2, a problem, thoroughly understood, is half solved. It's actually very difficult to figure things out.

3. Deliberately pursuing rationality is really useful, and it is worth your life's efforts.

4, a lot of things can't be faked, but faking them will make them come true. When hypocrisy reaches a certain level, it becomes noble. If you pretend for a long time, people will really change. People change when they always say something.

5. Your thoughts will deceive you. You'd better take some preventive measures and be alert to your own opinions.

6. Our problem now is that everything around us has flooded people's brains, but people with brains know nothing about it.

7. Finding a good hunting place is a skill. Whoever goes to a good hunting place can catch more things.

8. Don't get stuck in the victim's mood and always feel that it's all someone else's fault. This way of thinking is very harmful. You keep thinking like this, and finally no one else wants to be with you. You shouldn't think so.

9. When I encounter problems, I will classify them, and many of them are thrown into the "too difficult" pile. If the problem given to me by others meets my standard of "too difficult", I will throw it into a pile of "too difficult" and stop thinking about it.

1. No matter who they are, the more powerful competitors have come out, and life can't be easy. Therefore, I think Japan's stagnation is not Japan's own fault, but it is also a situation.

11, I am specialized in thinking about how to deny myself. Most people try to defend their ideas, no matter how stupid they are.

12. Being a rational and objective person should be the most important pursuit in life.

13, you can't eat by your face, and your brain is not rational. What should you do?

14. When thinking about a problem, we should not only consider what people above me see, but also what people below me see.

15. If you are beyond your ability, you have to say, "This thing is too difficult for me to understand all my life". I'm good at this. When I meet something I can't handle, I'll admit it.

16,99% people are always at the bottom 99%, which is the reality.

17. I can only give you one piece of advice: lower your expectations, work hard to realize them, and be content. I think this is a good suggestion. At first glance, it doesn't sound like that, but it's actually a very simple truth.

18. In the long run, people who can delay satisfaction will live better.

Delayed gratification is innate, which has been proved in psychological research. If you are impulsive, you can't do it without immediate satisfaction. I can only wish you good luck. It is estimated that you will have a bad life and I can't pull you over.

19. If you have some talent for delaying gratification and can cultivate this talent, you are already on the road to success and happiness. Always want to be satisfied immediately, you can only go to a dead end, and you may get syphilis.

The transcript of the 219 Daily Journal

Annual Meeting

2, the so-called common sense, is common sense that ordinary people don't have.

when we say that someone has common sense, we actually mean that he has common sense that ordinary people don't have. People think it's easy to have common sense, but it's actually very difficult.

21. The key to playing the game of investment well lies in a few opportunities. You can really see that this opportunity is better than other general opportunities, and you know very well that you know more than others.

22, an investor, pursuing super-first-class performance, but diversifying his investment in a large number, is simply seeking fish from the same source, which is not feasible and impossible. Is it interesting to repeat the impossible task again and again? I think it will be very painful. Who wants to endure such torture? This is an impassable road

23. The first rule of fishing is to fish where there are fish. The second rule of fishing is to remember the first rule.

24. There are only a few opportunities. When an opportunity comes, we rush to seize it.

25. You can't buy a better partner than yourself.

26. On average, there are few major decisions every year.

The gameplay of this game is: always stay in this game, keep an eye on it, and don't let it slip away when rare opportunities appear. You know, there are not many opportunities that every ordinary person can get.

27, we can succeed not because we are good at solving difficult problems, but because we are good at staying away from them. We're just looking for something simple to do.

28. Howard Ahmanson once said, "Never underestimate people who overestimate themselves."

An egomaniac who overestimates himself can occasionally achieve great things, which is a very unpleasant part of modern life. I've learned to adapt, so what can I do if I don't? It's normal. The megalomaniac can be a big winner occasionally, but I don't want a group of megalomaniacs hanging around in front of my eyes. I choose cautious people.

29, after finding the best one, as long as it is not as good as this one, don't look at it. Knowing this truth, life is much simpler.

3. A wise person can wait patiently, let time pass and appreciate the beauty. Most people are always fooling around.

31, there are too many places to be patient in life.

32, I have lived for such a long time and lived well. I have a secret: don't think too much of human nature.

There are many defects and faults in human nature. If you don't see everything, full of complaints and grievances, it will only be counterproductive, cheating yourself and not changing the world. Destroy yourself, how can the world be? How worthless is it? It's so worthless. I would never do such a foolish thing.

33, if you think about the problem thoroughly, you will solve half the problem. (2, a problem, thoroughly understand, just solve the half. It's actually very difficult to figure things out. )

34, we have a secret: we don't want to know much. There is a pile of things on my desk, which solves most of my problems. I named it "too difficult" pile.

I always throw things into the "too difficult" pile. Occasionally, what comes to my hand is very simple, and I do it easily. This is my way of life.

Everything is thrown into the "too difficult" pile. I can make a decision without thinking about a few simple things.

