Warren Buffet and Charlie Munger are brilliant and happen to be two of the best teachers I have come across in all my reading and learning..
These guys have experienced over 160 combined years of amazing life experiences and seen success (and even some failure) on numerous fronts.
I have to share some golden nuggets I have learnt from them which have helped me earn 217%, 125%, 101% and 94% [ Click here to Recall ]
1. Lose money and I will forgive you, but lose even a shred of reputation and I will be ruthless [Warren]. This has been echoed across the business world for years and it applies to us all. Life is too short to cut corners to make an extra buck. Wealth can always be recreated but reputation takes a lifetime to build and often only a moment to destroy. As Warren says, "we will not trade reputation for money."
2. We celebrate wealth only when it's been fairly won and wisely used [Charlie]. The goal is not to make money at all costs. It's easy to forget that in a lot of industries and sub-cultures around the U.S. where everyone is in constant competition to keep up with the Joneses. Wealth is worthless if you've destroyed all your relationships to attain it. As Charlie says "take the high road. It's far less crowded." Sad but often true. Makes it pretty easy to stand out.
3. We've done a lot of stupid things but we've avoided a small subset of stupidity and that subset is important. It's about avoiding the dumb things [Charlie]. They hammer this every year. Their success does not come from doing so many things right. It comes from avoiding the things that are terribly wrong. Some say this is two sides of the same coin. But it's not. It requires a fundamental shift in psychology. The stories are endless of people who did a few things right and were massively successful, but then did something stupid that took them back to zero. Before Charlie and Warren do anything, they "invert, always invert" as Charlie says. They list every way imaginable in which they could fail at a particular task and then take massive effort to avoid those failures. Do that and the success will come automatically.
4. Go to bed a little wiser than when you woke up [Charlie]. This covers the whole meeting in a word. Life is about learning. If you are always learning you can never lose. Keep this as your only rule for the day and the world will be yours for the taking.
5. There's no better way to be happier than getting your expectations down [Charlie]. Most unhappiness comes from misaligned and unrealistic expectations of life. Expect the world of yourself, but expect nothing of the world. Then you cannot help but live your life pleasantly surprised.
The lessons from Warren and Charlie are endless. We can all stand to learn and be better people from what they are willing to share. They don't charge any money or ask for anything in return. Except of course that we live a life with a burning desire to learn and do all we can to be valuable additions to society. Take these lessons to heart. There will likely not be another Warren and Charlie for a very long time.
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Below you can see few stocks from my personal portfolio - Avanti Feeds, Mannapuram Finance, Swaraj Eng & Mold-Tek Packaing.
Click here to see the returns - Up 217%, 125%, 101% and 94%
In last few days our SOKHI HIDDEN GEMS Members have made money in following Stocks :
GIC HOUSING from 340 to 505 - 49% [ Recall here ]
IIFL HOLDINGS from 330 to 500 - 50% [ Recall here ]
Piramal Enterprise from 1820 to 2605 - 43% [ Recall here ]
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