Charlie Munger shared his insights on opportunities, challenges, and life. He felt that sometimes “you give up with time” and that objectives changed.
Prior to his birthday on January 1st of next year, billionaire Charlie Munger, who passed away at the age of 99, spoke with CNBC and offered some of his life lessons,still relevant.
He also discussed why he gave up his to-do-list
When asked about bucket list and fishing
Charlie Munger appeared to find the question humorous when it was asked about his bucket list, responding, “That’s an interesting question.”Compared to when I was 96, I am so old and weak that I no longer want to catch a 200-pound tuna because it requires too much physical effort and labor, Charlie Munger added.
So no, now I don’t; in my younger days, I would have paid anything to catch a 200-pound tuna. I never managed to catch one.And now given the opportunity I would just decline going(to catch). I think you learn to give up with time,” he added.
Known for for his investment methods, Charlie Munger made a comparison between putting money and fishing in 2017, according to a Business portal.
There are two fishing rules.
“Fishing where the fishes are is the very first rule of fishing, according to one of my friends.
Second is -Never forget the first rule when it comes to fishing.
We now know where the fish are to fish.”
Regarding unjust benefits and seizing chances
In response to a question about whether he still leads a very busy and social life, Charlie Munger told CNBC that he views that as old age. “It is how I like it.That is what I consider to be old age. It happened without my planning. And I was happy when it occurred.””I am very good at recognising unfair advantages and I got unfair advantages in old age the way I got an unfair advantage in early age,” he continued, attributing his active lifestyle to “unfair advantages” that he recognises. And I simply grabbed them when they arrived.
When asked about writing his own obituary
Charlie Munger once advised Buffett to write his obituary the way he wanted it to be read and then live his life fulfilling it. CNBC questioned Munger about this advice. Munger declared, “If they choose to disregard my obituary, that’s fine with me; after all, I’ll be dead, what difference will it make? I wrote it the way I’ve lived my life. and do, but it seems like a good idea to me.”
He continued by saying that he would write the same obituary for himself now as he would have when he was in his 30s. “In general, I support the soldier-on system. There will be many challenges, which you must rise to by persevering through, and occasionally, exceptional opportunities will present themselves; you must develop the ability to spot them when they do. “Those are basic lessons in life,” he stated.
On affluent lifestyle
Charlie Munger continued, “Warren(Buffett) and I both lived in the same house for decades after decades after decades,” indicating that he rejected an opulent lifestyle.Our friends all became wealthy and constructed better homes, and we both thought about doing the same. Even after having a large family, I made the decision not to live a life that made me resemble the Duke of Westchester or anything similar. I was not going to do that. I intentionally did it.”
Charlie Munger responded to a question on CNBC by saying, “I didn’t think it would be good for the children.” You believe it is your duty to live a lavish lifestyle because you come from a wealthy family. Everyone else is spending their money in the same way.”
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