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February 15, 2023 The city of Los Angeles is an old hall folding chairs hall packed and the table on the stage in front of the people A 99-year-old man is sitting behind me. Brother, just try to feel this age and see that With age the body starts giving up. heard Gives less. It takes support to walk.
The eyes give the answer. wife go first It would have been done. Friends left one by one There are. And yet what remains is It is very precious. Respect and 99 years old A man often does the same thing with dignity Is. Saves him. Puts soil on top. To show clear accounts in the last years Tries. This is not dishonesty.
This is the default setting of humans. Now this A small company called Daily Journal It was an annual meeting. small company but today that There were people from Singapore in the room. Germany He had come from, he had come from Mumbai. Some? Some were investors, some were fans and some were just Wanted the line.
A line that the next day Take a screenshot and make a quote and go to the world Can be rotated. Then the question and answer session began and Someone asked about Alibaba company. Took. Alibaba, China's largest online Shop. Now let's wait a second. Understand What weight did this question carry in that room?
Daily Journal made money in Alibaba Had imposed. Around early 2021 16.5,000 shares were purchased. Then the stock dropped And then what happened is interesting. Reliance Instead of decreasing, it increased. buy more shares Went. By the end of the year, about 6 lakh shares Were purchased. Then the stock fell further.
after all Half of the stake had to be sold in 2022. Later And it was sold. Meaning buy expensive, buy cheap Sold. This line is the same in any language. It has meaning. Now any man of 99 years There were 10 ways I could approach this question. And The interesting thing is that all 10 are true. Would have been.
The Chinese government intervened Changed the rules. Truth. Jack's mother suddenly one day Disappeared. Truth. of the whole world The markets were moving strangely at that time. Truth. Chinese companies banned in America The sword was hanging. any one of these is true He would say the line and there was a man in the room.
There was no one who would stop me. 99 year old man Who interrupts? because people there He had come more to listen than to challenge. But He leaned towards the microphone and spoke in English. I got chard. I regard Alibaba S One Of the Worst Mistakes I Ever Made. in Thinking about Alibaba, I got charred with the idea of their position on the Chinese Internet.
I didn't stop to realize that Still a god damn retailer. That means China's Alibaba's status on the Internet, I I was fascinated after seeing her. I drifted away and I forgot to stop and see what happened. It is still a one-sale shop. stuff Selling shops and online shops Driving is not going to be easy for anyone.
Was. Now pay attention to what responsibility he has. But cast? I got chard. I was carried away. Three I am not China, not market, but Jackma. No, not the government, me. this man's His name was Charlie Munger. Now stop right here Wait. Because before I go any further, I You don't have to do a single dishonesty.
listen to this I seem to be as big as I am, then ask The question is even bigger than that. 99 years old Two and a half billion dollars, approximately ₹21,000 crores at the age of and when you have a 70-year-old behind you If the accumulated respect is already there, Admitting your mistake is not the hearth of your house Would extinguish.
Then how much does it cost to tell the truth? Was. The forgiveness of a millionaire and a laborer Forgiveness doesn't have one price. the man whose A mistake puts him back on the truck's steering wheel to utter this from her mouth That it was my mistake is another matter. His The weight is different.
So, this line is great or Cheap? We carry this question with us all the way. Will go. Because about Chali Mangal There are usually two types of stories told. Are. And according to me both are incomplete. The first story is about devotion. In this, Chali Mangal There is a sage. God of wisdom. the man who created a map of the human brain Warren Buffett who replaced Bergscheier Taking Hathaway to a trillion dollar milestone Played a real role that provided mental models I've listed 24 standard reasons and now you just have to You have to remember those 24 and you will be saved.
This In the story, money is the result of intelligence and intelligence It comes from books and books belong to him. The biggest proof of this story is a number 1 Trillion dollars. Berkashaya on August 28, 2024 A company named Havey touched this figure. About 84 lakh crores in our rupees. I I will not spend 2 minutes on this number.
to do Was Needed. Everyone does it. Every video here He stops and tells you that if you invest ₹10 daily If you spend crores, it will cost ₹300 to finish it. It will take years. This seems useless to me. Your mind does not understand 2000 years. You I am not going to live for 2000 years. This large It is a spectacle of numbers and its real purpose is information.
It is not about giving but about creating faith. as soon as The number becomes so large that the brain cannot process it. I cannot count that number beyond mathematics. enters religion. And when money does wonders If he becomes an earning man, he will automatically becomes a prophet. and none of the Prophets Doesn't ask boring questions.
like this money Where did it actually come from? We will ask that question later I will ask and I will ask properly. Second The story is about hatred. Charlie Munger is just one of them. And he is a rich man who has everything in life. Found it on the plate. Father is a lawyer, grandfather is a judge, Howard Entry with one phone call, rich partner and post-war California where If you throw something on an empty piece of land Even if I had given it, its price would have doubled by Tuesday.
It would have happened. In this story, all his wisdom is Excuse is. A story that was added later So that luck could be sold as skill. This story is incomplete and dull because Getting lucky is an event. luck found Holding on to it for 5 years is a habit and these If you don't know the difference between the two, you will lose your life.
Either we will keep worshipping someone or Will keep being jealous of someone. So in this video we Will do the third thing. Neither worship nor jealousy. We Charlie Munger's life layer by layer We will see. Let's listen to the story first. then stop We will do a reality check on how much skill is involved in this.
How much luck was there, how much timing was there and later How much did people sell it by calling it wisdom? And this method did not come from outside. the same man It comes from the life of. Her grandfather was a federal judge Was. His father was a lawyer. He himself was a lawyer. That Arguing at home did not mean fighting.
logic Was. Therefore, the best way to understand Charlie Munger is to This is the right way. Listen to it, then test it. do it. January 1, 1924 Omaha, Nebraska, that part of America Where nothing special happens. No Wall Street Neither the hustle and bustle nor the glitter of Hollywood, farms, markets, Railway lines and so much snow in winter Apart from studying indoors, men of Couldn't do anything.
In Charlie Munger's house The law was in the air. The child has a lot I learned one thing quickly that anything The answer is not that I think so. The answer is why? And if you why If you can't answer this, how much do you have to say? Even if it is spoken loudly, it will rest on the table. No. Charlie Munger in his teens at a shop Used to work.
The grocery store was called Buffett's. & Son. The owner was Earliest Buffett. a strict Miserly old type shopkeeper. 12 hours A shift of $2 in exchange. And one thing is clear here It is necessary to pay tax because it is available on the internet. It is romanticized again and again. same Another boy in the shop in different years Used to work.
