Charlie Munger: The ONE HABIT That Changed My Life | Daily Journal 2017 【C:C.M Ep.258】

Charlie Munger once said, “any year in which you don’t destroy one of your best loved ideas is a wasted year.” In this episode, Charlie Munger was asked what was the hardest idea that he has ever destroyed and why getting rid of the dumb idea is the most important mental habit?

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► Video Transcript & YAPSS Takeaway:
This is Daily Journal Annual Meeting with Charlie Munger on February 15, 2017.

☆Who is Charlie Munger?☆
Charlie Munger is vice chairman of Berkshire Hathaway and the closest partner of Warren Buffett. He is one of the best investors ever existed with his profound wisdom in investing, business and life. Prior joining Warren Buffett at Berkshire Hathaway, Charlie Munger ran an investment partnership that returned an average of 20% per year from 1962 to 1975. Meanwhile, the S&P 500 averaged an annual return of just 5% in that time.

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Charlie Munger: The ONE HABIT That Changed My Life | Daily Journal 2017 【C:C.M Ep.258】

[BlackFlashDrive]

Lesson: get rid of bad ideas so good ideas come in. When you talk about what you believe in, you are pounding that idea in your head

[ryandaley]

Thank you. Just what I needed to watch. My hubby and I are directors of our farm business and own property, plus small pensions. I am nearly 52, hubby is 55. We have started to save to retire from the farm, and possibly live on rental income, I'd really appreciate you go LIVE and talk about how to earn passive income online and retire comfortably, let’s say $1M.

[leverage]

How do we know when an old idea needs to be replaced, amd which new idea needs to be adopted?

Because we shouldn't just get rid of every old ideas every now and then if those are helpful for us, and we shouldn't just get new ideas into out head if we don't have evidence that those will improve us

[peno]

By the way who is the guy right of Munger keeping his mouth open?

[mellow-jello]

Thanks for bringing up the issue with Greta. Better for her to learn, analyze, before agitating the world. Rants go nowhere, collabs & action make the difference. Hope she encounters Charlie at some point.

[mietonen]

Evolution of the architecture

The old, well builded appartments have builded with a cumulative experience, from the time of the Romans — and we got fooled out of them?! ... ✨️🧡 Build to rock, and "safe", thick "walls". 😢😢😢😢