Скачать или смотреть Charlie Munger: How to Think Like a Successful Investor (Why Warren Buffett's Partner Went Broke)

At 99 years old, I've spent seven decades watching smart people lose money in markets. Not because they lacked intelligence. Because they thought incorrectly about risk, probability, and human nature.

Most investors want stock tips and trading strategies. That's backward. Successful investing isn't about predicting winners. It's about avoiding catastrophic mistakes that destroy capital. It's about building a margin of safety so wide you can be wrong and still survive.

Rick Guerin made the same investments as Warren Buffett. He had the same information. He thought the same way. But today, Warren is worth $140 billion and Rick had to sell his Berkshire Hathaway shares for $40 each—shares now worth over $700,000.

What happened? Rick made one psychological mistake that cost him everything.

In this video, I share the five mental models that built Berkshire Hathaway from a failing textile mill into a $900 billion company. These aren't investing techniques. They're thinking frameworks that anyone can follow, but most won't.

The Five Rules:
Rule 1: Invert, Always Invert - Stop asking "how do I win?" Start asking "how do I avoid ruin?" The people who get rich aren't right most often. They're never catastrophically wrong.

Rule 2: Know Your Circle of Competence - Your circle is smaller than you think. The boundary between what you understand and what you think you understand is where money gets destroyed.

Rule 3: Think in Probabilities, Not Certainties - There are no guarantees in investing. Only ranges of outcomes. Position yourself to survive all of them and profit from most.

Rule 4: Build a Margin of Safety - Pay 50 cents for a dollar. Your valuation will be wrong. Your assumptions will be wrong. Can you survive being wrong?

Rule 5: Ignore the Market's Emotions - The market is manic, depressive, and terrified—often in the same week. Price movements are noise. Business reality is signal.

I learned this from my grandfather who bought farms during panics, and from Warren Buffett who applied the same principles for 60 years. No shortcuts. No magic. Just relentless rationality over decades.

This is how wealth gets built. Not through brilliance. Through avoiding stupidity longer than everyone else.

TIMESTAMPS:
0:00 - Introduction: Why Smart People Lose Money
3:45 - Rule 1: Invert, Always Invert
13:20 - Rule 2: Know Your Circle of Competence
23:15 - Rule 3: Think in Probabilities, Not Certainties
32:40 - Rule 4: Build a Margin of Safety
41:10 - Rule 5: Ignore the Market's Emotions
42:30 - The Origin Story: Lessons from Grandpa Ingham
44:45 - Final Challenge

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DISCLAIMER: This video is for educational purposes only and is not financial advice. All investing involves risk, including potential loss of principal. Past performance does not guarantee future results. Consult a qualified financial advisor before making investment decisions. Do your own research.
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