Warren, grandson of Ernest. Same Warren Buffett whose name everyone knows today. But both of them did not meet there. Both walked on the same floor. both from the same basket Stood behind. Both of them had the same old Heard the man's scolding and still loved each other Will not go. There were still 20 years left before we met.
It's very nice to have this in the story. Both would have met there. As a child We would have become friends and it would have been decided there that what would happen next The world's largest investment A partnership is about to be formed. But life Actually it doesn't work like that. your biggest Partnership right now, maybe next to you You're sitting in a room and you both look at each other.
You don't even know. Life at its greatest I don't tell the joke in advance. Then came the war Went. Mangar joined the army. Army Air Corps And the job he got was the best in listening. Sounds like a boring military job. Meteorology meteorologist. The weatherman. Him Sent to Caltech for studies. Now think Whether this work was really boring or not.
Flyers over Alaska Pilots depended on his reports. He said that the weather would be clear and the weather If it was not clear, the ship would fall into the ice. And somewhere in some house, a woman stands at the door She kept looking at it. 202 years old At the age when boys are on social media They are fighting pointlessly about who is right.
The boy learned one thing with his own hands. Not from it but from the result. Thinking is not a hobby. Thinking is a responsibility and thinking wrong has a cost. Often someone else pays. This thing about his Never died inside. You are his whole life I can see it. That man Rai Not used for entertainment Was.
He always asked if I was wrong. So whose house will the bill go to? Now straight talk There's not a single thing like it in this entire area. Which Charlie Munger himself chose. Lawyer father He chose not to. Judge Dada, he did not choose. He did not choose that house where questions were asked. There was respect.
He did not set the table where the matter It started with why. snowy winters He did not make any in which, apart from reading There wasn't much to do. So when someone tells you He said, look, he has been thinking since childhood. If you had a habit then remember this, habit is in the air It does not grow.
Habits grow in a home and home You don't choose. But that doesn't mean That Charlie Manger has no respect. It just means that if our house in debate was called rudeness so we starting 20 years behind that guy Are. And those 20 years are not your fault. But those 20 years are also someone else's responsibility.
Not there. You don't inherit that table Is. But you set up that table in your house today. Can. From today, when your child asks why So don't silence him. tell him good The question is. Let us understand. Moving forward in the story Are. The war is over. to Charlie Munger I had to go to Harvard Law.
America's largest Law school. The problem was that he had Did not have an undergraduate degree. He I had read it at three or four places but nowhere completely. I didn't. war comes in the middle Had gone. Howard refused. Now here The most honest part of the story comes And I'm not going to hide it Because the one who hides it tells you the story No, he is singing a lullaby.
life of the family The identity included a former dean from Harvard Law. A call went out from there and Howard's door opened. It opened. That's all. no long struggle No. Someone sits in the library all night Not a system-breaking story. Any Not a miracle. Just a phone call. And now attention Listen to him because this is the motivational part.
Stories are cut first. They The latter part tells you that He went inside and topped it. above 300 He was among the top 12 in the class. 1948 I took a degree in. That part is true and that Participation is also essential. but the story Doesn't show the door. Shows only the room Is. And there are two types of doors in this world.
There are. The one that you can use at night Breaks it with his kick at 3:00. Lonely No one would be watching the bloodshed. And The second one is the one that opens because the The man already knows you, he made a phone call Did it. The work after both is the same but there is a way to reach both It is not the same and that is the essence of this story.
This is the real lesson. May luck open your door But the mind to stay in the room Needed So both are needed. Both of which you Only the second one sells that you just need brains He is selling you a dream. And what you Only the first one says that it is all luck. Selling you excuses, and excuses for free It is available and tea is also included in it.
Now I have to open one more thing here. that phone The real cost of the call was not admission. His The real cost was that Charlie Munger I did not have to learn that after the nomination what is done. When a poor boy If he is rejected, he has the next 5 years Only one question remains. Now what? and that The question involved half his strength, half his time and almost All the confidence is gone Is.
That loss is not on any balance sheet. Looks. That question never came before Manger. Didn't even stand up. Her rejection one afternoon I settled it. And that is why when he later I say that a man should just be wise If he should think, he should speak with complete honesty. It has been happening. But still not the whole thing He would have been speaking.
Because thinking wisely He needs one thing that he always has with him. doing. A little scope, a little relaxation. it The belief that if today's decision is wrong, tomorrow's decision will be wrong. Life will not end. the one who has There is no scope for him to be intelligent. He can only be careful and cautious and Intelligence is not one thing.
So Charlie This is not the first major lesson from Manger's story. Just study and become smart. First The lesson is that background matters. Access does matter. Home matters. Picking up someone's phone matters. But After that, staying in the room also matters. Mars was lucky but not just lucky. This only You will have to understand the difference.
Because if you let luck If you ignore it, you will start worshipping it. And if you ignore the skill, you Will start burning. Both are useless. Us I don't want both. We want the truth. Now The story gets really heavy from here on out. Is. 1948 Harvard Law degree was completed. Charlie Munger had arrived in California.
Advocacy It had already begun. The marriage had taken place. Children Were. A simple safe seen from the outside Respectable life. The same life that Picture: Every parent in our country loves their children Keep in mind for. good study, Good job, marriage, children and social status Respect. But 5 years later in 1953 at the age of 29 He got divorced that year.
And it's just the heart There was no divorce that broke. This divorce caused her Standing almost at zero in terms of money Did. Went home. The little savings that were She went away. He lives in a cheap apartment Started living. about which his children Later he told that he looked like someone It was like a student hostel and had a There was a car whose paint had faded.
yellow, Ugly, worn out. Years later, his daughter He said he was ashamed of the car and Then it came to light that Mangar had deliberately driven the car use to have. What was the reason? He wanted someone to The woman should not come to him thinking that he He is rich. I like this whole thing about this guy.
Looks very interesting. 29-year-old man are divorced. Pockets almost empty stood at the worst possible juncture and yet he Creating the system. He is not thinking that What has the world done to me? those this I'm thinking that next time I'll have the wrong woman. How can it not come into life? And the system he It was created, it did not come from any book.
He is one Came in a yellow, ugly, worn out car. This only Chali was Manger's way. Life has problems Gave. He didn't leave her with emotion. He made it a system. and then 1955 Came. His eldest son was named Teddy. Only 9 years old. He has leukemia Done. Blood cancer. Medical science today It has come a long way.
