Notes on Charlie Munger’s commencement address: 1. What do you want to avoid in life: Sloth and unreliability. 2. Envy, resentment, revenge, and self-pity are disastrous modes of thoughts. It is a ridiculous way to behave. When you avoid it you get a great advantage over everyone... See more

It's not given to human beings to have such talent that they can just know everything  about everything all the time. But it is given to human beings who work hard at it—who  look and sift the world for a mispriced be—that they can occasionally find one.  And the wise ones bet heavily when the world offers them that opportunity. 

My favorite Charlie Munger story: In 1953, Munger was 29 years old. Recently divorced. Lost the house. Huge social stigma of divorce back then. His 8-year-old son, Teddy, was diagnosed with cancer. The leukemia was incurable.... See more