In 1980, Warren Buffett made a 6-Point list of what it takes to be a great investor.
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Controlled Greed
//不缺机会，缺安全的现金。针对欲望 -
Patience
//迂回，时间的景深。不败为胜。复利。针对焦虑 -
Be Unique
//独立思考。见路不走，实事求是。另外，异质性很重要。 -
Self-Confidence Based on Knowledge
//读好书。从根上理解事物。确保决策基于事实，而不是感觉。针对恐惧 -
Accept your Weaknesses
//能力圈。安全边际。 -
Flexibility
//不教条。
In 2007, Charlie Munger gave a speech at the USC School of Law.
It contained his most crucial ideas for living deliberately.
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To get what you want, deserve what you want.
//想要得到什么，先让自己配得上它。管理预期。 -
Acquire wisdom, for it's both a moral duty and a practical one.
//这里的智慧是指，搞清楚什么是真正重要的事情，删去不重要的事情。认识的事情的根本，而不是像苍蝇一样，到处乱叮，碰运气。 -
Learn the big multidisciplinary ideas of the world and use them regularly.
//多元思维模型 -
Think through problems forward and backward.
//之前有人设计一条 prompt 让 AI 用这种方式思考。 -
Be reliable. Unreliability can cancel out the other virtues.
//可靠。他人才会信任你。 -
Avoid intense ideologies.
//意识形态其实就是种文化。文化没有对错好坏，它像基因一样，只是存续。与文化保持距离。 -
Do the work to have an opinion of your own.
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Avoid being part of a system with perverse incentives.
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You’ll achieve the greatest success where you’re most intensely interested.
14 more ideas from Buffett and Munger I don’t want to forget:
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The one thing that has surprised me all my life is how many people with high IQs do massively stupid things.
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Berkshire was a small business at one time. It just takes time. It is the nature of compound interest. You can't build it in one day, or one week.
//时间的景深。耐心。复利。做正确的事。 -
Unfortunately, Bertrand Russell's observation about life in general applies with unusual force in the financial world: "Most men would rather die than think. Many do.”
//求知求实 -
The sign above the players' entrance to the field at Notre Dame reads 'Play Like a Champion Today.'
I sometimes joke that the sign at Nebraska reads 'Remember Your Helmet.'
Charlie and I are 'Remember Your Helmet kind of guys.'
We like to keep it simple.
//不败为胜。重复做简单但正确的事。就像和尚念经，冥想，锻炼。 -
You need an ability to not be driven crazy by extreme success.
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It's so easy to get so busy that you no longer have time to think—and you pay a huge price for that.
//反复强调思考的重要性。正确的思考。 -
We've had enough good sense when something was working well we keep doing it.
//重复做正确的事。少犯错。 -
While an excess of self-regard is often counterproductive in its effects on cognition, it can cause some weird successes from overconfidence that happens to cause success.
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We have been a student of other's folly, and it has served us well.
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I like to deal with people where I feel a one-page contract would do the job.
//简单 -
Always try to simplify things to their essence–the fundamental or most important aspect of something—the core.
//从根上理解事情 -
Real wisdom is not the knowledge of everything, but the knowledge of which things in life are necessary, which are less necessary, and which are completely unnecessary to know.
//智慧是拎得清轻重缓急。不必要的事情，做得再好又有何用 -
In almost sixty years of investing, we've found it practically useless to give advice to anyone.
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The real issue is mediocrity.
There are too many .240 hitters on boards. Businesses often settle for a notch or two above mediocrity.
//平庸有引力，需要加速度。我该用什么加速？痛苦是最好的燃料，直面承受。