Today, children have this There is hope for a cure for the disease. But In 1955, its meaning was almost clear. Death. The doctor was giving more dates than treatment. Mangar used to go to the hospital every day. near the son Used to sit. He used to take her in his lap. then out He would go out and walk the city streets Was.
He used to cry while walking. This is a friend of his had told. Walking on the road for hours, crying Happened. Then he would go home. then work the next day But. At the age of 31, she had her son buried. And then almost 70 years later, In the last interview, when someone asked him this When I dared to ask, he said what he said.
It was the opposite of most people. He did not do this Said that I remained strong. she said yes When my first child died, I cried all the time. Was. But I knew I wasn't lucky Can change. And then the line that I think sums it all up The biggest line in the story and one that Can never be printed on a motivational poster.
He said if you want to stay in this fight The price is that you get a few hours every day. If you have to walk the streets crying, then let's cry. But you can't quit. Now a little Take a look inside this line. This is not motivation Is. This is the opposite of motivation. None of this I am not saying be strong.
No one this He is saying that crying is a weakness. No one says that Stay positive and think everything will be alright that God gives someone the same amount of pain As much as he can bear. All this is rubbish. And this Because everyone who has ever Something is really lost. But say something else here Had been.
He was saying that crying is the process. Is part of. Crying is taxing. Crying is the fee. You will cry, that is certain. don't apologize for that Ask. Don't hide it. try to defeat him Do not do it. There is only one condition. Don't stop. Don't Quit to do. And this is part of the entire structure of our country.
It is against the principle that men are forbidden to cry. She goes and then expects the same man It is said that it will last for 30 years without breaking. are. Mars is saying exactly the opposite here. He is saying cry. As much as you want to cry Rollo. Cry on the street. But just the next morning Get to work.
Crying is not a problem. Stopping is the problem. Divorce at 29, son's death at 31 and pocket Empty. Then some time passed and the next year in 1956 Mangar married Nasi. This marriage lasted 54 years. It lasted until Nasee's death in 2010. Eight in the house A world of children was created. Some Charlie's, some Some of Nasee and some of both.
Noise, Responsibility, bills, school, illness, fights, Home. This man is not a saint sitting on a mountain Was. This man is tired of the noisy house I used to sit and think between them. Now the most important Reality check and most uncomfortable. I am here Not questioning that man. I that I am questioning the story that is in his name.
is sold, including myself. Am. Because I also gave you this part You heard it and you felt something. a child Death is not proof of business. that pain It doesn't prove any skill. that sorrow Not a valid investment strategy Stops. In 1955, thousands of children were affected by leukemia. Died. Thousands of fathers cried in the streets.
among them No biography of any one person was made from this. Reason Not that he cried any less. The reason is that their A trillion dollar company after crying Did not stand up. And that's the whole story The cleverest thing is the tailing. She is such a suffers a suffering that is entirely human and which has nothing to do with money and Links directly to an economic report.
The result is that by the time you are 41 years old and until you reach the millionaire line Your mind has accepted that the pain created success as if pain were a fee. As if the universe said so. Well, cry a lot For. Now here is Bergshahr, hold the pan. The universe doesn't do that. The universe has Just took the child.
and a few years apart Later, a lawyer with a Harvard degree who The clients were big builders of the city. Southern Some of California's property boom Makes great deals. These are two different There are stories. Just shoot both with the same camera. Was shot. And the man who sees you as human His story explains the deceptions of the mind.
It should start from this room. Because if we live his life honestly If you don't see it from then its mental models But what does it mean to trust ? Now comes the real question: broken at 31 years old. How to become a millionaire by the age of 43 Made? And if this question is still in your mind If you didn't pick up, you weren't listening carefully.
Because if breaking up was enough, then every The broke man would be rich after 12 years. But this does not happen. in your neighborhood Is there proof of this going around? So in response It's not magic. There is a chain in response. One Link to link. and each link It is important to look at it separately.
Because people are completely They take away the chain and call it hard work. First The thinking was tough. Manger was a successful lawyer. But one thing bothered him. Structure. Advocate What does he sell? hours. Work, pay the bills, Take the money. Then find the next client. Above go, become a senior, become a partner and then There is also a ceiling.
because there are 24 hours a day They only happen. But his client keeps What is? Land, building, share in a company. Something that keeps earning even when a person is asleep It remains. What Manger himself said on this It is the engine of his entire life. He said that I had a strong hunger to become rich.
so Not that I wanted a Ferrari. I have freedom Should have. I wanted it badly. This I It felt like an insult that I was being treated like one of the others. People have to send invoices. this line Understand carefully. He is not saying that It is an insult to work. He doesn't say that The people who work there are idiots.
They It's saying yes to someone else every month He didn't like waiting. Bill Send it and see if it will pass or not. Any And the mood of your month depends on this The thing bit him from the inside. He does not enjoy Should have. He wanted control. that richness Was not buying it. He was buying freedom.
And there is a difference between these two. Ash buyer Never stops. A day to buy freedom He stops and sits down calmly. That's why he A billionaire man lives in the same house for 70 years. I stayed in. What he wanted he got at 40 I got it by the age itself. All other scores There was a board. The second link was a client.
About Around 1950 a man came. The name was Ed Hoskins. The company was Transformer Engineers. The problem was that his own There was a dispute going on with the investors. Above From the outside, it was a completely legal matter. Case, Court, Dates, Arguments and a Fees for the lawyer. What is an average lawyer here?
does? He would fight the case, drag it on for 3 years, and earn his fees. And it is not technically wrong either. But Manger treated it as just a legal problem. Didn't see. He told Hoskins, the court Leave it. The entire share of those investors Buy it, buy it by taking a loan. And then he He did what set him apart from other lawyers.
Is. He himself took loan and started that business. Bought a small portion. Later he Think of it like an early leveraged buyout. told. On the surface, the problem appeared legal. But the real solution was business related. Now The interesting thing here is that that business It did not become a huge success.
Transformer Engineers may prove to be a loss-making proposition in the future. Hui. But Lesan did not die. The lesson was that A lawyer solves other people's problems and Charges fees. Owner entitled to full benefits It happens and once this thing is seen then It is difficult to ignore him. He is your She stands behind every work.
