Alistair's blog

Lessons from Charlie

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May 4th, 2024

I was watching the 2024 Berkshire AGM today, the first without Charlie Munger. Charlie lived to 99.9 years old. He passed away few weeks before New Year’s Eve (which happens to be his birthday). He lived an incredible life. On top of being a billionaire, he dedicated most of his time to other endeavours – he has more than 20 grand and great-grand children. Spends time designing dorm rooms for universities. And used his last hours on the hospital bed for philanthropic causes. He stayed cheerful in spite of life’s troubles – he almost lost vision in both eyes, but simply reacted by saying “it’s time to learn braille”. In every way, he simply tried to be useful.

I’ve learnt so much from Charlie. I’ve learnt to want something out of life, deserve it. Life is not crazy enough that it’s rewarding undeserving people. I’ve put down some of other Charlie’s teachings to share:

  1. Choosing your Sisyphus: “the iron rule of life is everyone struggles” – Charlie. So, choose a struggle that you are good and comfortable with.
  2. Opportunity Cost: Charlie went to Harvard Law School and co-founded a successful law firm. But he quickly stopped when he realised investing with Warren will make much more money. Warren told Charlie, “Law is fine as a hobby, but not a great way to make a living”. Charlie listened.
  3. Staying rational: Charlie attributed rationality to his success. He vigorously eliminated any biases and investigated what worked and implemented them.
  4. Invert, always invert: “Tell me where I’ll die and I’ll never go there”
  5. Lifelong learning: He considered wisdom acquisition a moral duty. He never stopped learning.
  6. Live an engaged life: Charlie flies econ and meets people everyday. He has a weekly zoom call with all his grandchildren. He lives an engaged live. Unlike other billionaires, he isn’t locked in some ivory tower.
  7. Great husband: Charlie flies econ. But always flies private with his wife.
  8. Great family: Charlie’s daughter gave away her house when her friend was struggling. Charlie raised generous children and always spent quality time with them (e.g. fishing in Minnesota).

In the end, a few simple principles made all the difference.

Rest in Peace, Charlie.