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2022-03-22

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Night Reading | Munger: Do these things well, and the road to wealth and freedom is simple

芒格认为，每个人想参与投资游戏的人都必须了解自己的天性，都必须在考虑自己的边际效用和心理承受能力后才能开始投资。几十年以来，在股神巴菲特的光环背后默默站着一个人，他就是查理·芒格。他们年轻时相识，彼此

Night Reading | Munger: Do these things well, and the road to wealth and freedom is simple

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For decades, there has been a man standing silently behind the aura of stock god Buffett, and he is Charlie Munger. They met when they were young, appreciated each other, and their values were highly consistent. Buffett said without words: Without Munger, I would be much poorer than I am now. I am beyond words of gratitude to him. They are life partners with equal wisdom and co-creators of the investment miracle with a compound annual growth rate of 19.2% in 51 years. The difference is that Munger is too low-key. Every spring, thousands of people travel to Omaha, Nebraska, to attend Berkshire's annual shareholder meeting. They are going to see Buffett, but they are also very interested in the man sitting beside Buffett on the stage and helping the Omaha wise man answer questions from time to time.</p><p>The performance usually goes like this:</p><p>Buffett answers the question first, and the length of time is up to him. When he arrived, he would turn to Munger and ask: Is there anything else you want to add? Munger sat there motionless, and answered simply and crudely: Nothing to add. Occasionally, based on his rich experience and experience, Munger will also put forward some opinions, and then say a short paragraph. Once Munger speaks, the audience listens to his opinion with full attention. On the way to pursue the wisdom of life, he didn't care whether he stood in the spotlight. Even, he hopes that his wealth will remain just below the level of Forbes' rich list, so that he can avoid the spotlight and public attention. Buffett's eldest son once said: My dad is the second smartest person I know, and Charlie Munger is the first.</p><p>Munger is an outstanding investment thinker, but he was not born like this. In his only authorized biography, \"Buffett's Behind-the-Scenes Think Tank: The Biography of Charlie Munger\", he showed the details of his thinking and the key to becoming an investment big coffee.</p><p>1. Self-improvement is the most important</p><p>Munger said, \"To win first place, you have to get ahead and never stand still. I always get into a business better than everyone else. Why? The answer is to learn yourself. That's a really good idea that works.\"</p><p><b>What Munger said about self-study is never-ending self-improvement.</b>On this road of self-improvement, he values three points most:</p><p><b>First, think for yourself.</b></p><p>He said that if you completely rely on others in the process of thinking and always listen to other people's so-called \"professional opinions\", once you leave your own small world, you will be in disaster.</p><p>Graham is Buffett's teacher, the originator of value investing, and the main source of Buffett's early investment ideas. But Munger does not fully agree with Graham. He believes that many of Graham's views ignore the reality of the situation. \"There are blind spots in Graham's thinking. He doesn't realize that some businesses are worth investing in ahead of time.\"</p><p>It is at this point that Buffett believes that Munger has the greatest influence on him, and uses strong willpower to release him from Graham's limited views and push him into the direction of \"buying high-quality assets at the right price\".</p><p>It is precisely because of this that Buffett said, \"Without Munger, I would be much poorer than I am now.\" The classic investment case of Buffett buying BYD and making more than 20 times the profit, which everyone talks about, was also a decision made by Buffett after Munger's strong insistence. \"I'd love to say that it was my decision to invest in BYD, but no, it wasn't my decision to invest in BYD, nor the decision of my investment team, but one day Munger called me and said: We have to invest in BYD.