Third episode It was his seat. Mangar in the late 50s used to sit in the big law firms of the city and Big firms don't have small clients. Come. Builders used to come there, property People used to come, big businessmen used to come. Manger I used to sit on those files. his papers I used to study. I used to watch the negotiations.
How the land Is it taken? Where does the money come from? Partner How is it brought? Where does the deal fall apart? And Who suppresses whom and where? All this he Learning at the bargaining table, not in court. Was. And most importantly, he I was learning on someone else's money. would have been a mistake So it would have been the client's.
loss to the client Would. He would still get his fees. of the world The cheapest education is the one you can get from someone. And do it at the risk of. Mangar spent 10 years Studied the same. And here's one thing for you Perhaps the most practical thing in this whole story. Wherever you work, it's your Apart from salary, there is another thing which Most people don't even pick it up.
information You see every day that there is money in this business. where it is formed, where it leaks, which Which part is pretend, which part is real, Who is really making money and who is not? He just looks busy. Most people this Doesn't even pick up anything. They draw salaries and Let's go home.
Mangar paid salary Also lifted the seat. That's the difference. Fourth Link was the right partner. 1961 There Was a Man Otis Booth. He had access to land. There was capital. The project was in California. near Caltech University in Pasadena Building apartments on the land. Listen to the number. For an investment of around $100,000 That venture earned a profit of $3 lakh.
The very first brick proved heavy. But now I have that I want to say something that is not in a fairy tale. It is said. Manger got lucky. He is the other Post-World War II Southern California Was. America's Fastest Growing area. Thousands of people come every month They were asking for a house. The land was relatively cheap.
Permissions were easy. Opportunities for developers and Manger had a Harvard degree. Was. Had a California law license. City Big builders of the country were his clients. And Then I found a partner who had There was access to land and money too. every 31 A broken man of the year has such a life I don't get the setup and I've never had any Haven't you heard a motivational story that starts with this line?
You are starting. Then I met a homeless man. And we started a business together. Story This always happens. Then I got a like Found a partner who had capital. But Now this is the real question. And this is the question that Lizzie that brings down the hatred in which people They say it was all luck.
luck so Many people get it. luck found Who keeps it? From here the system of Manger It is visible. And that system is made up of three things. Was. The first thing he did was not immediately practice law. Left it. In 1962 he formed his own law firm. This was not a hobby. This safety net is laid down It was net.
Meaning if any property deal If it sinks, the stove in the house will not sink. The man was not gambling. man on the rope It was moving but with a net below. Manger said I did not take the risk of leaving my job. He got a job Took the risk by using it as a shield. second thing He never landed completely alone.
In every deal, the partner had money and land. And there was Napala debt. This is the last jewel in the house. There was no selling price. Third thing And this was the biggest engine. He made a profit Didn't even take it out. The first project went ahead and the money Made. He did not buy a new car.
Not a big house Took. Something to show relatives Didn't do it. He invested the money in his next project. Put. Then he left. Then all the money from him In the next. small brick to big brick, big brick And bigger than. And this is where we find Charlie Munger The real pattern begins to emerge. He I did not consume luck.
He gave luck Compounded. And compounding is the thing This is where most people lose out. Money It's hard to come by, that's true. But the money comes After that keep it with us without showing it It is even more difficult than that. Because the first It is important to let the neighborhood know as soon as profits are made.
It happens. The car changes , the wedding It costs money, restaurants are expensive goes, the phone gets upgraded and 6 A month later, the man stands at the same place from where he was. I had gone. He would have a car like this now. Whose EMI is going on. Manger said One thing was said during this period which was very interesting to hear.
It seems trivial. You spend money on trees And you get back triple. means on the trees Invest your money and get three times back. it It wasn't just about gardening. this value And there was an understanding of the difference in cost. the same land It remains the same but correct correction changes its value.
Gives. The common man looks at the land. Builder He sees the potential and Manger sees the same I had learnt it. By the mid-60s, only property He had saved ₹1 lakh. That time Today it is worth $ crore in terms of buying power of sits above. By the age of 43, he Millionaire wasn't just made. that financially It was confirmed.
But now a reality check is necessary here too. Because if we just say, look He changed his mind and became a millionaire, so we I will tell half the story. 50s and 60s America was not the India of today and in that era Certainly not California. That time A lawyer works in his client's business could have bought the share and used it smartly It was said.
Today in many places it is called conflict will be called of interest. Even the license may be at risk. Meaning which Mangar jumped from the window, that window later It was closed. And that first property deal Where investing $1 lakh made a profit of $3 lakh There was no proof of genius. That era There was also a gift of.
Housing in the area The demand was very high. People were coming home I wanted land, I had credit, I had builders. Were. If you build something decent on empty land If it is parked, there is a high chance of it being sold. It was too much. Thousands of people at that time Made money from property. their I don't remember his name because he Took out the profit and spent it.
So this The first deal you need in the entire section Not there. The third rule is useful to you. Do not take out profits. Compound it. Much of the rest was from that era. That period you Will not get it. But this rule can still be found today. Is. Then in 1962, Mars started another thing. of. An investment partnership.
today's In other words, a small hedge fund or PMS-like structure from 1962 to 1975 13 Its annual return for the year was around 19.8% remained. During the same time, the market i.e. Dow Jones was around Was giving 5%. Now listen to the difference It may seem trivial. 19% and 5% but it The way of feeling is different.
Money at 5% It doubles in about 14 years. 19.8% But the money would have doubled in less than 4 years. Is. After 13 years, grass was cut on one side of the field. and on the other side stood the forest Is. From above both appear to be land. But From inside, the worlds of both are different. But No line goes straight up.
this thing It is easy to speak. Living is a different thing. In 1973 His partnership went down by 32%. In 1974 Then down 31%. About 53% in 2 years Decline. If you had invested ₹1 crore then now About 47 lakhs survived. That means almost half the world disappearing only to return to par. You have to earn 112%.
double the money Will have to do more. to make profits Not for equals. Profit is still a long way off And here Math becomes ruthless and its The second pain is not visible in the numbers. Your Investors are calling, some are shouting. There is some silence and that silence It's worse than shouting. some of your money Asking for it back.
And when people panic If you ask for your money back, the fund manager Often your best things are at a bad price But it has to be sold. This is where the man The real face of is visible. in a bull market Everyone is a philosopher. in a falling market Having the courage to pick up the phone is also a skill.
