1. Don’t wrestle with a pig, because you will get your whole body dirty, but the other person will never tire of it.

2. Many people with high IQ are poor investors because of their character flaws. I think good character is more important than the brain. You must strictly control those irrational emotions. You need to be calm, self-disciplined, and indifferent to losses and misfortunes. Similarly, you must not be carried away by ecstasy.

3. I know a guy who makes fishing hooks, and he makes some shiny green and purple baits. I asked, "Will the fish like these baits?" "Charlie," he said, "I'm not selling bait to the fish."

4. I think I am not a model of good education. I learned to get the information I want through reading. This is often the case in my life. I often prefer great teachers who have passed away to teachers who are still alive.

5. When encountering a tragedy that is difficult for you to accept, you can never let this tragedy become two because you cannot get rid of its troubles and continue to suffer repeated failures in life. , three pieces.

6. Life is a series of "opportunity costs". You have to marry the best person you can easily find. How similar is investment to this.

7. I like the independence of capitalists. I have always had a tendency to gamble. I like to come up with a plan and then make the bet, so no matter what happens I can take it in stride.

8. The difference between a good company and a struggling company is that a good company makes easy decisions one after another, while a bad company constantly needs to make painful choices.

9. If your thinking is completely dependent on others and you seek expert advice as soon as it goes beyond your field, you will suffer a lot of disasters.

10. Benjamin Graham had some blind spots. He underestimated the facts, and those facts were worth spending a lot of money on.

11. I never pay intrinsic value for a stock, unless the stock is managed by someone like Warren Buffett. Only few people are worth investing a little for long-term benefits. The investment game always involves considerations. Quality vs Price, the trick is to get better quality for the price you pay, simple.

12. People underestimate the importance of simple truths. I think, in a sense, Berkshire Hathaway is a teaching company, it teaches a correct system of thinking. The most crucial lesson is that some big truths really do work. I think this infiltration of ours has worked really well - because they're so simple.

13. The so-called investment game is to predict the future better than others. How can you make better predictions than others? One way is to limit your attempts to those areas where your abilities allow. If you spend your energy trying to predict everything in the future, you're trying to do too much. You will fail because of lack of constraints.

14. Human beings are not endowed with the gift of perceiving everything and understanding everything at any time and at any time. But if humans make the effort to understand, to perceive—by sifting through the multitude of opportunities—they are sure to find a misplaced bet. Moreover, a smart man makes a big bet when the world offers him this opportunity. They make big bets when the probability of success is high and do nothing the rest of the time. It's that simple.

15. I have worked with Buffett for so many years. One of his strengths is that he always consciously thinks about problems from the perspective of decision trees and from the perspective of mathematical permutations and combinations.

16. Diversified investment will only make you busy. It is better to attack hard and concentrate on a few high-quality enterprises, so that you can make huge profits on the road to wealth creation.

17. Remember that those brokers who try their best to encourage you to do something are paid commissions and remuneration by others. Those investors who are new to this industry and don’t understand anything should start with Start with index funds, because they are managed by public institutions after all, and there are fewer personal factors. An investor should master Graham's basic investment methods and have a deep understanding of business operations. You must establish a concept: quantifying any value and comparing the advantages and disadvantages of different value carriers, which requires very complex methods. knowledge architecture.

18. Munger generally agrees with the statement that "the market is efficient." "Because of this, it is especially difficult to be a smart investor. But I think the market is not completely efficient, so The effectiveness of this part (some what efficient) can bring huge profit margins. It is difficult to achieve a staggering investment record, but it is by no means impossible, and it cannot be achieved only by people at the top of the pyramid. I think the investment management industry The top 30%-40% of people have this potential. Academics praise diversified investment ideas, which is a disservice to good investors. Berkshire-style investors rarely try to diversify. It will make you feel better that your investment record is not far from the average.”

19. We will not just leave $45 billion there, but you must be able to judge the high. Stay away from crazy moments when technology stocks soar into the sky. You won't make any money, but you might survive a disaster.

20. For passive investors, the cultures of different countries have different affinity traits for them. Some are trustworthy, such as the U.S. market, and others are full of uncertain risks. It’s hard to quantify the reasons for this relatability and trustworthiness, so many people fool themselves. This is dangerous and is the most important research topic for emerging markets.

21. Munger believes that a deep understanding of how to become an excellent investor will help to become a better operator, "and vice versa. Warren's way of running an industry does not cost much." Time, I bet Buffett has never been involved in half of our businesses, but the performance brought about by this relaxed management method is obvious. Buffett is an excellent operator who never engages in micromanagement.

22. Benjamin Franklin was able to contribute because he had (financial) freedom." He said, "I often want to be a useful person to mankind, rather than die like a miser. But sometimes, I am far from such a state of mind.

23. I just want to know where I will die, and then I will never go there.