\"</p><p>Munger never blindly follows experts in life. He has his own doctors and accountants, and he will refer to their opinions, but he will not believe them all. He weighed what they said, then studied it himself, and finally came to a conclusion.</p><p><b>Secondly, the role of reading is beyond imagination.</b></p><p>Munger is a voracious scholar. His room, bed, and chair are full of books, but he is not a fan of novels. What he reads is either business, biography, history or science and technology, all based on facts.</p><p>Munger said, \"I'm very clear about why I'm collecting this information. I think about the facts I want to know before I start, and then judge whether the data I see matches the basic concepts. A lot of purposeful reading can create a subconscious habit of connecting what I read with the basic concepts, and gradually accumulate wisdom about investing. You can't be a really good investor without a lot of reading. \"</p><p>Munger believes that reading business magazines is a shortcut.</p><p>Buffett and I have learned more from excellent business magazines than anywhere else. Just flipping through issue after issue quickly can get all kinds of business lessons. This method is so simple and effective. He said that if you want to be smart, you have to constantly ask why, why, why.</p><p>Munger is also a biography freak. He believes that when you want to master some effective great ideas, it is best to combine them with the life and personality of great men. It sounds funny to \"make friends with the right-minded leavers\", but if you do it all your life, it definitely helps.</p><p>Munger studied the lives and scientific works of Einstein, Darwin and Newton, but his favorite leaving man was always Franklin. Munger appreciated Franklin as the best writer, investor, scientist, diplomat and businessman in America at that time, and made great contributions to education and social welfare.</p><p>It was from Franklin that Munger formed the idea that you must become rich to freely contribute to human society. \"I've always been more interested in being a useful person than simply being rich\".</p><p><b>Third, the necessary interdisciplinary thinking.</b></p><p>Munger believes that a person with only a single disciplinary thinking is like a person with only one hammer. And as the famous saying goes, to someone with only one hammer, any problem looks like a nail. People who think in a single discipline have great limitations.</p><p>To form interdisciplinary thinking, Munger's suggestion is that everyone should not be required to keep pace with Laplace's mastery of celestial mechanics, nor should ordinary people be required to reach such a superb level in other fields of knowledge.</p><p>On the contrary, there are not many really important concepts in each discipline, and only a general understanding is needed to grasp the essence. As long as you master the most basic principles and concepts in the discipline, and then constantly apply them, and practice using various discipline thinking to solve practical problems, you can eventually form an advantage for yourself.</p><p>He used himself as an example: he has never studied psychology seriously, but he is interested in psychology and has conducted some self-study. With the content of self-study, he has gained great advantages in investment and life; As a law school student, my professional study is far from natural science, but because I have studied mathematics and physics carefully and mastered some thinking methods of natural science, I have gained the overall thinking advantage. He said:</p><p>I learned from physicists to solve problems by looking for the simplest and most direct answers. The easiest way is always the best way. I also learned from mathematicians to look at the problem upside down, or look at it from the opposite side, reverse and reverse again. 