Mangar did not run away. The companies he acquired He saw in them only those who would buy The time had shown up. The factory was the same. The customers were the same, the business was the same. Only The share price had changed and he had had learned to consider them as different things. it It sounds like a very simple thing.
But A large part of investing is hidden in this Is. A company is one thing. its share price There is another thing. both look at each other Sure, but both are not the same. Next His fund went up 73% this year. And now attention Give it because this is the real essence of this whole part. There is a lesson.
53% decline not the whole story Is. The whole story is that the one who panicked I sold it for him, the story ends there. and the one who did not sell it got 73% in the next year. found. The fall is drama. That's 73% of the lesson. And that's why drama sells, not lessons. It would sell. In 1976, he closed the fund.
Not in a panic, but on your own terms. your time But by returning people's money and in this period Life hit him once again. Catact Key A surgery gone bad. left eye completely Has gone. The pain was so great that finally Had to have the eye removed. Glass came in its place It started. And then the doctors said something that A punishment for any educated person.
Is. The other eye may also be at risk. Now Guess who this was being said to. this is that man about whom his children used to say that It's a book with two legs sticking out of it Have happened. The man who spent hours reading His entire income came from studying I used to understand how a business works from inside.
and now he was being asked to study The other window may also be closed. He What did you do? He started learning Braille. At the age of 52. finger reading script so that if the other eye is also lost Don't stop reading. In my opinion, this entire This is the one moment in life where a person It opens completely.
He did not think that God will make everything alright. He did not even I thought why only with me? he problem and asked if the worst should happen If I go, where will I die? The answer came: studies In. So he said, okay. I to read I will find another way right now. the other eye Remained safe. Braille was never needed.
But it doesn't matter. Insurance The value of a work is not determined by the fact that it is Did he come or not? The price of insurance is that when the world breaks down, your There should be another way. But even here It's a reality check and it's a little uncomfortable. Is. During those two bad years, Manger had a thing that most of its investors Was not nearby.
His law firm was running. The money for his property was separate. His Children's school fees are not paid from that fund. Was being. When his investment partnership 53% was sitting down then his house was not shaking Was. His scoreboard was shaking. Now put a man in that same situation. whose daughter is getting married next year or whose The house is running on that money or whose mother's The operation is to be done with the same investment.
His Do not sell for There is no great wisdom. Many Not selling the bar is suicide for him. and if If he sells it, he is not stupid. They It is just helpless. I said earlier that There needs to be room for understanding . it That's where it pays off in full Is. So the lesson is not that falling markets I never sell.
The lesson is that your Don't make your life such that you fall Have to sell it in the market. What Mangar said The real work was not done in 1973 and 74. He did that work in 1962. when he A safety net was laid below. Decision It cannot be done during a crisis. Decision It takes place 10 years before Crisis.
Now that Let's talk about the man without whom Charlie Mangar's story is incomplete. 1959 Omaha One Dinner. A doctor's family manipulated had arranged this dinner because they It seemed that these two men were going to meet each other. Needed Charlie Munger is 35 years old. California Lawyer. Buffett, on the other hand, is 28 Runs a small fund in Omaha for years Happened.
It is said that on that night Mangar was so He laughed at his own joke and returned to the floor. And in the same diner, there was a shop called Buffett & Son. There was also mention of it. the same grocery store Where both worked in different years Was. Both passed through the same place but met Were not there.
A Doctor's Dinner 20 Years Later That meeting happened at the table, which was at that grocery It was not in the shop. Sense of life The humor is very strange. Now let's come to that But that changed the direction of Barshara Hathaway. That At that time, Buffett used to invest money in a special way.
He taught that method to his mentor, Benjamin Graham. I learned from. The name was Cigar Butt Investing. Imagine a cigar lying on the street. The piece is dirty. It is half burnt. But There's one last puff left in it. That puff almost It's free. Pick it up. Take a puff and throw it away. next Find the piece.
What it means in investing Was very cheap half dead bad companies Buy it. Because it's so cheap That there is less chance of loss in them. Company It doesn't matter much if it's good or bad It would have happened. The price should be cheap. This method Used to work. There was money to be made, but it Little money was made and a lot of hard work was required.
Because after every puff the next cigar butt Had to search. Manger rejected such thinking. Break it slowly. He pushed Buffett. Don't just look at the chips. Look at Great Business. If the business is great, sustainable, customers Loyal, the company has pricing power. Meaning the power to increase prices without losing customers Is.
So even though it is a bit expensive, The value is completely different. And this thought But in 1972, the deal was struck that brought both Changed my life. See's Candies California A sweets and chocolate manufacturing company. In 1972, it was purchased for $25 million. Roughly, in modern terms. Above ₹200 crore and this is its price Tangible assets i.e.
machines, buildings And it was almost three times more than the rest of the things. The cigarette school guy here immediately asks Why are you giving so much? for a company Three times more than his machines and buildings Why give? The answer is the real understanding of this deal. Because See's Candies had the thing There was no machine.
He had a knack for people. Valentine's Day in California Man holding a box of See's candies at Christmas Used to take it. And if he is from a cheap company If he had taken the box, he would not have saved any money. It used to be. He was sending messages. You are not that important to me. This only There is a brand.
No brand logo. Brand is that fear that if I buy something cheap Didi then what does the other person think about me? Will you think? This simply meant that See's Candies Could increase its prices a little every year And the customer would not leave. to this very In business terms, it is called pricing power.
And it is one of the most precious things in the world. Is one of. Because every time you There is no need to set up a new factory. You just price We increase it and the money keeps coming in. That The company was purchased for $25 million, He spent the next several decades building up the Bergsch stock.
Gave billions of dollars in cash. And one thing is clear here Understand Bergsch Share sold See's Candies No. That company remained with him. So then this Where did the billions of dollars come from? The answer is annually From profit. See's Candies a Cash Machine It came out. Every year the profit kept coming and that cash Boxer further ventured into other businesses and Deployed in investments.
This only Manger had a big impact. cheap rotten Let out the last puff of the cigar. Buy a company like this Which time account does not strengthen. And This workshop became the real foundation of Hathaway. 84 lakh crores by some stock market trick. Didn't make it. He became one by changing his mind.
cheap Don't run after it. Run after the good and Give fair reward for good. But Gotta stop here too because See's Candies Why does the story seem so good? so Not that his lesson is wrong. Lesson Absolutely correct. Fair for good business Giving a price is a very powerful idea. But that's why this story seems so perfect.
