Came for Money, Stayed for Character.

Charlie Munger died yesterday at the age of 99. Like the investing world, I felt very sad.

I came close to Charlie Munger and Warren Buffett for the love of Money (Although I have never met the duo – I just left so close to my everyday life). As a young, and broke college graduate, I landed on YouTube videos about Warren and Charlie in 2010. That was the beginning of my love for a simple life and the end of the chase for a rich life. Let me be honest here, all I wanted to learn back then was to make money and perhaps quickly. I was hoping the Billionaire duo have secrets to make the tender fellow rich and famous.

Contrary to the chase, after 13 years, all they have is a long-term oriented, simple, virtuous and a learning machine. Although, money came in as a side product and I must add – more than my current frugal lifestyle can ever consume. I am more than thankful for the truly rich life I have honed-in via Charlie Munger’s wisdom.

Here are some of the highlights of his teachings. These learning are not in exact quotation and they are in my words from my memory.

1. You must deserve to be rich/successful.
2. A wonderful business at a fair price is better than a fair business at a wonderful price.
3. Invert, always invert.
4. We never care about first few years of earnings after we buy the stock.
5. Think in terms of few years or few decades.
6. I read myself to sleep.
7. If you cannot act with equanimity if the stock falls 50% few times a century, you should not own stocks.
8. The first rule of compounding is to never interrupt it unnecessary.
9. You make money not by buying or selling but by sitting on your hands.
10. Having low expectation is the best way to be happy.
11. Delayed gratification is the way to be wealthy.
12. To enjoy good and long life, you should have no envy and resentment, under-spend your income and go to bed wiser than when you woke up.

Thank you, again and rest in peace, Legend.