2. In Munger's eyes, the road to wealth and freedom is simple</p><p><b>1. Know yourself well</b></p><p>Munger believes that everyone who wants to participate in the investment game must understand their own nature and must consider their marginal utility and psychological endurance before they can start investing.</p><p>If losses make you miserable-and some losses are inevitable-you should choose a very conservative approach to investing and saving throughout your life. You must incorporate your nature and talent into your investment strategy. There is no universally applicable investment strategy.<b>2. Invest in good business</b></p><p>Before acquiring See's Candy, Buffett and Munger were still bargain professionals. \"If they asked for another $100,000, we wouldn't have bought it,\" Munger said. \"We were so stupid.\"</p><p>When they discovered that See's Candy was an excellent business, Munger realized that it was much easier and enjoyable to buy a high-quality business to keep it running than to buy a struggling company at a low price and then spend time and effort to save it.</p><p>Buffett said that if they hadn't bought See's candy, they might not have bought Coca-Cola later. Munger said:</p><p>I've learned a lot from See's Candy: The way you think and do things must stand the test of time. This experience has made us make more informed acquisitions elsewhere and make better decisions.<b>3. Learn to judge whether a business is a good business</b></p><p>Munger has unusually accurate judgments about business. Buffett once said, \"Munger can analyze and evaluate any transaction faster and more accurately than anyone else in the world. He can see all possible flaws in 60 seconds, and he is a perfect partner.\"</p><p>Munger believes that to judge whether a business is a good business, you need to ask how long can this situation last?</p><p>I only know one way to answer this question, and that is to think about what caused the present situation-and then figure out how long before the driving force for these results will cease to exist.<b>4. When buying stocks in the stock market, what should the stock price be</b></p><p>Having the ability to answer this question explains why some people invest successfully and others don't. \"But then again, if it weren't for a bit of difficulty, everyone would be rich,\" Munger firmly believes.</p><p>Looking at the industry for a long time will give investors better insight in answering this question.</p><p>There used to be a lot of downtown department stores, which seemed invincible. The owner provides customers with a large number of shopping options, strong purchasing power, and also owns the most expensive property in the city. Many tram lines pass by on the corner of the mall. However, over time, private cars became the dominant mode of transportation. The trams disappeared, customers moved to suburbs to live, and shopping malls became the main shopping venue. Some simple changes in our lives can completely change the long-term value of a business.<b>5. Consider redundancy factor</b></p><p>Munger said that although few companies stand tall, every company should be founded expecting to exist for many years. \"Building a dangerous bridge is a crime, but how noble is setting up a fragile company?\" Therefore, Munger believes that the \"redundancy factor\" of enterprises should be considered. Just as when building a bridge, redundancy factor is needed to cope with extreme pressure, the company should also be able to resist the pressure from competitors, economic recessions, oil crises and other natural and man-made disasters. Excessive use of leverage tools or debt will make companies vulnerable to economic storms.</p><p>Many Chinese investors have found that Munger has a spirit and tradition similar to that of traditional Chinese scholar-bureaucrats-he gains wisdom through learning, relies entirely on self-cultivation to achieve business success, adheres to ideals and beliefs, follows moral principles, is rational, honest, optimistic, and full of ultimate concern for society. Reading Munger's biography and getting to know Munger is an unusual journey for us to explore the ways of success in the business society.