Because it was successful. Every season There are 10,000 companies behind the candies that It looked absolutely great in its time. The brand seemed strong. Customers look loyal Were living. The margins looked good. Any The smart man paid a little more than the fair price. Gave more and then the habit changed.
competition is coming Went. That product is boring to the new generation It seemed like a cheap plastic one The competitor ate up the market and that company Slowly she died in some warehouse. his The story does not become a story because from their story The seminar lesson does not come out. Only A warning is issued and not a warning ticket.
Would sell. So yes, fair to good business. Give the price. This is the right advice. But also this Remember, which business will last 50 years? You don't know this clearly today. See's Candies It seems obvious after 50 years. In 1972 he had a son and an expensive bed Was. Munger was smart, Buffett was smart.
But they also had the power to If the candies had failed, the barge would probably have sunk. No. This last point is a must for every successful bed. It will be found buried under. Below each one. It is important to be smart. But so much remains It is even more important that if your If your smartness turns out to be wrong, the game should not be over.
Now to the thing that Many people know Charlie Munger today. Mental Models 1995 Howat is the same place where he First I was refused and then I called. Was taken in by call. That man now Stood up at the same place to give a speech. The name was Psychology of Human Misjudgment. means human Why does he take wrong decisions?
He has man's 24 Standard Reasons for Bad Decisions Counted. Names, numbers, examples everything. But We won't go into 24 because no one A person does not take home 24 things after hearing them and The guy you remember 24 points He is trying to help you No. He is filling his time. four of us I will take things and take them with a condition.
We will not understand these from outside stories. We will understand these from the life of that same man. Because the best of these models Examples Charlie Manger's own life are lying in. The first thing is incentives. reward. Manger's most famous line is Show me di Incentive and I will show you the outcome.
Me Show me the prize and I will tell you the result. This People consider the line to be very simple. As if it just means that people want to spend money Lies for. But the matter of Mangar It was more dangerous than this. He said that Incentives don't just make people dishonest. Makes. Many times incentives are given to a person Sincerely makes it wrong.
Mean man lies I would not have been speaking. He really believes Looks like that is the right one. Mangar said this I did not learn from books. He wrote this law Learned it in the form. He lived in such rooms for 10 years. I sat where he had to face one side I used to get money for speaking. And he has his I saw with my own eyes that two people were on the same fact.
Give me honest, educated and intelligent lawyers. How do you form a wrong opinion? and most The scary thing is both of them really think that they You are right. Why? Because their client is different. Yes, their fees are different, their positions are different, Their incentives are different. And this is what the world It runs everywhere in me.
The insurance seller will tell you the best policy and will make it real It will seem like she is the best. sitting in the bank Relationship managers cannot manage relationships. Would have been. He is managing his target. It happens. He is handling his target. The auditor is responsible for the same company as the auditor He is also taking money from the company.
mutual The guy selling you the fund tells you the market The future looks brighter. And all of us is also no different from this. If in your office Visibility is more rewarding than hard work If so, gradually you will work less and look less. We learn more. If on YouTube Anger sells more than balanced talk.
So the creators are gradually adding less truth and more drama. Starts talking too much. If a man A conclusion can lead to loss of money, respect, promotion or If you are getting attention then its arguments Look at his incentive before listening. Because often the pocket decides first. Is. The mind then provides logic, data for it.
and finds the chart. and why is that Manger considered incentives so dangerous. Because the incentive is not visible from outside. They Sitting quietly inside a man, he thinks The steering turns. Now the second thing The oldest shortcut to the crowd mind. If If many people are doing something then it must be right.
He used to work in the forest. The herd is running So maybe the lion has come. stand there and check Do not investigate. Run away. which is not He who ran away did not become our ancestor. in the market This shortcut proves to be the most costly. Because Sometimes the herd is not running from the lion.
The herd is running away with its own noise and Sometimes the flock moves confidently It is going straight towards the ditch. Now its The best example is in this man's life. And that is the opposite example. 2008 world's The worst economic year, the markets were sinking and That year, Munch pressured Buffett to Put $230 million into a Chinese battery company.
Around ₹1900 crore. The name was BYD Build Your dreams. Celebrating electric vehicles Was. At that time the world was running on petrol and diesel. and EV was in the mind of any common man There was no serious business. Buffett has this I couldn't understand. It is beyond his scope Was. Manger insisted.
He said this company The guy who runs it is like Thomas Edison. Invention as well as Jugaad, Empire Building Too. The money was invested, and Bergshaw Hathaway made about $1 invested approximately $230 million per share And bought 10% stake in the company. time BYD's plan will change in early 2025 The same stock that was at $1 crossed $50 reached a record high.
If Berg shares had not sold even a single share, their That $230 million investment is worth $11 billion. Dollars i.e. around 94000 crores have been Would. However, Berg Share has started trading since 2022. Start selling your stake gradually and by March 2025 they will Completely exited the investment Were.
Despite this, he alone Earned many times profit from the bet. But The conclusion drawn from this is very cruel. There is nothing left where the crowd is standing. Saved. The price has already been paid. Money There's always someone to watch No. But now listen to the second part. Because this is where our smart people are They slip.
Mangal was not saying that Walk against the crowd. those who walk in reverse also considered him to be kind of stupid because Even in that, you decide your direction from the crowd. Have been. Just put a minus sign in front of it. The crowd went right and I went left. The decision is now The crowd is doing it.
He was saying that Don't assume the crowd is knowledgeable. not to walk with No reason to walk backwards. Just give him proof Do not count like. And this is the most important thing in today's time. It is a difficult task. Because your phone keeps you All day long he tells everyone what other people are doing.
Are doing. Lakhs in 4 years here People bought things that they could Couldn't explain it to mother in one line. Some did not study the fundamentals, some did I did not understand the method. The only reason was that Cousin had bought it and WhatsApp group I am getting screenshots of money doubling.
Were. And this is the most dangerous part of the crowd. Is. The crowd doesn't just make you wrong. Crowd Makes you feel smart even when you're wrong Is. When a man is alone in his wrong, he must The donkey understands. Wrong with 40 lakh people When the man is in motion, he finds himself considers part of.
The third thing is taken away Fear of. Mangar said that a simple Forcing a pet dog to bite There is only one way. morsel from his mouth Trying to snatch it. So is man. Who The happiness of not getting it is small. Who Together we take away his pain which is many times greater It happens. The joy of earning 10,000 and getting 10,000 The pain of losing is not equal.
great sorrow It is very big. And from here two nets Are made. opposite to each other in appearance The root is the same. The first trap is ego. You have 500 Bought it now for 350. You cannot sell. Why? Not because you trust the company Is. Because selling means this value Accept that you were wrong.
