Title: Charlie Munger’s Secret to a Long and Successful Life
Introduction:
Last week, the world lost a true icon when Charlie Munger, the longtime business partner and confidant of Warren Buffet, died at the age of 99. Munger was known for his sharp wit, wisdom, and his incredible success in business. In a recent interview with CNBC, he revealed his secret to a long and successful life.
Avoiding the Crazy:
According to Munger, the key to his success was simple: avoid crazy at all costs. In his own words, he said, “Crazy is way more common than you think. It’s easy to slip into crazy. Just avoid it, avoid it, avoid it.”
Cautiousness Pays Off:
Munger attributed his avoidance of major catastrophes in his life to his cautiousness. He explained that he had always steered clear of obvious risks, both in his personal life and in his career. He also emphasized the importance of avoiding personal vices that could lead to trouble.
Partner’s Agreement:
Munger’s business partner Warren Buffet also echoed his sentiments about avoiding risky behavior. He emphasized the importance of steering away from three potential risks: liquor, ladies, and leverage. Buffet stated that while leverage could have increased their earnings, it would have also brought about significant risks.
Avoiding Standard Failures:
Munger explained that his strategy in life was to avoid all standard ways of failing. He was extremely cautious in every aspect of his life, and he made a conscious effort to avoid risky behaviors. This cautious approach had clearly paid off throughout his long and successful life.
Two Minor Vices:
Despite steering clear of major risks, Munger admitted to having two minor vices: peanut brittle and Diet Coke. He acknowledged that his consumption of Diet Coke may have shortened his life a little, but he didn’t seem to mind.
Conclusion:
Charlie Munger’s wise words and approach to life offer valuable lessons to all individuals. His cautiousness, avoidance of risky behavior, and focus on long-term investments contributed to his remarkable success. His advice to avoid crazy and steer clear of common risks is a reminder to all that careful and considered decisions lead to a fulfilling and successful life.
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