Charlie Munger: Mental Models for the Rest of Your Life (PART 2)
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- Опубліковано 26 чер 2024
- Charlie Munger, the vice chairman of Berkshire Hathaway and one of the most successful investors ever, is said to have the best 30-second mind in the world. He goes from A to Z in one move. He sees the essence of everything before you can even finish the sentence.
How does he do it? Through observing reality and running it against his mental models. In this series of videos, you’ll learn some of the most important models which Charlie Munger uses, which he has talked about publicly. These mental models have helped Munger to conquer the stock market, but they are so diverse that they have applications within many other areas too. For example, they have allowed Munger to be a successful Chairman at a large hospital, and they have allowed him to overcome devastating personal losses.
The series will cover a total of 35 of Charlie’s mental models. He says he has some 100 models in his head at all times, but he also says that a few of them carry most of the freight. I think that we’ll cover the most important ones in this series, which will be divided into 7 parts, will 5 models in each one. The models will primarily be related to investing, but also to associated subjects such as economics, entrepreneurship & career. Hope you enjoy.
Part 3: • Charlie Munger: Mental...
The mental models covered in this episode are:
00:00 Intro
00:39 Opportunity Costs
04:40 Parimutuel Betting
07:24 Survival of the Fittest
11:25 Margin of Safety
14:01 The Superpower of Incentives
The mental models that were covered in part 1 ( • Charlie Munger: Mental... ):
- The Swiss Army Knife Approach
- Make Friends With the Eminent Dead
- Invert, Always Invert
- Compounding
- Crush Your Cherished Beliefs
My goal with this channel is to help you make more money and improve your personal finances. How to become a millionaire? There are many ways to get there - investing in the stock market, becoming a stock trader, doing real estate investing, or why not becoming an entrepreneur? But whether you are interested in how to invest in stocks or investing strategies for creating passive income with rental properties - I hope to be able to provide you with a solution (or at least an idea) here. Warren Buffett - the greatest investor of our time - says that you should fill your mind with competing ideas and then see what makes sense to you. This channel is about filling your mind with those ideas. And in the process - upgrading your money-making toolbox.
Thank you for watching. If you enjoyed this one, here is the next part, part 3, in the series: ua-cam.com/video/p8VK5iajWyw/v-deo.html
Absolutely great video👍🏻
It is incredible to see how much time and effort you put in making of these videos. Great work 👍
I learnt the concept of Opportunity cost during my MBA (2007), life has never been the same since. I use this model more than any other.
I’m hitting the like button on every one of these! Awesome series!
Awesome thank you English Muffin! Cheers!
Tack för ditt kolossala arbete att lyfta upp viktiga investernigsfrågor och sprida kunskaper. Helt enastående kanal.
Thanks for this! Waiting for even more of these!
Really enjoyed this! Looking forward to future parts :)
Your content is always 100% quality! Thank you!
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Great work, my man!!!
Pretty sure I'm gonna come again and again to re-watch these series. It's too darn good.
Keep it up!
One of the best videos of yours. Thanks!
thank you for the video looking forward to part 3
I'm happy to hear that Angel Sanchez! Cheers to you 🙌
That Lehman Brothers joke had me dead. Great video as usual for this channel!
I loved this, thanks 💜
Cant wait for the next part 😌
Very good initiative!
Hopefully the world will grow a bit wiser because of your efforts.
Best youtube series ever made!
Opportunity cost might be the single most important concept investors need to understand. Truly understanding it and applying it whenever you (want to) make an investment decisions is a game-changer.
Preach 👍
Not just investor imo. Every human should understand it.
you're one of the most underrated UA-camr in the world!!! keep it up❤️
Thanks for watching and comments, We will introduce you to something totally different and quite profitable like BTC. Just DM
*+ 1 6 8 9 3 5 6 8 7 8 6* @ W H A T S A P P ..
It arrived ! i've been waiting for days ! 😀
Haha, glad to be able to finally deliver it! 🙌
This series is great! Well done.
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Noice! I never miss any videos you upload! Keep up the great work!
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big man, good to see you upload
W/H/A/T/S/A/P/P.....
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loved it, cant wait for the third one!
Thanks for watching and comments, We will introduce you to something totally different and quite profitable like BTC. Just DM
*+ 1 6 8 9 3 5 6 8 7 8 6* @ W H A T S A P P ..
Awesome guys!! Best thing that I came across in these days
Thanks for watching and comments, We will introduce you to something totally different and quite profitable like BTC. Just DM
*+ 1 6 8 9 3 5 6 8 7 8 6* @ W H A T S A P P ..
Awesome video. thanks!
Awesome video, thank you!
Genius. Summarizing thousand hours of Charlie Munger thought by watching and editing his shareholder meeting is very difficult task that his biography cannot attain. You are a genius and attain a greatmetal clarifty. Thank you
I can't stop watching and learning,
More please... 👍
Some of these go beyond Investing, which is awesome. The key is applying these models which I think people in general can't be bothered with.