You are not a prisoner of the company. You are number one You are a prisoner and that number exists only for you. Is. The market does not know at what price you have placed your bet. Had bought. The market doesn't even care. They The number is not written anywhere in the world. Only It's written in your head and you guard it.
Are doing. The second trap is panic selling. When When the entire market falls, the mind thinks That even the remaining wealth is about to be snatched away from my hands. And in this fear, he sold his money for a pittance. He sells the best things and runs away. Now the question arises how can a common man Can you guess what trap he is trapped in?
answer It's simple. If there is no bad news in the market There is no problem in the country's economy. but only for your chosen company There's a big mess inside and yet you're still If you are not selling it at a loss then understand that you Those with ego are trapped. On the contrary, if the country The best companies from the inside out It is going well.
But only fear of recession You feel like selling everything and running away. So you are in the panic trap. And now The biggest proof of this is Mangar's own life. Is. His involvement in the 1973-74 crash It went down by about 53%. pressure from clients Panic all around and sell that voice inside Save yourself, everything will be over.
Manger sold No. He passed through the net. and then 50 years Later in Alibaba he failed the same test. Happened. The lion dropped and he bought more. And He fell and held on and then to the bottom Sold. One man, one mind, one time Pass once, fail once. And that's the crux of this story It is an important matter.
These traps never end. You never graduate from these. Any Degree is not given. Every morning you Standing in front again. 50 years old Same with experience. and either you Win the day or fall on that day. Fourth Thing denial means the truth is in front of you but the mind He refuses to see her. Manger said In the last years of his life he said that The biggest problem of humans is denial.
Because denial doesn't feel like a lie. Denial by wearing very respectable clothes Comes. The most common name for denial in money It is long term. Long term investing now It's really a good thing. But many times The man is not a long term investor. They He is just afraid to admit his mistake. The company's numbers have deteriorated.
The management has changed. Business model broken Used to be. Competition is eating away. Regulation change Has gone. But the man says I am long I am a term investor. Actually, he is an investor No, he is in denial. a way to catch it It is a simple test. Ask yourself if my If I did not have this stock today, would I be able to do it today?
Would you buy it at this price? If the answer is no but you're still holding on to it The problem is not with the company. Problem It is inside you. With Manger in Alibaba This is what happened. She was swept away by the glow of China Internet. Went. He felt that Alibaba was an internet monopoly. As is business.
But later he himself I guess he missed seeing that At the end of the day, he is still a retailer. And Competition in retail business, margin pressure And execution problems are of a different level. Are there. This is denial. brain first Makes up a story. It's just about money This is not the case. This is the man who knows that the relationship had ended 6 years ago and He is still sitting.
Because believing means Let's accept that the last 6 years were wasted. This is the man who sits in front of the doctor He shakes his head and walks out of the room. He cannot remember even a single word. Ego The net is its face. Mistake in front Refusal to accept. And when all these things come together Incentive, crowd, fear of loss, denial, then Mangar would give him a name.
Lola Palooza I Effect. Meaning, a mistake does not come alone. Often a wrong decision is not a big one because You made a mistake in one place. That's why he's big It happens because many small mistakes add up to a They start pushing in the same direction. First Crowd says everyone is doing it. Then Incentive says it is your benefit Is.
Then the fear of loss says if you leave now The loss will be confirmed. Then Denial says No, no, this is long term and then A person thinks he is doing analysis. Actually, it is a creation of his own mind. Evidence submitted in your favor in court He is doing it. And this is the reason why Mangar Mental models just like courts It is useless to listen.
Because if the mental model If a person becomes smart after listening then in the world No stupid decision survives. Problem is that the model is easy to remember. him to his It is difficult to use against. some other It's easy to look at you and say, brother, you're in denial Is. It's hard to speak about yourself.
I Flushed in the glow. And at this very place, Mangar's entire The story becomes interesting again. because he had models too, There was intelligence and experience too. There was also reputation. Still the same in Alibaba The man is trapped. So if you look at mental models If you think it's magic, then this story is for you.
There is a warning. Mental Models Make You Human They don't prevent it from happening. Only if you're honest So that might help you catch up a little quicker. You might be doing something stupid. Now It is important to understand one more thing here. People often Bershar looks at Havey as if two Old men sit around and pick the right stocks.
Lived and conquered the world. But Barshar's real The machine wasn't just stock picking. His The real machine was the insurance float. Simple language Let me understand. People in the insurance business Pay the money first, premium, claim later Comes in. So the company has a large pool It is made. money that technically belongs to him No, but he stays with her for a while.
Is. If the insurance business is run wisely If this money is almost interest free It can work like a loan. and Berkshire Invested this same float for decades. That is, the common investor saves from his salary Invests. Insurance nearby BKS was such an engine where the fear of others It used to come as premium and that money used to last for a long time.
Could have invested up to Rs. This was genius. But this is a copy of a normal man's life. It is not something that can be pasted. you And I sit at home and create an insurance float. Can't do it. This is why Mars One has to be a little careful while learning. Because some lessons are universal. As Don't env.
Look at the incentives. Crowd K Don't run behind. Catch the denial. But some The advantages were structural. Insurance Float, Huge Capital, Reputation, Deals Till Access to answer the phone during a crisis Strength. You don't have all this. and this is The point is clear in 2008. The financial crisis was going on, The world was scared.
Banks was shaking. People felt the system was going to break down. And at the same time, Berkshire had joined Goldmin Sachs. Invested $5 billion. This is a normal share Didn't want to buy it. This preferred stock deal Was. There was a 10% fixed dividend on it. Together There were warrants which would make the shares cheaper in the future.
Could have met me. In Simple Language In other words, the terms were very strong. so strong That the common man does not get such terms. Can. You and I go to the market and buy Goldman Sachs. You cannot tell SAC that brother give me 10% Give fixed dividend and future Also give the option to buy cheap shares in Two.
This deal was achieved because the There was Berkshire, there was the name, there was Capitol , There was trust in Crisis. So when people say that Buffett and Munger made big in 2008 If you show courage then it is right but it is only half. I had courage, I had brains but I also had position. Their Nearby was the seat where people would see you in a crisis.