</p><p><b>Munger's golden sentence:</b></p><p>You definitely have to do business with high caliber people and never wrestle with a pig because if you do you will both get dirty, but the pig will enjoy it.</p><p>The difference between a good business and a bad business is that in a good business, you will make one easy decision after another, while the decisions of a bad business are often extremely painful.</p><p>I am a biographer myself. For example, if you become friends with Adam Smith, you will definitely do economics better. It sounds funny to make friends with great people who have passed away, but if you do this all your life, you will benefit a lot.</p><p>In the final analysis, the investment game is about making more accurate predictions about the future than others. How to do it? One approach is to have this competition in a limited number of regions. If you try to predict the future of everything, you will fail because of your lack of expertise.</p><p>If you want to be smart you have to keep asking why? Why? Why? At the same time, you have to connect the answers to the deep theory of coherence. You have to know those main theories. It's slightly laborious, but full of fun.</p><p>Munger never directs people on exactly what they should do. What he gave the audience was a map where the treasures of wisdom could be found. Only when you truly understand the meaning of the instructions and follow them all the way to the end will the door to the treasure open for you.</p><p></body></html></p>","source":"lsy1645511055786","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Night Reading | Munger: Do these things well, and the road to wealth and freedom is simple</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nNight Reading | Munger: Do these things well, and the road to wealth and freedom is simple\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">期乐会</strong><span class=\"h-time small\">2022-03-21 22:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body>Munger believes that everyone who wants to participate in the investment game must understand their own nature and must consider their marginal utility and psychological endurance before they can start investing. For decades, there has been a man standing silently behind the aura of stock god Buffett, and he is Charlie Munger. They met when they were young, appreciated each other, and their values were highly consistent. Buffett said without words: Without Munger, I would be much poorer than I am now. I am beyond words of gratitude to him. They are life partners with equal wisdom and co-creators of the investment miracle with a compound annual growth rate of 19.2% in 51 years. The difference is that Munger is too low-key. Every spring, thousands of people travel to Omaha, Nebraska, to attend Berkshire's annual shareholder meeting. They are going to see Buffett, but they are also very interested in the man sitting beside Buffett on the stage and helping the Omaha wise man answer questions from time to time.</p><p>The performance usually goes like this:</p><p>Buffett answers the question first, and the length of time is up to him. When he arrived, he would turn to Munger and ask: Is there anything else you want to add? Munger sat there motionless, and answered simply and crudely: Nothing to add. Occasionally, based on his rich experience and experience, Munger will also put forward some opinions, and then say a short paragraph. Once Munger speaks, the audience listens to his opinion with full attention. On the way to pursue the wisdom of life, he didn't care whether he stood in the spotlight. Even, he hopes that his wealth will remain just below the level of Forbes' rich list, so that he can avoid the spotlight and public attention. Buffett's eldest son once said: My dad is the second smartest person I know, and Charlie Munger is the first.