(9, when I encounter problems, I will classify them, and many problems are thrown into the "too difficult" pile. If the problem given to me by others meets my standard of "too difficult", I will throw it into a pile of "too difficult" and stop thinking about it. )

35, we always follow common sense-common sense that ordinary people don't have, and throw a lot of things into the "too difficult" pile, which is one of the common sense that ordinary people don't have. (2, the so-called common sense is common sense that ordinary people don't have.

when we say that someone has common sense, we actually mean that he has common sense that ordinary people don't have. People think it's easy to have common sense, but it's actually very difficult. )

36, the next generation is too difficult to change, and the general ending is mediocrity. Some people can succeed, which is a minority.

people's achievements are divided in this way, and there are always a few successes. There are many people who pursue success, but few people succeed. Discipline, virtue, friends and opportunities are all simple things to say.

37, if you really want to learn something from Charles Munger, remember my sentence, "Old Li Er, reliable." All those traditional virtues will benefit people all their lives.

38, the goal I set for myself is to pursue common sense that ordinary people don't have. My goal is very low. I am very satisfied with my performance. It's hard to do better than it is now.

39. I'm generally skeptical about investment products made by professionals. I usually stay away from what others spare no effort to sell.

4, every rational investor will worry about banks, because in the banking business, management naturally faces the temptation to do stupid things.

if the management of a bank wants to inflate its profits, there are plenty of ways. It is easy to move future profits to the present, although it will damage the long-term development of the company.

Warren put it well: "The problem with the banking industry is that there are many banks and few bankers." Therefore, if you really want to invest in banks, you can only buy them if you are sure of winning. Because as time goes by, the bank's business will be seriously eroded by stupidity. (22, an investor, the pursuit of super-class performance, but a large number of diversified investments, it is simply a fish for a fish, it does not work, it is an impossible task. Is it interesting to repeat the impossible task again and again? I think it will be very painful. Who wants to endure such torture? This is an impassable road)

41, a difficult problem, which I can't solve. I will pull a cordon so that the problem can't get in at all

42, everyone is bound to miss the opportunity, which is doomed. I always think that if you can't change things, don't get too entangled. Complaining and complaining is a taboo in life.

The reason is simple, but many people ruin themselves for nothing. Jealousy is also a taboo, and jealousy is no fun. Who enjoys it in jealousy? What good is jealousy for you? There's always someone better than you. It's foolish to be jealous of others.

my way of life is to see through the stupidest things and stay away from them. Living like this, I can't make myself a popular person, but I can nip in the bud many troubles.

43, it is very, very important to know the boundaries of your own competence circle. You have to always compare what you can do with what others can do. You need to always be rational, especially don't lie to yourself.

from my life experience, the trait of rationally knowing my own ability is mainly determined by genes. I think people like Warren and I are born. Education the day after tomorrow is very important, but I think we are born with the personality needed for successful investment. I can't bring you back to your mother's womb.

44. My attitude towards great danger is to stay as far away as possible. Others stick as close as possible as long as they don't fall in. I think it's too close. I don't want to do that.

45, (What is the secret of longevity and happiness? ) Don't be jealous, complain, or overspend. Keep an optimistic attitude in the face of any difficulties. Make reliable people. Do your job. It's all simple truths, and it's all old truths. I did it, and I benefited from it all my life.

After the annual meeting of DJCO in 217,

Munger's communication with investors

46, Wang Chuanfu knew what he could and could not do. Elon musk thinks he can do anything. Let me bet, I prefer to choose someone who knows himself.

47. I read Barron's magazine for 5 years, and I only found one investment opportunity in Barron's magazine. Through this opportunity, I earned 8 million dollars with almost no risk. I gave this 8 million dollars to Li Lu for management, and Li Lu turned it into 4 million to 5 million dollars. It can be said that I read Barron's for 5 years, from which I found an investment opportunity and earned 4-5 million dollars.

I've been reading Fortune magazine for 6 years, and I haven't found any clues about a stock. I didn't say to delay satisfaction, which is delayed satisfaction.

48, you must know what you can do and what you can't do. When probability is not on my side, I never gamble. I haven't lost any money in betting on horses or gambling.

49, the probability is not on my side, I don't play at all. Even if it's just entertainment, I don't want to participate if the probability is against me.

sometimes, I also play bridge with opponents who are better than myself, but I just want to learn from the masters. It's not to learn something. I'm not playing against the best. I just don't like to be right with probability.

5, if I were you, I would certainly follow investors who are better than me and look for investment clues from them. There is a problem with this method. If you are following a Berkshire Hathaway, Berkshire has already gone a long way on this road. We are limited by the scale. If you learn from us, you are also limited by the scale.

you'd better follow the excellent investors who are playing in the small pool and find the price where you have a greater advantage. Although it is difficult to find excellent investors from small funds, this method is certainly useful.

if I were you, I would definitely do so. I must find out what smart investors are doing, and I must closely follow every smart investor. Needless to say.

51. None of us who make value investments can survive. We don't even need to be smart to stick to it.

in our generation, those who persist are very successful. It is more difficult for your generation to make investments than it was in our past. Difficult is difficult, it's not difficult and it's not interesting. Even if it is more difficult, don't lose heart.

52, as I have always said, specialization is often the best way to go. Personally, I prefer to dabble extensively, but people who specialize in one subject can often achieve greater results. People who specialize in one subject know more than others.

1. Read the repeated marks (21.4.25 for the first time and start to mark 4.26/27/)

2. Take them out and read them over and over again

3. Don't read them just for reading, but take them out.

continue reading tomorrow, and insist on writing a copy.