. He proposed the concept of "Mr. Market".

Munger improved on Graham's work, no longer just sticking to the Geiger detector as a tool, but tended to use this method to find high-quality companies (within a long enough period Taking advantage of the inertial growth of these enterprises during the cycle) and taking this as the purpose, the former is just one of the tools to achieve this purpose. The first thing Munger improved was to focus on companies with high-quality business potential as early as possible. This is the best time, but it is not easy to grasp. The second is to track companies where good or even great managers are fully involved, such as Jack Welch. Third, focus on the company itself. If a company has its own moat and can increase profits just by raising prices, but it has not yet done so, it indicates that the company has great potential.

1. Munger emphasized not to fall into ideology, which will make you confused and deviate from reason

2. For companies like Disney, the emergence of new media is exactly the same as the rising tide lifts all boats. Disney's films will be made into DVDs and other formats, thus opening up a new market, and a good company will have a wide moat. Own shares in a company like this and the world will lift you up.

3. A person must figure out what he knows and what he doesn’t know. This is the foundation of life.

4. When persuading others, you can achieve the best results by standing in their perspective and considering their interests.

5. If a new product may be involved in litigation and easily become the focus of society, resulting in inevitable loss of the lawsuit, such products and companies should still invest cautiously. For example, football helmets

If we travel back in time to 1884 and give you US$2 million and a new start-up company called Coca-Cola, how can we build it into a company with a market value of US$2 trillion 150 years later? You can think about it using the following concepts.

1. The first concept is that the best way to simplify tasks is to first solve the big problems with obvious answers.

Create a global brand and occupy the global market.

2. The second concept is that only mathematics can reveal the true face of science.

Calculate the possibility using mathematical methods. For example, after 150 years, the global population, profit rate, and market share are expected to reach 1/4 of the total water intake of the world's population. We also need to consider the purchasing power caused by economic development. Changes and technological advances lead to cost reductions.

3. The third is that it is not enough to think about the problem positively, you must use negative thinking.

Reverse thinking can be an eye-opener. For example, regarding the "rational person hypothesis" (people are all rational), in fact, people in many consumption scenarios are irrational.

4. The fourth is the best and most practical wisdom. It is basic academic wisdom, but it requires thinking in an interdisciplinary way.

Using psychology as theoretical support, it means that this business is about creating and maintaining conditioned reflexes. In fact, there is still a long way to go to further integrate psychology with various disciplines.

Build social identity through branding, shape trademarks, taste recognition, appearance recognition, and patented formulas

5. The fifth is the real big effect, such as the lollapalooza effect, which is usually It can appear under the simultaneous action of several factors. For example, the emergence of airplanes.

A global market, a far-leading industry position, this big effect requires a combination of multiple factors: conditioned reflexes, social recognition, and product perception.

1. Are interdisciplinary skills required?

There is no doubt that major problems involve multiple disciplines. Having interdisciplinary skills is equivalent to having more tools than just a hammer.

2. Is sufficient interdisciplinary knowledge provided in education?

People with vision in education have recognized and gradually practiced interdisciplinary education.

3. What kind of interdisciplinary education is feasible and best?

The best practice of interdisciplinary education for pilot education trainers is to train through 6 factors:

a. Sufficient knowledge to be able to cope with various situations in flight difficult problems;

b. The purpose of learning knowledge is not to take exams, but to apply this knowledge to solve complex problems intertwined with multiple situations;

c. Flexibly use forward and reverse thinking, and Able to distinguish application scenarios;

d. Receive interdisciplinary training to reduce deviations. In order to reduce deviations, strict repeated training will be conducted until proficiency is achieved;

e. Develop verification and inspection skills The habit of making a list;

f. Conduct simulation training frequently so as not to become rusty over time.

In fact, elite education is the repetition of such a process. If you want to obtain universal wisdom, this is a necessary process, and there is no shortcut.

