Together with Charlie Munger, the magnate turned Berkshire Hathaway into one of the most successful companies in the world. I know the keys to achievement.
The recently deceased Charlie Munger It was him vice president of Berkshire Hathaway and he knew how to be a right hand and friend of Warren Buffett for almost six decades. In all the years shared, Buffett and Munger they converted to Berkshire Hathaway into one of the most successful and long-lasting companies in the world.
Buffett pointed out on several occasions that Munger inspired people, including him. Therefore, in Ambitwe remember some of his lessons, which ended up turning into money.
The 5 lessons from Munger to Buffett
1. “The real money is not in buying or selling, but in waiting”
The vice president of Berkshire Hathaway I used to maintain that patience was a rare virtue on investors. Furthermore, he clarified that those who were patient stood out and, over time, managed to make up the list of the richest in the world, because they tend to invest in the very long term.
2. Reputation and integrity, the most valuable assets
Another of the great ideas that Munger always preached and that he shared with Buffet was the high value for integrity and reputation. Thus, both managed to establish themselves in the world as highly trustworthy people and be an inspiration for subsequent corporate governance practices.
3. Never stop learning is a moral obligation
Munger said that stop learning is the end. In that sense, Buffet said that, along with his partner, they were curious to the extreme, They were always looking for something new to learn.. In fact, since 1952, Munger was blind in one eye and in the last years of his life he almost lost the vision in the other eye, but learned to read braille to continue satisfying your curiosity.
4. Wanting to get rich quick is dangerous
In the same sense of highlighting the patience As a key value for any investor, Munger always said that having to be clear that he should not speed up the process allowed him to take more prudent and conservative investment decisionsbut more profitable over time. They both pointed out that They were not interested in 100% short-term profitability, if over time it could be diluted and even become negative.
5. Do not diversify excessively
“Diversifying is good, over-diversifying is crazy”, said Charlie Munger. This philosophy was taken up again Warren Buffett In his investment efforts, the Oracle of Omaha always stood out for being little prone to diversificationbut in a cautious way.
Source: Ambito
I am a 24-year-old writer and journalist who has been working in the news industry for the past two years. I write primarily about market news, so if you’re looking for insights into what’s going on in the stock market or economic indicators, you’ve come to the right place. I also dabble in writing articles on lifestyle trends and pop culture news.
