Archive for December, 2010

Thursday, 23rd December 2010

A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business

Written by George Traganidas Topics: Presentations, Stock Investing, Wealth Building

Charles Munger
USC Business School
1994

I’m going to play a minor trick on you today – because the subject of my talk is the art of stock picking as a subdivision of the art of worldly wisdom. That enables me to start talking about worldly wisdom – a much broader topic that interests me because I think all too little of it is delivered by modern educational systems, at least in an effective way.

And therefore, the talk is sort of along the lines that some behaviorist psychologists call Grandma’s rule after the wisdom of Grandma when she said that you have to eat the carrots before you get the dessert.[…]

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Monday, 20th December 2010

Quotes Charlie Munger

Written by George Traganidas Topics: Quotes

Charlie Munger

All intelligent investing is value investing – acquiring more than you are paying for. You must value the business in order to value the stock.
— Charlie Munger

The best thing a human being can do is to help another human being know more.
— Charlie Munger

Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to hell with them.
— Charlie Munger

In my whole life, I have known no wise people (over a broad subject matter area) who didn’t read all the time – none, zero.
— Charlie Munger

Experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime. A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past.
— Charlie Munger

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Monday, 20th December 2010

How to combat a financial crisis

Written by George Traganidas Topics: Personal Finance, Wealth Building

A lot of people are confused on what to do in this difficult economic climate. People are losing their jobs, governments are raising taxes, goods are becoming more expensive, currencies are devalued, etc. This is not a nice picture and many people are feeling helpless in this doom and gloom.

Maybe this is not the best way to think, but you have to consider how all this affects you. Maybe the general economy is bad, maybe companies are not doing so well, but the real question is how are you doing? What does all this mean for you? What can you do to avoid the chaos and (to take it a step further) profit from all this? Do not think that this is totally selfish, it partially is. But looking after yourself, you can survive and then you can provide for the people that matter to you. You can provide to them in the form of money, but even better you can provide to them in the form of knowledge.[…]

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