| [Join YAPSS Membership, For Early Access to New Videos] https://www.youtube.com/channel/UCpzAAXa2cvyEnfc7rurcCcQ/join In this episode, Charlie Munger was asked what advice would he give to his past self if someone can invent a time machine? In this episode, you’ll learn: - What is Charlie Munger advice to his past self? - What is Charlie Munger's life philosophy? (https://www.yapss.com/post/collection-charlie-munger-67-advice-to-my-past-self) #CharlieMunger #DailyJournalCorporation [Transcript] (Source: https://youtu.be/X1Oi3esiry8) AUDIENCE MEMBER 00:08 If someone can invent a time machine and you can go back and have dinner with your 41 year old self, what piece of advice would you advise your former self? Now that you are 74-75, without the knowledge you have now, thank you. CHARLIE MUNGER 00:25 Well I’d avoid that one mistake of omission that cost me half of the net worth I would now have if I’d been smarter. We can all go back and make some decision better. But it’s the nature of thing that you’re going to blow one occasionally. My general idea is there’s no point in fretting too much about what you can’t fix. It’s a big mistake to fill yourself with resentments and hatreds and so on. It’s such a simple idea but so many people ruin their lives unnecessarily. Envy is such a stupid thing to have because you can’t possibly have any fun with that particular sin. Who in the hell ever had any fun in envy? What good could envy possibly do for you? And somebody is always going to be doing better than you are. It’s really stupid. So my system at life is to figure out what’s really stupid and avoid it. It doesn’t make me popular, but it prevents a lot of trouble. |
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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