In 2017, at the Daily Journal Corporation Annual Meeting, Charlie Munger, renowned for his investment expertise and role as Berkshire Hathaway’s vice chairman, addressed a range of topics, offering insights that extended beyond the financial realm. The Daily Journal Corporation, a significant legal affairs publishing company in Los Angeles, provided the setting for Munger’s discourse.
During the meeting, Munger, then 93, replicated the essence of a Berkshire Hathaway shareholder meeting, delving into issues with humor and wisdom. A key moment was when Munger was asked about guiding ambitious grandchildren in finding business opportunities. His response highlighted his pragmatic and grounded approach: “Well I don’t spend any time telling my grandchildren what business opportunities to look for. I don’t have that much hope. I’m going to have trouble getting my grandchildren to work at all!” This statement met with laughter from the audience underscored his belief in the challenges of instilling financial wisdom in younger generations.
Munger elaborated on the keys to success, emphasizing personal responsibility and continuous improvement. “Obviously if you’re glued together and honorable and get up every morning and keep learning every day and you’re willing to go in for a lot of deferred gratification all your life, you’re going to succeed,” he said. He advocated for maintaining integrity, pursuing lifelong learning and embracing deferred gratification as cornerstones of financial and personal success.
However, Munger acknowledged the difficulty of imparting these values to the younger generation, suggesting that leading by example is the most effective approach. He said, “I think the only way you’ve got a chance is sort of by example. If you want to improve your grandchildren the best way is to fix yourself.” This perspective resonates beyond the realm of finance, offering a broader lesson on personal development and influence.
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Munger’s insights at the meeting were not limited to personal advice. He shared his views on corporate entities and industries, reflecting his adaptability and learning-oriented approach. For instance, he spoke about the challenges and uncertainties surrounding American Express and Valeant Pharmaceuticals.
The Daily Journal Corporation Annual Meetings are a platform for Munger to blend financial wisdom with life lessons, demonstrating his expertise and the depth of his experience. His advice, while rooted in finance and investment, typically offers broader implications for personal growth and the cultivation of values in future generations.
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This article Charlie Munger Gives Simple But Valuable Life Advice To Everyone: ‘Avoid The Bad People As Much As You Can, And You’ll Do Reasonably Well’ originally appeared on Benzinga.com
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