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[Thread] 50 Life Lessons from the 
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1. To get what you want, you have to deserve what you want. The world is not yet a crazy enough place to reward a whole bunch of undeserving people.
2. We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.
3. It takes character to sit with all that cash and to do nothing. I didn& #39;t get top where I am by going after mediocre opportunities.
4. 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.
5. Like Warren, I had a considerable passion to get rich, not because I wanted Ferraris â I wanted independence. I desperately wanted it.
6. Take a simple idea and take it seriously.
7. People calculate too much and think too little.
8. Knowing what you donât know is more useful than being brilliant.
9. You must force yourself to consider opposing arguments. Especially when they challenge your best-loved ideas
10. I met the towering intellectuals in books, not in the classroom, which is natural. I canât remember when I first read Ben Franklin. I had Thomas Jefferson over my bed at seven. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control
11. I think that one should recognize reality even when one doesnât like it. Indeed, especially when one doesnât like it.
12. No wise pilot, no matter how great his talent and experience, fails to use a checklist.
13. The big money is not buying and selling. But in the waiting.
14. Most people are too fretful, they worry too much. Success means being very patient, but aggressive when itâs time.
15. Three rules for a career: 1. Donât sell anything you wouldnât buy yourself; 2. Donât work for anyone you donât respect and admire; and 3. Work only with people you enjoy.
16. Live within your income and save so that you can invest. Learn what you need to learn.
17. Extreme patience combined with extreme decisiveness.
18. Remember that reputation and integrity are your most valuable assets and can be lost in a heartbeat.
19. This habit of committing far more time to learn and thinking than to doing is no accident.
20. Invert, always invert. Turn a situation or problem upside down. Look at it backward.
21. Repetition is the heart of instruction.
22. Acquire worldly wisdom and adjust your behavior accordingly.
23. Invest in a business any fool can run, because someday a fool will. If it wonât stand a little mismanagement, itâs not much of a business.
24. You need a different checklist and different mental models for different companies. I can never make it easy by saying, âHere are three things.â You have to derive it yourself to ingrain it in your head for the rest of your life.
25. There is no way you can live an adequate life without making many mistakes.
26. I would argue that passion is more important than brain power.
27. Benjamin Franklin was able to make the contribution he did because he had [financial] freedom.
28. Our game is to recognize a big idea when it comes along when one doesnât come along very often. Opportunity comes to the prepared mind.
29. I didnât get to where I am by going after mediocre opportunities.
30. I believe in the discipline of mastering the best that other people have ever figured out. I donât believe in just sitting down and trying to dream it all up yourself. Nobodyâs that smart.
30 (cont): I believe in the discipline of mastering the best that other people have ever figured out. I donât believe in just sitting down and trying to dream it all up yourself. Nobodyâs that smart.
31. Do the best you can do. Never tell a lie. If you say youâre going to do it, get it done. Nobody cares about an excuse.
32. Quickly identify mistakes and take action.
33. Part of what you must learn is how to handle mistakes and new facts that change the odds. Life, in part, is like a poker game, wherein you have to learn to quit sometimes when holding a much loved hand.
34. If your new behavior gives you a little temporary unpopularity with your peer group, then to hell with them.
35. The difference between a good business and a bad business is those good businesses throw up one easy decision after another. The bad businesses throw up painful decisions time after time.
36. Mimicking the herd invites regression to the mean (average performance).
37. We have three baskets for investing: yes, no, and too hard to understand.
38. You donât have to be brilliant, only a little bit wiser than the other guys, on average, for a long time.
39. A majority of lifeâs errors are caused by forgetting what one is really trying to do.
40. When you borrow a manâs car, always return it with a tank of gas.
41. Itâs not supposed to be easy. Anyone who finds it easy is stupid.
42. Youâll do better if you have passion for something in which you have aptitude. If Warren Buffett had gone into ballet, no one would have heard of him.
43. If you keep learning all the time you have a huge advantage.
44. A great business at a fair price is superior to a fair business at a great price.
45. Assume life will be really tough, and then ask if you can handle it. If the answer is yes, youâve won.
46. Being smart and doing something that no one has done before are two different things.
47. Is there such a thing as a cheerful pessimist? Thatâs what I am.
48. How to find a good spouse? The best single way is to deserve a good spouse.
49. I think that, every time you see the word EBITDA, you should substitute the words "bullshit earningsâ.
50. Warren talks about these discounted cash flows. Iâve never seen him do one.
Thank you for reading through. Here& #39;s a bonus for your effort:
