1. If you never work hard, how can you succeed. Charlie Munger's universal wisdom in life is that if you want to get something, the most reliable way is to make yourself worthy of it.

2. Wise regulation and wise investment are two sides of the same coin. In order to fulfill our corporate responsibilities, we must not only react passively, but also anticipate the needs of society.

3. Holding a lot of cash in your hands and staying on the sidelines requires character. The reason why I am where I am today is by not chasing mediocre opportunities.

4. Most people are too impatient and worry too much. Success requires a lot of calmness and patience, but also enough gumption when the opportunity comes.

5. The most important thing is not what card you draw, but whether you can play the card well.

6. What you need is not a lot of action, but a lot of patience. You must stick to your principles and when opportunities come, you must seize them with all your strength.

7. Think about things simply and act seriously.

8. There are two kinds of mistakes. One is to do nothing and ignore the opportunity when you see it. Buffett said this is called the thumb-sucking mistake. Second, we were supposed to buy a bunch of things, but we only bought a potion bottle that we could see at a glance.

9. Smart people are not immune to the disasters caused by overconfidence. They think they have stronger abilities and better methods, so they often struggle on more difficult roads.

10. Many people with high IQs are bad investors because of their character flaws. I think a good character is more important than the brain. You must strictly control those irrational emotions. You need to be calm and self-disciplined. Loss and misfortune are easy, and you cannot be carried away by ecstasy.