Read on Twitter
Charlie Munger on Delayed Gratification:
I've also got the money-sense gene. The first 13 years I practiced law, my income from practicing law was $300,000 total.
At the end of that 13 years, what did I have?
1/
I've also got the money-sense gene. The first 13 years I practiced law, my income from practicing law was $300,000 total.
At the end of that 13 years, what did I have?
1/
A house. Two cars. And $300,000 of liquid assets. Everyone else'd have spent that slender income, not invested it shrewdly, and so forth.
I just think it was, to me, it was as natural as breathing, and of course I knew how compound interest worked!
2/
I just think it was, to me, it was as natural as breathing, and of course I knew how compound interest worked!
2/
I knew when I saved $10 I was really saving $100 or $1,000 ,because of the future growth of the $10.
It just took a little wait. And when I quit law practice it was because I wanted to work for myself instead of my clients, because I knew I could do better than they did.
3/
It just took a little wait. And when I quit law practice it was because I wanted to work for myself instead of my clients, because I knew I could do better than they did.
3/
You only get a few opportunities, and you have to grab them aggressively when they come because even in the most favored life, they're really rare.
I always feel that the opportunities are rare. I only get a few and then I have to seize them aggressively.
4/
I always feel that the opportunities are rare. I only get a few and then I have to seize them aggressively.
4/
Now that lesson I just talked about, it is taught in no business school I know of. But…everybody who has any sense ought to know [that] at the start of life, and practically nobody does.
I just described reality the way it really is.
5/
I just described reality the way it really is.
5/
If I took the 30 biggest transactions out of Berkshire in the past 60 years, what would Berkshire be?
Not much.
I mean we wouldn't be poor, but we wouldn't be rich either. Maybe once every two years we had a major opportunity. Not very many.
6/
Not much.
I mean we wouldn't be poor, but we wouldn't be rich either. Maybe once every two years we had a major opportunity. Not very many.
6/
Check out this great article by @jasonzweigwsj at
Charlie Munger, Unplugged
https://www.wsj.com/articles/charlie-munger-unplugged-11556935195?shareToken=st61dfd7443f6f4860ab0ddd3531e6a63b&reflink=article_email_share 7/
Charlie Munger, Unplugged
https://www.wsj.com/articles/charlie-munger-unplugged-11556935195?shareToken=st61dfd7443f6f4860ab0ddd3531e6a63b&reflink=article_email_share 7/
The fascinating fact is that Charlie Munger was financially independent in 1962, at the age of 38
That was before he even started his real estate and investment partnerships
And before he even started investing with Buffett
https://www.mymoneyblog.com/charlie-munger-financially-independent-fire-38.html h/t @mymoneyblog
8/
That was before he even started his real estate and investment partnerships
And before he even started investing with Buffett
https://www.mymoneyblog.com/charlie-munger-financially-independent-fire-38.html h/t @mymoneyblog
8/
This is the tweet that started this thread:
https://twitter.com/DividendGrowth/status/1345036876378484736
9/
https://twitter.com/DividendGrowth/status/1345036876378484736
9/
Happy 97th birthday to Charlie Munger
I like the following books about him:
Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger
https://amzn.to/3hxiMMy
Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
https://amzn.to/2MthcA5
10/
I like the following books about him:
Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger
https://amzn.to/3hxiMMy
Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger
https://amzn.to/2MthcA5
10/
Check this thread on Charlie Munger:
The first 100,000 is the hardest
https://twitter.com/DividendGrowth/status/1302713596191952902
11/
The first 100,000 is the hardest
https://twitter.com/DividendGrowth/status/1302713596191952902
11/