For me personally, opportunity cost is the single most important model in this vid. So simple yet easy to misapply.
Great video!
Thank you very much, this channel is a blessing for investors that are serious about investing.
Thanks for the video
awesome series! not just good for investment but also perfect for daily life!
Great video!
Another GREAT one!!! Now looking forward to digging into part 3 ...
Thanks for watching and commenting on my channel,,,for further questions, guildience and support📊📊
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Good job mate, they are super interesting videos, greetings from Italy!
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Amazingly well condensed wisdom in these. Great videos, mate and masterclass thinking from Charlie!
Super as always!
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Excellent content 💯 👍
You're the only one now a days who's explaining this topic beautifully love from India bro❤️
Appreciate your support and feedback kindly Text me for more ideas.
+ 1 (762) 250-7643📩
Send a note now for something good today!Thanks for watching!
Thank you very much for this video. 🙏 Much grateful!
Thanks for watching and commenting on my channel,,,for further questions, guildience and support📊📊
+1•[970]••[5•7•9]••[0•0•5•6]..:..,:;
You deserve more likes and subscribers! 🤩
Again, very good content!
Thanks for watching and comments, We will introduce you to something totally different and quite profitable like BTC. Just DM
*+ 1 6 8 9 3 5 6 8 7 8 6* @ W H A T S A P P ..
Great video
Excellent !!!
Thank you for taking the time to introduce this wisdom to the masses. You've certainly changed many lives!
Waiting for part 3
Great work my friend
C•o•n•t•a•c•t•• M•r•• R•o•b•e•r•t•• R•o•c•k•w•e•l•l•• f•o•r•• c•r•y•p•t•o i•n•v•e•s•t•m•e•n•t 📝 'W. • H • A • T • S • A • P • P • + • 1 • 2 • 1 • 3 • 5 • 2 • 9 • 6 • 7 • 9 • 5
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Good video serie
Thanks for watching and commenting on my channel,,,for further questions, guildience and support📊📊
+1•[970]••[5•7•9]••[0•0•5•6]^*%
I've said it once and I'll say it again, this is going to be a great series! Really excited and looking forward to the next one!
thanks for making this video, I am reading this book. this video helps me to understand the book too. perhaps you can elaborate more on mental models, I find invert model is very useful.
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Thank you brother
More videos please
Tack Erik 🙏🏻😀👍🏻
You are my guru sir. Great efforts sir.
This is great content.
I watch cat videos and investment videos at the same time. Checkmate.
Great content with great sense of humour....
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I need this all models organized in pdf. It's amazing
I found your channels few weeks ago and Ive watched pretty much 2-3 videos everyday. I am new to investing and I suffered quite a big loss earlier this year. I realized my problem was my mindset that I was trading rather than investing. Have to say that watching your videos really did open my mind about value investing. Thanks a lot and please keep up the good work. Cheers from Vietnam!
I'm glad to hear this Nguyen Manh Linh, thanks a lot for your support and comment 👍
You are amazing
Hey have you thought of selling poster prints of the completed 'scenes' from your videos? I'd love to hang some up around the office
Best videos on the internet
Ohhh man.. you’re just excelling at being the next role model. Well done
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Best page ever
C•o•n•t•a•c•t•• M•r•• R•o•b•e•r•t•• R•o•c•k•w•e•l•l•• f•o•r•• c•r•y•p•t•o i•n•v•e•s•t•m•e•n•t 'W. • H • A • T • S • A • P • P • + • 1 • 2 • 1 • 3 • 5 • 2 • 9 • 6 • 7 • 9 • 5 .
Could you review a book which is about how to read annual reports?
Man, like * 💯! Amazing 🤩
4:23 can you please make a video on that experience of yours with e-commerce business? I'd like to know what challenges you faced, what caused it to fail and have your opinion about it.
Super video brother....
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Thank you once again for the value you create in times of fake prophets with fake profiles!
I'm thankful for your support Valentin Stoyanov! Glad you enjoyed this one too. Hope to be able to keep it up for the rest of the series.
If I only knew earlier about these videos earlier... I've been wondering what were those famous "100 mental models or so" that Charlie recommended learning in one of his talks. And here they are all laid out !
Amazing content and munger is a man way beyond it's time not famous as Buffet but he is really smart.
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Hej! It would be great if you can make a video with your own experience and learnings of your failed e-commerce business. I’d love to know your view on the hurdles of becoming an entrepreneur!
great!
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16:15
Give people the right incentives
Please use the Old Man voice which reciting Charlie's quotes.
what is the app called ?
is it free of charge?
great knowledge you're providing. thanks for it.
If you translate in Hindi or subtitles in Hindi, it get more views and subscribers from India.