</p><p>Munger is an outstanding investment thinker, but he was not born like this. In his only authorized biography, \"Buffett's Behind-the-Scenes Think Tank: The Biography of Charlie Munger\", he showed the details of his thinking and the key to becoming an investment big coffee.</p><p>1. Self-improvement is the most important</p><p>Munger said, \"To win first place, you have to get ahead and never stand still. I always get into a business better than everyone else. Why? The answer is to learn yourself. That's a really good idea that works.\"</p><p><b>What Munger said about self-study is never-ending self-improvement.</b>On this road of self-improvement, he values three points most:</p><p><b>First, think for yourself.</b></p><p>He said that if you completely rely on others in the process of thinking and always listen to other people's so-called \"professional opinions\", once you leave your own small world, you will be in disaster.</p><p>Graham is Buffett's teacher, the originator of value investing, and the main source of Buffett's early investment ideas. But Munger does not fully agree with Graham. He believes that many of Graham's views ignore the reality of the situation. \"There are blind spots in Graham's thinking. He doesn't realize that some businesses are worth investing in ahead of time.\"</p><p>It is at this point that Buffett believes that Munger has the greatest influence on him, and uses strong willpower to release him from Graham's limited views and push him into the direction of \"buying high-quality assets at the right price\".</p><p>It is precisely because of this that Buffett said, \"Without Munger, I would be much poorer than I am now.\" The classic investment case of Buffett buying BYD and making more than 20 times the profit, which everyone talks about, was also a decision made by Buffett after Munger's strong insistence. \"I'd love to say that it was my decision to invest in BYD, but no, it wasn't my decision to invest in BYD, nor the decision of my investment team, but one day Munger called me and said: We have to invest in BYD.\"</p><p>Munger never blindly follows experts in life. He has his own doctors and accountants, and he will refer to their opinions, but he will not believe them all. He weighed what they said, then studied it himself, and finally came to a conclusion.</p><p><b>Secondly, the role of reading is beyond imagination.</b></p><p>Munger is a voracious scholar. His room, bed, and chair are full of books, but he is not a fan of novels. What he reads is either business, biography, history or science and technology, all based on facts.</p><p>Munger said, \"I'm very clear about why I'm collecting this information. I think about the facts I want to know before I start, and then judge whether the data I see matches the basic concepts. A lot of purposeful reading can create a subconscious habit of connecting what I read with the basic concepts, and gradually accumulate wisdom about investing. You can't be a really good investor without a lot of reading. \"</p><p>Munger believes that reading business magazines is a shortcut.</p><p>Buffett and I have learned more from excellent business magazines than anywhere else. Just flipping through issue after issue quickly can get all kinds of business lessons. This method is so simple and effective. He said that if you want to be smart, you have to constantly ask why, why, why.</p><p>Munger is also a biography freak. He believes that when you want to master some effective great ideas, it is best to combine them with the life and personality of great men. It sounds funny to \"make friends with the right-minded leavers\", but if you do it all your life, it definitely helps.</p><p>Munger studied the lives and scientific works of Einstein, Darwin and Newton, but his favorite leaving man was always Franklin. Munger appreciated Franklin as the best writer, investor, scientist, diplomat and businessman in America at that time, and made great contributions to education and social welfare.