Poor Charlie's Almanack

Charlie Munger passed away recently.

here are some interesting ideas from the book “Poor Charlie’s Almanack: The Wit & Wisdom of Charlie Munger”

• take a simple idea and take it seriously.
• good ideas are rare. when you find one bet heavily.
• work on your best idea. don’t diversify.
• think of ideas as tools. when a better tool comes along use it.
• humans have been writing down their best ideas for 5,000 years. read them.
• make friends with smart dead people. adam smith, darwin, cicero, ben franklin, whoever interests you. read their writing. steal their ideas. they don’t need them anymore.
• avoiding stupid mistakes is more important than being smart.
• only play games where you have an edge.
• stay in the game long enough to get lucky.
• don’t sell anything you wouldn’t buy.
• people often interpret price as a signal for quality.
• if you’re not winning, scale down and intensify.
• make sure your best players get the most playing time.
• the storyteller is the most powerful person in the world.
• what do you have an *intense* interest in? do that for your living.
• find out what you are best at. then pound away at it. forever.
• don’t work with anyone you don’t admire.
• incentives rule everything around you.
• appeal to interest, not to reason.
• telling people WHY increases compliance.
• genius is avoiding stupidity for a long time.
• small leaks sink big ships.
• many hard problems are solved best when approached backwards.
• self improvement has no end.

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which idea is your favorite?