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Charlie Munger (1924-2023)

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1. Focus.

摘录

A portfolio of three companies is plenty diversification

Note: As if you have a punch card with 20 slots. In a lifetime, only make 20 bets. What would those be? Would you had all in Bitcoin in 2017? How about Telsa in 2020? Or Nvdia in 2022? Or Google in 2025? What will you buy in the future? Do you bet too often in Poker?

"Extreme patience with extreme decesiveness"

Note: Charlie Munger's style is more of an "assassin" or a "snapper" than of a "farmer".

Mimicking the herd invites regression to the mean = merely average performance

Practice: independent thinking.

Tell the truth, so you won't have to remember the lies.

Practice: pause before hiding