Charlie Munger’s Top 10 Rules For Success

Charlie Munger’s Top 10 Rules For Success
Photo by Nick J Webb

He’s an American business magnate, lawyer, investor, and philanthropist.

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He’s Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by Warren Buffett.

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He's also the chairman of the Daily Journal Corporation, based in Los Angeles, and a director of Costco Wholesale Corporation.

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He has a net worth of 1.3 billion USD.

He's Charlie Munger and here are his Top 10 Rules for Success.

1. Always keep learning
2. Deserve what you want
3. Know the edge of your own competency
4. Be a survivor
5. Practice the right approach
6. Understand what you are doing
7. Invest in trust
8. Know all of the big ideas
9. Swim as competently as you can
10. Don't submerge into self pity



0:00he's an American business magnate lawyer investor and philanthropist
0:05he's vice chairman of Berkshire Hathaway the investment company chaired by warren
0:09buffett he has a network of 1.3 billion dollars
0:14he's Charlie Munger and hear his top ten rules for success
0:21the other great secret is that we're good at lifelong learning
0:28Warren is so much better in some ways in his seventies and eighties and he was
0:35younger that it's almost awesome way if you keep learning all the time you have
0:40a huge advantage and we both just like it and we have a wonderful rubber
0:45friends really want to come home we'll get more and more
0:48well luckily I got a very early age
0:51the idea that the safest way to try and get what you want is to try to deserve
0:58what you want
0:59it's such a simple idea that's the golden rules of the speed you
1:03you want to deliver to the world what you would buy if you were on the other
1:07there is no ethos in my opinion that is better for any lawyer or any other
1:14person to have by and large the people who had this Eagles when in life and
1:22they don't want just money just honors and amalia months they win the respect
1:27you deserve trust of the people they deal with and there is huge pleasure in
1:34life to be obtained from getting deserved trust and so and the way to get
1:41it is to deliver what you'd want to buy if the circumstances were reversed
1:49one of these guys at the berkshire meeting for more of the foreign
1:52publications said quite a couple of guys in a little place in Omaha do so much
1:58better than always powerful minds and great institutions and I said well I
2:04think Warren I know the edge of our competency better
2:07and other people do and that's you melody in my umbrella sense that that is
2:14a very important thing to know
2:16I say over and over again it's not a competency
2:20if you don't know the edge of it you were a disaster if you don't know the
2:26edge of your own competency why I'm frequently says I'd rather deal with the
2:30guy with an IQ of 130 who thinks it's a hundred and twenty-five not guy with an
2:37IQ of 180 but thinks it's 200 that huh
2:41that second guy will kill you and and so it is very important to know the edge of
2:48your own competency
2:50it's not my nature when you get little surprises as a result of human nature to
2:58spend much time feeling betrayed
3:01I'm always want to just put my head down and just so I don't allow myself to
3:07spend much time ever with any feelings of betrayal so you're asking the wrong
3:13person because of the way if some flickering idea like that came to me I'd
3:16get rid of it quickly
3:19I don't like any feeling of being victimized I think that's a counter
3:22productive way to think as a human being and I am NOT a victim or survivor
3:29I listened in law school with some wag said illegal mine is a mind that when
3:38two things are all twisted up together and interacting

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