{"id":840,"date":"2023-11-29T07:16:57","date_gmt":"2023-11-29T05:16:57","guid":{"rendered":"https:\/\/www.jongore.com\/blog\/?p=840"},"modified":"2023-12-01T07:36:40","modified_gmt":"2023-12-01T05:36:40","slug":"rip-munger","status":"publish","type":"post","link":"https:\/\/www.jongore.com\/blog\/uncategorized\/rip-munger\/","title":{"rendered":"RIP Munger"},"content":{"rendered":"\n<p>I don&#8217;t think there is an investor who has had a larger impact on me than Charlie Munger.  When I first moved to Africa I bought The Poor Charlies Almanack, a large coffee table book, and kept it with me as I moved around the continent.  That heavy book was a burden to carry, but I just loved the content too much to leave it behind.  When I eventually moved to Cape Town I didn&#8217;t have space for it, so it had to remain in Dar Es Salaam.  But, after a friend said he was coming to visit, I saw an opportunity and asked him to bring it.  He said yes, no doubt thinking it a small paperback.  I still laugh thinking about the call I got after he saw this was no paperback, rather a blue behemoth of worldly wisdom that took up half his carry on weight allowance. I still have that book.  And I still read it. <\/p>\n\n\n\n<p>There are many great ideas that Charlie Munger is famous for.  The ones that I relate to most are three. <\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Simplicity in Understanding:<\/strong> The importance of keeping things simple and clear, avoiding unnecessary complexity in investment strategies.  I apply this to many aspects of my life.  I&#8217;ve always paid the price when I complicated processes or thinking in my life.  I think humans have a natural tendency to try and meddle with things.  We are naturally optimistic, and believe we can improve by addition.  It&#8217;s true insight to finally realize that simplicity is almost always better.<\/li>\n\n\n\n<li><strong>Long-term Perspective:<\/strong> Maintain a long-term approach to investing, focusing on sustainable business models and steady growth rather than short-term gains.  When I first started investing I tried to play the market.  Buying dips and selling on highs.  I never performed worse.  My best picks have always been stocks I selected for my conviction in them, and held for 5+ years.  That&#8217;s not even long term either. <\/li>\n\n\n\n<li><strong>Learning and Adaptability:<\/strong> Just always learn and spend time reading.  Your mind must be inquiring.  You must be discontent with the status quo.  Always investigate, always ask why, and always remain curious. <\/li>\n<\/ol>\n\n\n\n<p>Finally here is a great video to watch of the legend. <\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"The Psychology of Human Misjudgement - Charlie Munger Full Speech\" width=\"1290\" height=\"726\" src=\"https:\/\/www.youtube.com\/embed\/Jv7sLrON7QY?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>I don&#8217;t think there is an investor who has had a larger impact on me than Charlie Munger. When I first moved to Africa I bought The Poor Charlies Almanack, a large coffee table book, and kept it with me as I moved around the continent. That heavy book was a burden to carry, but [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/posts\/840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/comments?post=840"}],"version-history":[{"count":1,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/posts\/840\/revisions"}],"predecessor-version":[{"id":842,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/posts\/840\/revisions\/842"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/media\/849"}],"wp:attachment":[{"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/media?parent=840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/categories?post=840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jongore.com\/blog\/wp-json\/wp\/v2\/tags?post=840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}