Attack the Week (ATW)
Monday Thoughts
Today’s thoughts are dedicated to the great Charlie Munger, whom I discovered relatively late in life. His almanack and various other insights are a true gem for anyone, not only those in finance. I would argue that his life wisdom was of equal, if not even greater, importance. At least it was for me.
He was one of a kind and will be greatly missed. A man growing up amid an economic depression, then the Second World War, losing a son early due to cancer, you would think he has grown miserable and resentful. On the contrary, all his life experiences have made him a humble and principled rarity, which should give us a guiding light for any life moments we encounter.
I have therefore chosen to release some of my personal notes on his most important anecdotes, which have helped me tremendously, and I truly hope they will do the same for you, too.
Be Reliable
This one should be self-explanatory. Throughout my life and career, I have set myself to be the most reliable colleague, boss and partner. I expect the same from others. Reliablity builds trust.
Avoid Self-pity.
That’s a negative spiral. Bad things happen. Play the odds. Come back stronger.
Stay away from Envy.
Envy only leads to dark places. I’ve been there. Don’t do it.
Use inversion to solve problems.
Avoiding stupidity often can lead to success. Uncover blind spots and analyse the most fragile points in anything you encounter.
Work with/for people you admire
Learning from others, the good and the bad, will make you better. If you can’t admire anyone anymore, seek new people.
Stay away from strong ideologies.
The flipside is keeping an open mind. Be open. Strong opinions can be good, but only if held loosely.
Wisdom acquisition is a moral duty.
Learn, learn, learn. And then some more.
Have low expectations (to be happy).
Getting harder in our society. Avoid moving the anchor.
Never feel like a victim (even if you are)
Don’t trap yourself psychologically. Never.
Discharge your duties faithfully and well.
This seems to be lost on so many people these days.
Be rational. Don’t fall in love with your ideas.
Again, keep an open mind. Change if circumstances dictate so.
Cut off toxic people from your life, And do it fast.
And live better ever after.
When dealing with people, think about incentives.
Incentives make the world go around. It’s not only money-related; people are usually driven by something. Find out what it is they are after.
Be a giver, and surround yourself with other givers.
Givers, where are you?
The best way to get what you want is to deserve it.
No shortcuts; work for it. It will pay off.
Don’t overspend your income.
It's easier said than done. But hold onto your budget. It will serve you longer term.
Invest long-term.
Short-termism is a disease. Plan and invest with time horizons in mind.
So much wisdom; I can’t add much more (yet). Let’s now look at the week ahead!