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How Warren Buffet’s Right Hand Man Achieved Astounding Success

Charlie Munger’s ideas on investing and success

“Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day if you live long enough-like most people, you will get out of life what you deserve.” ― Charles T. Munger,

Take advantage of his knowledge by reading his book, image courtesy of GoodReads 

Charlie Munger’s Success Mantra

“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”

I think the most important part of success is finding out what talents and skills you have and where you can use them.

I always knew that I was good at math and science and so when I fell in love with coding, I went for it. When I found my niche, everything else kind of fell into place.

Once you have figured out your strengths then you are able to focus on them.

The other thing that Charlie Munger talks about is knowledge.

When you are trying to be successful, it doesn’t matter what type of knowledge it may be as long as you are expanding your mind.

Being knowledgeable is key to success and it will help you as you continue down this path.

The Psychology of Human Misjudgment, A speech by Charlie Munger

In this speech, Charlie goes into detail about cognitive biases.  He writes…

An example of an irrational belief that causes procrastination is when people are in denial about when they are going to die.

How do you know you are in this situation?

When people say things like “I’ll stop smoking when I’m old” or “I’ll diet right after my wedding.” They have a sense that they are never going to get around to doing anything because they don’t want to confront their mortality.

Many of us have the so-called cognitive biases that mess with our thinking.

Here is my list of psychology-based tendencies that, while generally useful, often mislead:

  1. Reward and Punishment Superresponse Tendency
  2. Liking/Loving Tendency
  3. Disliking/Hating Tendency
  4. Doubt-Avoidance Tendency
  5. Inconsistency-Avoidance Tendency
  6. Curiosity Tendency
  7. Kantian Fairness Tendency
  8. Envy/Jealously Tendency
  9. Reciprocation Tendency
  10. Influence-from-Mere-Association Tendency
  11. Simple, Pain-Avoiding Psychological Denial
  12. Excessive Self-Regard Tendency
  13. Overoptimism Tendency
  14. Deprival-Superreaction Tendency
  15. Social-Proof Tendency
  16. Contrast-Misreaction Tendency
  17. Stress-Influence Tendency
  18. Availability-Misweighing Tendency
  19. Use-It-or-Lose-It Tendency
  20. Drug-Misinfluence Tendency
  21. Senescence-Misinfluence Tendency
  22. Authority-Misinfluence Tendency
  23. Twaddle Tendency
  24. Reason-Respecting Tendency
  25. Lollapalooza Tendency—The Tendency to Get Extreme Consequences from Confluences of Psychology Tendencies Acting in Favor of a Particular Outcome

In order to be successful, it’s important for you to learn more about these biases and watch out for them in your own thinking.

Takeaways

It can be tough to find success and happiness.

All of our psychological processes, cognitive biases, and emotional responses work together to create success and happiness.

In this article, we’ve highlighted some of Charlie’s ideas about success and happiness that you can use to get the ball rolling for your own investing and success.

These words should help give you direction in both personal and professional realms as you look for ways to increase your income or build a more successful business.

I hope these insights will be valuable for you as they have been for me!

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