| Charlie Munger the complete investor by tren griffin, and this entire book is basically just a collection of things Charlie Munger has said but put in an understandable way for people to understand and get a clear picture ?1 on 1 Talk + My Budget + Stock Investments? https://www.patreon.com/tommybryson 1. Finding a Moat - Moat is basically a competitive edge against the competition - In capitalism, the more successful you are the more people and business want to get ahead of you ( so failure is as normal as success) - So having a good business is one part, but also have a good business with a strong brand also Study: - People did a blind taste test and a normal one with coca-cola - Coca-cola would often lose the taste test blinded but win the normal one - Because it's not about the soda taste but it's about the brand. 2. Volatility is not Risk - I just learned this today - But a lot analyst and especially yahoo finance - They also represent a risk as volatility of the price ( because it's easier to gage) – but that’s because those people have a job doing that The truth is: - The true risk is taking action without understanding what your doing - Or getting into an investment that’s to complicated to understand - Or even worst giving your money to someone else to get you mediocre returns 3. Index vs stock picker ( based on what you enjoy) - Charlie said something very important - If you don’t love and like discovering how a business works and figuring out its value - Then you probably will not be a good stock picker ( value investor) But if you want to get the average return of the market: - Just invest into a low-cost index fund and let compound interest and time do the rest - And on average, you’ll beat the professionals - Because 95% of people cant won't beat the index 4. Trained reactions ( not relying on instincts as much) - When I first started investing, my biggest concern was what if I lose my money - What if the stock goes down today - But today when I see my investments go down, I actually get happy ( and that’s a trained reaction ( because I understand I'm getting a discount) To be a good investor: - You cant sell every time the market goes down and panic - You need to read more and understand the market - So you get a better idea of what's happening and change your reaction 5. Buying good companies for fair prices instead of bad companies for bargains - Here is another story, when I use to look for investments ( I use to go on the looser section of yahoo finance and look for discounts) - But its better and smarter to look for good companies that will be around for a long time, and produce a return on your money - So Charlie and Buffet would both recommend looking for good companies at a fair price or a bargain. 6. Companies can go from good to bad quickly ( remember kodak and the newspaper) - But also 1997 I was born and Apple was about to go bankrupt if it wasn’t for Microsoft 150M dollar investment - General Motors went bankrupt Here is a Tip: although the size of a company is important it's not the only factor, companies can and will go bankrupt. ( so understand it and analyze them) 7. Benjamin Graham Value Principles - This is Warren Buffets Hero in some ways like Benjamin Franklin is Charlies Value steps: - Value shares as a part of business not as a piece of paper - Have a margin of safety when you buy an investment - Mr market is Bypolor ( some days his high and some days his down, don’t let that change your investment decisions) - Be rational ( this is learned and trained and usually not natural) 8. Philip Fisher * PRO TIP* INFORMATION IS EVERYTHING ?Merch? https://teespring.com/stores/tommybryson ✅2 FREE AUDIOBOOKS✅ https://amzn.to/2Enayo8¬¬¬ ?M1 FINANCE $10? Link: https://m1.finance/fQsrul1PZcHM ?ACORN FREE $5? Link: https://acorns.com/invite/38EYSU ⚡FREE KINDLE UNLIMITED⚡ (traditional reading) Link: https://amzn.to/2VGbxt9 ???DISCORD PRIVATE GROUP??? https://discord.gg/EcZEHpA My Camera Gear: https://www.amazon.com/shop/tommybryson ✔ Help Us Reach 250,000 Subscribers: https://goo.gl/0wvm6w ?All My Social Media? Link: https://linktr.ee/tommybryson *Some of the links and other products that appear on this video are from companies in which Tommy Bryson will earn an affiliate commission or referral bonus. Tommy Bryson is part of an affiliate network and receives compensation for sending traffic to partner sites. The content in this video is accurate as of the posting date. Some of the offers mentioned may no longer be available. I'm an Accountant but I'm not your Accountant, always review information with your Accountant/CPA and your Financial Advisor. |
Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett; Buffett has described Munger as his partner. Munger served as chairman of Wesco Financial Corporation from 1984 through 2011. He is also chairman of the Daily Journal Corporation, based in Los Angeles, California, and a director of Costco Wholesale Corporation.
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