</p><p>It was from Franklin that Munger formed the idea that you must become rich to freely contribute to human society. \"I've always been more interested in being a useful person than simply being rich\".</p><p><b>Third, the necessary interdisciplinary thinking.</b></p><p>Munger believes that a person with only a single disciplinary thinking is like a person with only one hammer. And as the famous saying goes, to someone with only one hammer, any problem looks like a nail. People who think in a single discipline have great limitations.</p><p>To form interdisciplinary thinking, Munger's suggestion is that everyone should not be required to keep pace with Laplace's mastery of celestial mechanics, nor should ordinary people be required to reach such a superb level in other fields of knowledge.</p><p>On the contrary, there are not many really important concepts in each discipline, and only a general understanding is needed to grasp the essence. As long as you master the most basic principles and concepts in the discipline, and then constantly apply them, and practice using various discipline thinking to solve practical problems, you can eventually form an advantage for yourself.</p><p>He used himself as an example: he has never studied psychology seriously, but he is interested in psychology and has conducted some self-study. With the content of self-study, he has gained great advantages in investment and life; As a law school student, my professional study is far from natural science, but because I have studied mathematics and physics carefully and mastered some thinking methods of natural science, I have gained the overall thinking advantage. He said:</p><p>I learned from physicists to solve problems by looking for the simplest and most direct answers. The easiest way is always the best way. I also learned from mathematicians to look at the problem upside down, or look at it from the opposite side, reverse and reverse again. 2. In Munger's eyes, the road to wealth and freedom is simple</p><p><b>1. Know yourself well</b></p><p>Munger believes that everyone who wants to participate in the investment game must understand their own nature and must consider their marginal utility and psychological endurance before they can start investing.</p><p>If losses make you miserable-and some losses are inevitable-you should choose a very conservative approach to investing and saving throughout your life. You must incorporate your nature and talent into your investment strategy. There is no universally applicable investment strategy.<b>2. Invest in good business</b></p><p>Before acquiring See's Candy, Buffett and Munger were still bargain professionals. \"If they asked for another $100,000, we wouldn't have bought it,\" Munger said. \"We were so stupid.\"</p><p>When they discovered that See's Candy was an excellent business, Munger realized that it was much easier and enjoyable to buy a high-quality business to keep it running than to buy a struggling company at a low price and then spend time and effort to save it.</p><p>Buffett said that if they hadn't bought See's candy, they might not have bought Coca-Cola later. Munger said:</p><p>I've learned a lot from See's Candy: The way you think and do things must stand the test of time. This experience has made us make more informed acquisitions elsewhere and make better decisions.<b>3. Learn to judge whether a business is a good business</b></p><p>Munger has unusually accurate judgments about business. Buffett once said, \"Munger can analyze and evaluate any transaction faster and more accurately than anyone else in the world. He can see all possible flaws in 60 seconds, and he is a perfect partner.\"</p><p>Munger believes that to judge whether a business is a good business, you need to ask how long can this situation last?</p><p>I only know one way to answer this question, and that is to think about what caused the present situation-and then figure out how long before the driving force for these results will cease to exist.