4. What progress have elite institutions made in interdisciplinary education?

The innovation encouraged by elite universities is actually the result of interdisciplinary education. The specific method is to draw on knowledge from other disciplines. For example, economics draws on the "tragedy of public goods" in biology to find "invisible feet."

5. What educational practices can accelerate the progress of interdisciplinary education?

However, this kind of simple appropriationism will lead to mechanical application, swallowing the facts, misunderstanding of concepts, and incorrect scope of application. Therefore, further methods are:

a. Learn some basic skills seriously through required courses. For example, law school academics must master psychology and accounting.

b. We must consciously cultivate opportunities for interdisciplinary practice to avoid forgetting caused by talking on paper or simply memorizing. For example, a classic question: How do two old ladies who don’t care about the world treat their shoe factory? The correct answer is not to hire professionals for strong management but to sell the shoe factory as soon as possible. This is to get rid of business concepts and solve the problem from psychology.

c. Use events in magazines that are closest to reality for analysis, rather than ancient history.

d. Try to avoid being too radical and biased by ideology.

e. Soft sciences should adopt the academic spirit of hard sciences (mathematics, physics, chemistry, engineering). For example, biology draws on the academic methods of basic science and achieves faster development.

Incentive mechanisms in soft science are rife with utilitarianism, but as Samuel Johnson said: If the truth runs counter to a person's interests, then it is difficult for that person to accept the truth.

1. Over-closed economics leads to Hammer Man Syndrome. Economists overemphasize certain quantifiable factors.

2. The most basic hard science method of full attribution is not adopted.

Not only borrowing from other disciplines, but also labeling them, like neatly classified archives. This reduces the ability to further deepen integration.

3. Physics Envy

Soft science should consider human factors, so it is impossible to aspire to an unattainable accuracy. As Einstein said: Everything should be as simple as possible, but not too simple.

4. Too much emphasis on macroeconomics

More attention should be paid to microeconomics.

The elements of success viewed through microeconomics are: maximizing or minimizing one or two factors, and thinking forward or backward when encountering problems.

5. There is too little comprehensive knowledge in economics, and even the internal knowledge of economics is too little.

6. Extreme ignorance of psychology and its negative effects

Many problems that are difficult to solve in economics can actually be solved easily by applying psychology.

7. Lack of higher-level attention to the consequences of behavior and the consequences of this consequence. People tend to be eager for quick success. For example, the trade between the United States and China benefits American companies, but the consequence is the rapid rise of China. This is a "tragedy of public goods" for many American politicians.

8. Economics does not pay enough attention to mathematical principles. For example, "grabbing for gray gold" in the field of financial investment leads to a lot of consumption, but people are not aware of it.

9. Not paying enough attention to the effects of virtue and vice. The former is like double-entry accounting, cash registers and guilt, and the latter is like pure fairness, selfishness is a double-edged sword.

1. Don’t do to others what you don’t want others to do to you.

2. Gaining wisdom is a moral responsibility. Continuous learning and lifelong learning.

3. Learn knowledge from all subjects, make them part of your own thinking habits, and then practice them continuously.

4. Sometimes complex problems are easier to solve by using reverse thinking.

5. Stay away from ideological brainwashing, which will turn your brain into a cabbage. How to stay sober, Munger said:

6. Jealousy, hatred, and self-pity are disastrous mental states.

7. Eliminate self-serving preferences. Don’t think that what is good for you is good for society, and you must be able to tolerate self-serving behavior shown by others in their actions.

8. Stay away from abnormal incentive mechanisms, such as competing working hours. There are also perverted working relationships, such as working under a leader you despise. Of course the prerequisite is your talent and determination.

9. Be objective and fair, and remember to retain evidence that is unfavorable to your own opinions to remind yourself. Use checklists to avoid mistakes.

10. Avoid becoming a "Planck driver" of knowledge, just parroting and showing off knowledge.

11. Treat suffering as a university. Once you graduate, you will be invincible. Quotes made up by the person who took the notes, please sign: Yun Tianming

12. The best system should be as efficient as an operating room.