.. Unless it's Utah..lol .do you do food stocks?
In which book u founded all the models please share with us plsss
How are these principles directly linked to Charlie ?
Sir I have seen all the videos(6 Part) of this series. Please sir can you recommend me the book to read these theories and principles with examples.
Hey Manoj Chaurasia! The books and material that I've read and watched in order to make this series are the following:
- Poor Charlie's Almanack
- Damn Right!
- Seeking Wisdom
- Berkshire Hathaway AGMs 1994-2021
Cheers!
my man would you ever consider going over some of your own investments/ how they have performed?
Love your videos
yes that's right 😊 Tell us about when you started, how many years, you've been investing?
What is your average return per year? 😊
And it seems that you also do real estate?
Hey guys! Thank you for your support, I appreciate it. I'm not going to discuss the investments that I currently have in my portfolio on this channel because I do not want the price of some of the companies to rise (I want to buy more shares at cheaper prices). However, with that excluded, I'd be glad to hear your thoughts on themes for videos that you'd like to see 👍
@@TheSwedishInvestor Do you have any examples of previous investments that you could show us now? :) For me personally, at this point I have seen loots of content on investing concepts and fundamentals but what I really need to find is how to approach analyzing things like the management, pricing power, company financials, growth potential, etc, to decide "how good" an investment is. Do you have any content like that or know where to find it? Thanks ☺️
@@TheSwedishInvestor Ok maybe one day you'd tell us about your annual percentage returns 😊
If you don't want that now yet, then I suggest you make videos about dicipline..
Because there are a lot of people earning a lot of money, but because of their lack of dicipline, they could not invest any of it due to being consumers..buying things they don't need..
So how about making videos on how to make your expenses fund, emergency fund, invesment fund, and other funds..
Warren Buffett is said to have rented a crowded apartment in college even though he already got lots of earnings that time, and when his kids were getting numerous, he never bought a beand new bed nor a second hand one.. But in spite of being a millionaire that time, he took an unused wardrobe and had a carpenter turn it into a bed..
And is it true that inspite of being a billionaire and owner or the biggest conglomerate in the world, he never bought his own laptop and computer? And while most people are showing off what kind of phone they have, he bought only a phone from 2005 and never upgraded, inspite of being ultra rich.. All those he did because the money he saved are all used for stocks investing 😊
What about making a video on how to be that disciplined? 😊
Do a video on "business adventures"
Thanks for watching and comments, We will introduce you to something totally different and quite profitable like BTC. Just DM
*+ 1 6 8 9 3 5 6 8 7 8 6* @ W H A T S A P P .
Interesting video series, just feedback that the drawing hand is rather annoying after some time ... can it be "switched-off" some or most or all of the time?
Thanks for watching and commenting on my channel,,,for further questions, guildience and support📊📊
+1•[970]••[5•7•9]••[0•0•5•6].*.*.
How can I donate money to your channel?
This Guy has found the Keys
From which book have u got the mental models from?
Really want to know thanks!!!
Hey Dhiren Jagda! My sources for this one are:
- Poor Charlie's Almanack
- Damn Right
- Seeking Wisdom
- Berkshire Hathaway annual shareholder meetings
@@TheSwedishInvestor thanks bro keep up the good work 🙌🙌🙌
17:14 " and now I have nothing to add "
I know what you did there😉
Super video and super serious The Best “Mental Models series”on UA-cam
Duuuuude!!
Hi swedish investor
It would be great if the clips of munger talking has subtitles. I had to stop several time to understand.
Hi Ahmed! Could you please point me to the part where there was no subtitles?
Yessssss 🎉🍾🎊💐🥳❤️
"....(well, in most cases) you cannot marry person B" lol!
Interest > Reason
Well glad I chose to watch this over 10 cat videos
Sup Erik
Hi, the 'Cheers, guys!' at the end feels fake and out of tone with the rest of the video.
But otherwise pretty interesting stuff here.
I see a lot of faults that I need to fix in myself,
like being reliable and more incentivised to deliver higher quality work.
Businesses also compete for raw resources as well as customer's time, attention and money.
I'm not fat, I just have a margin of safety
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Question for the community: when buffet, munger or anyone invests in a company. Do they put it one lump sum and reinvest dividends or do they cost average their money in until they feel it’s no longer worth it plus dividends? 20x an initial investment is great for millionaires. 20x on a £200 investment for me while good still isn’t nearly substantial. For me to see decent returns I’d have to keep putting money in until I felt a stock was no longer a good buy.
They say lump sum investing usually beats dollar cost averaging something like 70% of the time. However dollar cost averaging is easier mentally for a lot of people and is better than not investing.
Berkshire must buy over time because they are huge and would soak up all the sell volume themselves and spike the price if they tried to do it in one trade or day.
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@13:58 lol