The most important thing is not what cards you draw, but whether you can play the cards in your hand well. 2023 Berkshire Hathaway Shareholders Meeting, #芒格 : Let me answer. Nowadays, there are more and more value investors, the competition among them is becoming more and more fierce, and good opportunities are becoming less and less. Life for value investors is unlikely to be as easy in the future as it was in the past. My suggestion is simple. Value investors should be mentally prepared and accept the reality that it is difficult to make money.

Munger left us a lot of wisdom. For example, he said that the opportunity to make money is not by buying, but by waiting. I think the most important thing in the market is to wait. There are many opportunities now, but they all require waiting. Waiting is the most important profit.

Don't think about making quick money, slow money is what accumulates in the end and makes a big increase.

For example, he said that he is an optimistic pessimist. Pessimism is often correct, but this correctness is almost useless, while optimism is often successful. Only with optimism can you research, explore the unknown, and discover solutions. Optimistic dream pursuit like Musk is the best way to live.

Munger said that we must continue to learn. Regarding reading, he once said: There are no smart people I have met in my life (smart people from all walks of life) who do not read every day - none, not one. It might surprise you how much Buffett reads and how much I read. My kids laugh at me. They think I am a book with two legs.

It takes a lifetime of hard work and a lot of reading.

Continuous learning and continuous follow-up are the only ways to do business in the market. Wisdom and wealth, investment master, children and grandchildren, a legend #芒格离世 …

Salute to his wisdom!