<b>4. When buying stocks in the stock market, what should the stock price be</b></p><p>Having the ability to answer this question explains why some people invest successfully and others don't. \"But then again, if it weren't for a bit of difficulty, everyone would be rich,\" Munger firmly believes.</p><p>Looking at the industry for a long time will give investors better insight in answering this question.</p><p>There used to be a lot of downtown department stores, which seemed invincible. The owner provides customers with a large number of shopping options, strong purchasing power, and also owns the most expensive property in the city. Many tram lines pass by on the corner of the mall. However, over time, private cars became the dominant mode of transportation. The trams disappeared, customers moved to suburbs to live, and shopping malls became the main shopping venue. Some simple changes in our lives can completely change the long-term value of a business.<b>5. Consider redundancy factor</b></p><p>Munger said that although few companies stand tall, every company should be founded expecting to exist for many years. \"Building a dangerous bridge is a crime, but how noble is setting up a fragile company?\" Therefore, Munger believes that the \"redundancy factor\" of enterprises should be considered. Just as when building a bridge, redundancy factor is needed to cope with extreme pressure, the company should also be able to resist the pressure from competitors, economic recessions, oil crises and other natural and man-made disasters. Excessive use of leverage tools or debt will make companies vulnerable to economic storms.</p><p>Many Chinese investors have found that Munger has a spirit and tradition similar to that of traditional Chinese scholar-bureaucrats-he gains wisdom through learning, relies entirely on self-cultivation to achieve business success, adheres to ideals and beliefs, follows moral principles, is rational, honest, optimistic, and full of ultimate concern for society. Reading Munger's biography and getting to know Munger is an unusual journey for us to explore the ways of success in the business society.</p><p><b>Munger's golden sentence:</b></p><p>You definitely have to do business with high caliber people and never wrestle with a pig because if you do you will both get dirty, but the pig will enjoy it.</p><p>The difference between a good business and a bad business is that in a good business, you will make one easy decision after another, while the decisions of a bad business are often extremely painful.</p><p>I am a biographer myself. For example, if you become friends with Adam Smith, you will definitely do economics better. It sounds funny to make friends with great people who have passed away, but if you do this all your life, you will benefit a lot.</p><p>In the final analysis, the investment game is about making more accurate predictions about the future than others. How to do it? One approach is to have this competition in a limited number of regions. If you try to predict the future of everything, you will fail because of your lack of expertise.</p><p>If you want to be smart you have to keep asking why? Why? Why? At the same time, you have to connect the answers to the deep theory of coherence. You have to know those main theories. It's slightly laborious, but full of fun.</p><p>Munger never directs people on exactly what they should do. What he gave the audience was a map where the treasures of wisdom could be found. Only when you truly understand the meaning of the instructions and follow them all the way to the end will the door to the treasure open for you.</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/JhLeIViECJAVJNuuvMNDPA\">期乐会</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/7d30d3e4a8c584dc0c7143999338c880","relate_stocks":{},"source_url":"https://mp.weixin.qq.com/s/JhLeIViECJAVJNuuvMNDPA","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129199259","content_text":"芒格认为，每个人想参与投资游戏的人都必须了解自己的天性，都必须在考虑自己的边际效用和心理承受能力后才能开始投资。