Let's call. Our seat was often like this That the bank calls us in a crisis Is. It is very important to understand this difference. Because if you only listen to the court Greedy When Others Are Fearful, You Are the Hero Can become and fall. But if you complete If you see the structure, you will understand that fear Time greed only works when you have it.
Have cash, patience and survival power. Otherwise In times of fear, it is compulsion, not greed, that works. Is. and decisions often made under duress There are no investments. Just Desperation There are. This is the reason why Mangal is also worshipped. He is wrong and he can be dismissed simply by calling him lucky.
Giving is also wrong. He took advantage of the opportunity But opportunities are also available that not everyone gets. Meet. He had access. Access to After getting it he did not waste it. Both things are true together. And if someone If I'm telling you just one of these things, He's not giving you the whole story.
Now this The man also had another face. He is very He was rich but not a show-off. Was. Lived in the same house for decades. to luxury But his appetite was very low. Private Islands, yachts, super cars, it's not his game Was. His game was reading, thinking, business, board meetings and my way Understanding the world.
That Benjamin Franklin Was crazy about. He liked the idea that A man can make money and also I am an educated, curious, disciplined person. Can also remain. But here too the story is clear. Don't try to make it neat because the same man I also had a great stubbornness and at the end of it Over the years, that stubbornness has become a very strange thing.
Seen in controversy. a university Design of dormitory. He gave a lot of money. But he also put a condition that the design should be his. It will be done accordingly. And a lot of that design All the rooms had no windows. His logic was that artificial light would work. will work. Students will be less likely to stay in their rooms.
Will stay more in shared spaces. His According to me, this was a better design. But very People found this completely wrong. One The architect resigned in protest. Diya and Mangar still remained adamant. this part It is important because this is the real man. The same stubbornness that led him to die at the age of 52.
forced to learn Braille when his One eye was gone and the other was on There was danger. That same stubbornness at the age of 97 He was made to believe that 18 year olds Does not need a window. strength and stubbornness Sometimes the same thing has two faces. When the same thing seems to be in the right place, the man It becomes extraordinary.
When it seems to be in the wrong place The same person also underestimates the normal needs of others. He starts to understand. And that is why any Seeing a successful person as a complete human being Needed Not by making an idol. Because the idol I don't see any cracks. seen in humans And it is through the cracks that the real lessons emerge.
Now Finally, we return to the same room where We started with. February 15, 2023 Los Meeting of the Angeles Daily Journal. 99 years old Chali Mangar had everything he could The man could have hidden his mistake. Age, name, Status, fans, a long career, 70 years old reputation and people who probably know everything about him Were ready to accept him as wisdom.
They Could easily give a vague answer on Alibaba Was. I could have said that China was unpredictable, The regulation changed. The market was irrational. The timing was bad. Or he could have said long Look at all these respectable things in the term There were excuses. And to be honest, people would have believed it.
But he said I got charred. I am in the glow Washed away. And this is the most valuable thing in this story. There is a line. Because this line is in some course Can't find it. This line comes out when a man Value the truth more than your own image. Takes. The man was not that big. He did not make a mistake.
He was so big that After the mistake, he tried to save his idol. Didn't try. many powerful people Keep protecting your story till your last breath. They look for blame outside the system, In the market, in the team, in luck, in the audience In. But here a man is living out his last years I sat on stage and presented myself in front of the camera.
He was poking holes in the story. And this little It doesn't matter. Chali Mangar on November 28, 2023 gone. Just 34 years from his 100th birthday 28 days before and 9 months after his departure Berkhasa to have one trillion by August 2024 Dollar became a company. America's first such company that was not in the technology business and Still reached $1 trillion.
Buffett has wrote in his letter that Bergshar's real The architect was Manger and he himself was just Was a contractor. Meaning the map was of Manger. Buffett laid the bricks. This tribute is big Yes, very big. But the last image for me That is not there. That's the last image for me. There is a room in February where a 99 year old man says Used to be.
I got chard. I flow in the glow Went. Now the question is not whether Chali Mangar Was it great or not? The question is whether we What do you take away from the story? Because if you Looking for a clear decision whether he is pure Was he a genius or was he just lucky, then you are the same again You are making a mistake.
Life is not a clear decision Would give. She gives both things together. Him Got help. A family background, a lawyer Father, grandfather a judge, a home where logic There was respect. One for admission into Harvard Phone Call, Right Decade, Right City, Right Partners, Right Deals. And the same man After entering the room, he did what everyone did.
Privileged man does not. he read Read a lot. He took out the profit No. It compounded it. He said Buffett's Dare to change the approach. He chipped Great instead of running after things Understood the businesses. In a falling market, he Picked up the phone. She's 52 years old. She learned Braille at the age of 99.
I publicly admitted my mistake. So if someone If you say Charlie Munger was just luck, then it's a lie. is speaking and if someone says Charlie Munger If it was just hard work then he is also lying. Is. The truth is in the middle and the truth is a little It is uncomfortable. There was also a phone call and 30 Years of hard work too.
There was also a dead son. And a trillion dollar company too. a blind eye and a man learning to read in the dark Too. There was also A Brilliant Mind and Windowless The Stuban guy with the Dom too. a man who Explain incentives to the world and a man who Alibaba himself became a Cham. This is the real There is a story.
No worship, no jealousy, no blind hate. No blind respect. Just a reality check. They He was a very intelligent man. There is no doubt in this. Very few people are that smart. But Don't let anyone tell you to be smart And being good is the same thing. and someone else Don't even let me say that being rich is better than being rich.
Being is the same thing. Sometimes the man is right That's why he becomes rich. And many times richer After this, people started believing everything he said to be true. It seems so. There is a difference between the two. And now the last The thing that's really about Charlie Manger Less is more about us.
near you It is not 84 lakh crore. maybe never Will be. You don't have a phone call with Howard. Is. You don't have a partner like Otis Booth Is. You don't have the California of 1961 Is. You have insurance like Bershire There is no float. You are the heir to that property. Not there. But you have one thing.
tonight When you lie down and your mind tells you something A sweet note about old judgment Will tell the story. that share, that job, that relationship, that business, that ego, that Decisions that you still call long term I am sitting holding it. Then you have four words. Will be. I basked in the glow.
It's free. It is not available in any course. Any Not printed on laminated cards. some guru is not taught in the workshop. this today in the same bed at night without any witnesses Can be used. And if you do this If you cannot speak four words then your account will be debited. Whatever happens, friend, you are still 31 years old. Are.
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