1. Charlie Munger: The Complete Investor

By Tren Griffin

2. Summary

- Charlie Munger is the legendary investor and financial partner of Warren Buffett. He is the vice-president of Berkshire Hathaway, and has done quite well investing.

  • The four simple ideas that help keep an eye on long term opportunities.

    •  First, treat owning a share as ownership in a business. Value the companies you invest in.

    • Second, buy discount to give yourself a margin of safety. The difference between the current market price and its intrinsic value... future cash flow. Buy at bargain prices.

    • Third, stay on the right side of the market. The bargain prices happen when you can spot mispriced assets and recognize emotions of "Mr. Market.

    • Fourth, remain unemotional when selecting investment opportunities. Don't invest because of your mood.

    • Stay Cool and rational. 

3. "Mr. Market"

- The belief that the market is as emotional as humans are, so know when the market is emotionally sad or happy can be a turn for your success. 

  • Take advantage of bargain prices so that you can create a margin of safety.

4. Investing with a System

- Simple investing techniques is how Berkshire Hathaway has been so successful. They focus on simplicity and builds off what you already know.

  • THE GRAHAM VALUE INVESTING SYSTEM, Benjamin Graham.

    • Invest only in things that you understand. ​

    • Three Baskets

      • In​ Baskets

        • Holding worthwhile potential investments & is small​

      • Out Baskets

        • Uninteresting opportunities ​

      • Too Tough Baskets

        • Holds Opportunities that look great but are currently outside competence.​

    • PATIENCE

    • Great investing requires realistic approaches and don't need to hit a homerun every time. 

5. Follow Wisdom, Courage, and Cultivate Patience

- Mental Models across a range of disciplines. Psychology, history, math, physics, philosophy, and biology all have wisdom that stems from each discipline's unique way of seeing the world

  • Examining behavior and spot similarities. 

  • How do they structure knowledge.

  • Don't abandon the assets ties to the product, understand why it happened.

    • Keep an independent mind and know when to split from the pack.​

    • Take risks with courage because you are Brave.

    • Be patient to prevent paying higher taxes, fees, and expenses by moving around your investments to much. Sit and wait.

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P&A: Results may vary person to person and based upon your work ethic and how much you care. Are you humble enough to say you are unbalanced? I'm here to guide with examples.

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