Reflecting on Charlie’s Wisdom for Thanksgiving

"To get what you want, you have to deserve what you want."

- Charlie Munger

Since today is Thanksgiving, I thought reflecting on Charlie’s wisdom was a great way to give thanks and honor one of the greatest investors of all time, who is now celebrating 99 years on Earth.

For the cynic, the homespun wisdom of Munger and Buffet may seem trite. But it’s the cynic who most needs to hear this wisdom, particularly on a day like today.

Here are five ways to lead a worthwhile life, according to the wisdom of Charlie.

5. "Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating."

The responsibility for life circumstances lies within you, not with external factors or other people. No matter what situation you find yourself in, take accountability for shaping your life.

4. "In my whole life, I have known no wise people who didn't read all the time - none ... ZERO."

The accumulation of knowledge over time makes you wise, and today, so much knowledge is easily available to so many. You only need to seek it out.

3. “Being rational is a moral imperative. You should never be stupider than you need to be."

Everyone has limitations in knowledge and understanding and strives to avoid unnecessary ignorance or the willful avoidance of thinking things through.

2. "The big money is not in the buying and selling ... but in the waiting."

In an on-demand world, patience may be the hardest virtue to master, but it allows for thoughtful action and response rather than impulsivity, leading to better long-term happiness. This is especially true for the startup and venture world. 

1. “You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long time."

If there is one virtue that Charlie and Warren are most known for it’s their patient approach to playing the long game.  Their success is living proof that it works.

Happy Thanksgiving, everyone.