几十年以来，在股神巴菲特的光环背后默默站着一个人，他就是查理·芒格。他们年轻时相识，彼此欣赏，价值观高度一致，巴菲特毫不讳言地说：没有芒格，我会比现在贫穷很多。我对他的感激无以言表。他们是智慧相当的人生合伙人，是51年年复合增长率19.2%的投资奇迹共同的创造者，不同之处在于芒格实在过于低调。每年春天，数以千计的人前往位于内布拉斯加州的奥马哈参加伯克希尔公司的年度股东大会，他们是去看巴菲特的，不过对台上那个坐在巴菲特身边，时不时帮助这位奥马哈智者回答问题的人，他们也非常感兴趣。表演通常是这样进行的：巴菲特先回答问题，时间长短由他决定。临了，他会转向芒格，问道：你还有什么要补充的吗？芒格一动不动地端坐在那里，回答简单而粗率：没什么要补充的。偶尔，芒格基于自身丰富的阅历和经验，也会提出一些观点，然后说上一小段。一旦芒格开口说话，听众们都会全神贯注地听他发表看法。在追寻人生智慧的途中，他不在意自己是否站在聚光灯下。甚至，他希望自己的财富恰好保持在福布斯富豪榜名单的水准之下，这样他就能避开聚光灯，免受公众的关注。巴菲特的长子曾说：我爸是我认识的人中第二聪明的，查理•芒格第一。芒格是一位杰出的投资思想家，但他并非生来如此，他在自己唯一授权的传记《巴菲特幕后智囊：查理·芒格传》一书中，展示了自己思考的细节和成为投资大咖的关键。一、自我提升最重要芒格认为：\"要想赢得第一，就必须占得先机，千万不要原地踏步。我总是刚刚涉足某一业务就比其他人干得都要好。为什么？答案就是通过自学来提高修养，这才是真正行之有效的好主意。\"芒格说的自学，就是永不停歇的自我提升。在这条自我提升之路上，他最看重的有三点：首先，独立思考。他说，如果你在思考过程中完全依赖他人，总是听别人的所谓“专业意见”，一旦你离开自己的小天地，就会大难临头。格雷厄姆是巴菲特的老师，价值投资的开山鼻祖，巴菲特前期投资思想的主要来源。但芒格并不完全认同格雷厄姆，他认为格雷厄姆很多观点无视现实情况。“格雷厄姆思想中有盲点，他没有意识到有的生意值得提前投入。”正是在这一点上，巴菲特认为芒格对他的影响最大，用强大的意志力把他从格雷厄姆有局限性的观点中释放出来，推向了\"以合适价格买优质资产\"这个方向。也正是因为这一点，巴菲特才说，\"没有芒格，我会比现在贫穷很多\"。大家津津乐道的巴菲特购买比亚迪，大赚20多倍的经典投资案例，也是在芒格极力坚持下，巴菲特才做出的决定。\"我很想说投资比亚迪是我的决定，但不是，投资比亚迪不是我的决定，也不是我的投资团队的决定，而是有一天芒格打电话给我说：我们必须投资比亚迪。\"芒格在生活中也绝不盲从专家，他有自己的医生、会计师，他会参考他们的意见，但不会全信。他斟酌他们说的，然后自己研究，最后才得出结论。其次，阅读的作用超乎想象。芒格是一个如饥似渴的读书人，他的房间里、床上、椅子上到处是书，但他并不是一个小说迷，他看的不是商业类、传记类就是历史类或者科技类，都是以事实为基础的。芒格说：\"我对自己为什么要搜集这些信息十分清晰。在开始之前就想好要了解哪些事实，然后去判断所看到的数据是否符合基本概念。大量有目的的阅读可以让人在潜意识里养成一种习惯，把读到的东西和基本概念联系起来，逐渐就会累积起有关投资的智慧。如果没有进行过大量的阅读，不可能成为一个真正出色的投资人。\"芒格认为，阅读商业杂志是一条捷径。巴菲特和我从优秀的商业类杂志中学到的比其他任何地方学到的都要多，只要很快地翻阅一期又一期的杂志，就可以得到各种各样的商业经验，这种方法是如此简单而有效。他说，你要想变得聪明一点，就必须不断地问为什么、为什么、为什么。芒格还是一个传记狂。他认为，要掌握一些行之有效的伟大观念时，最好和伟人的生平和个性结合起来。\"和思路正确的离世伟人交朋友\"听起来滑稽，但是如果一生都这样做，绝对大有裨益。芒格研究过爱因斯坦、达尔文和牛顿的生平和科学著作，不过他最喜欢的离世伟人从来都是富兰克林。芒格欣赏富兰克林是当时美国最好的作家、投资家、科学家、外交家、商人，同时为教育和社会福利事业做出了巨大的贡献。芒格正是从富兰克林那里形成了一种观念：要变得富有才能自由地为人类社会做贡献。\"我从来都对成为一个有用的人兴趣更大，而不是单纯地变得有钱\"。第三，必需的跨学科思维。芒格认为，只有单一学科思维的人，就像只有一把锤子的人。而就像那句著名的谚语说的那样，对只有一把锤子的人来说，任何问题看起来都很像钉子。单一学科思维的人具有很大局限性。而要形成跨学科思维，芒格的建议是，不能苛求每个人对天体力学的掌握达到与拉普拉斯并驾齐驱的地步，也不应苛求普通人在其他知识领域也达到如此精湛的水平。相反，每门学科真正重要的概念并不多，只需要大体了解，就能掌握精髓。而只要掌握学科中最基本的原理和概念，然后不断运用，练习用多种学科思维来解决实际问题，最终就能让自己形成优势。他用自己举例：从来没正经学过心理学，但对心理学有兴趣，进行了一些自学，凭借自学的内容，就在投资和生活中获得了巨大优势；作为法学院的学生，专业学习离自然科学很远，但因为认真学过数学课和物理课，掌握了自然科学的一些思考方法，就获得了整体的思维优势。他说：我从物理学家那里学会了通过寻找最简单、最直接的答案来解决问题。最容易的方法永远都是最好的方法。我又从数学家那里学会了将问题倒过来看，或者从反面去看，反转，再反转。二、在芒格眼里，通往财富自由之路是简单的1.充分了解自己芒格认为，每个人想参与投资游戏的人都必须了解自己的天性，都必须在考虑自己的边际效用和心理承受能力后才能开始投资。如果亏损会让你痛苦——而且有些亏损是不可避免的——那你毕生都应该选择一种非常保守的投资和储蓄方式。你必须将自己的天性和天分融入自己的投资策略中，没有一种普遍适用的投资策略。2.要投好生意在收购喜诗糖果之前，巴菲特和芒格还是捡便宜专业户。\"要是他们再多要10万美元，我们就不会买了，\"芒格说，\"我们当时就是那么愚蠢\"。当他们发现喜诗糖果是一桩出色的生意后，芒格意识到，收购一笔优质业务让它继续运作下去，比买下一家价格很低却在苦苦挣扎的公司，然后费时费力去拯救它要容易和愉快得多。巴菲特说，如果没有买喜诗糖果，那他们可能后面也就不会买可口可乐了。芒格则说：从喜诗糖果我学到了很多：思考和行事方式必须经得起时间的考验。这样的经验让我们在其他地方的收购更为明智，做出了更好的决定。3.要学会判断一门生意是不是好生意芒格对于生意有异乎寻常的准确判断。巴菲特曾经说，\"芒格能比世界上任何人更快更准地分析和评估任何一项交易。他能在60秒内看到所有可能的缺陷，他是一个完美的合伙人。\"芒格认为，要判断一门生意是不是好生意，就需要问这样的情况能持续多久？我只知道一种方法来回答这个问题，那就是思考：是什么造成了现在的局面——然后去弄明白造成这些结果的动力多久后将不复存在。4.在股市里买股票，股价应该是多少是否有能力回答这个问题就解释了为什么有人投资成功而有人没有。\"不过话说回来，要不是这个问题有一点难度的话，每个人都会变得有钱。\"芒格坚定地认为。长期观察行业情况会让投资者在回答这个问题上有更好的洞察力。以前有很多市中心百货商店，看来是不可战胜的。店主为顾客提供大量购物选择、购买力强大，还拥有城里最贵的物业，商场街角多条有轨电车线路经过。然而，随着时间的推移，私家车成了主要的交通模式。有轨电车的轨道消失了，顾客们搬到了郊区居住，购物中心成了主要购物场所。我们生活中一些简单的变化就能完全改变一项业务的长期价值。5.考虑冗余系数芒格说，虽然很少有公司屹立不倒，但是每一家公司都应该在创建的时候预计到要存着许多年。\"造一座危桥是犯罪，成立一家脆弱的公司又何尝高尚？\"所以，芒格认为应该考虑企业的\"冗余系数\"，就像修桥的时候，需要冗余系数来应对极端压力，公司也应该能抵抗来自竞争者、经济衰退、石油危机以及其他天灾人祸的压力。过多地运用杠杆工具或欠债都会让公司在经济风暴中脆弱得不堪一击。很多中国投资家发现芒格身上有类似中国传统士大夫的精神和传统——他通过学习获取智慧，完全依靠自身修养获得商业成功，坚守理想和信念，遵循道德准则，理性、诚实、乐观、对社会充满终极关怀。阅读芒格传记，了解芒格，是我们探索商业社会成功方式的一次不同寻常的旅程。芒格金句：你一定要和高水准的人做生意，永远不要和一头猪玩摔跤，因为如果你这么做了，你们两个都会变脏，但是猪会乐在其中。好企业和差企业之间的区别在于，在好企业里你会做出一个接一个的轻松决定，而差企业的决定则常常是痛苦万分的。我本人是一个传记狂，比如你要是和亚当·斯密成了朋友，那你一定会把经济学得更好。跟离世的伟人交朋友，这听起来很滑稽，但如果你一生都这样做，你会受益匪浅。投资游戏说到底就是要比其他人对未来做出更准确的预言。要如何做到呢？一种方法是将这种竞争在有限的几个区域中进行。如果你试图预言所有事情的未来，你会因为缺乏专长而失败。如果你想变得聪明，你就必须不停地问为什么？为什么？为什么？同时你还必须将答案和有条理的深层理论联系起来。你必须知道那些最主要的理论。这稍微会有些费力，但充满乐趣。芒格从不指导人们具体应该做些什么。他交给听众的是一幅能找到智慧宝藏的地图。只有当你真正理解了指令的含义并且一路遵循到底，宝藏的大门才会为你而开。","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":1989,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":4,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}