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Bill Gates says that if I have seen the broadest person in my life, that is, the person who thinks in detail, then it is Charlie Munger. Warren Buffett calls him the best 30-second mind in the world. Talking about Charlie Munger, everyone thinks that he is an investor who made money from some market, but today I will tell you such a side of him from which you will come to know that he is not just an ordinary investor.
If we take out two-four of the greatest investors in the history of the whole world, then Charlie Munger's name will definitely come in them and in the coming years, hardly anyone will be able to replace his name. If I talk about Charlie Munger, then everyone knows Warren Buffett's company, Warren Buffett is the chairman of Box Hyderabad, Charlie Munger is the vice chairman of that company, you will know from the incident, then once it happened that both of them were sitting on such a chair, Charlie Munger and Worm Buffett, when Mr.
Buffett felt that this company is very great, then we should invest in it, but Whatever it is, if you listen to Warren Buffett and hear the words investment decision, then it will always come out of his mouth that 'C', he does not say 'V', it means only four, Warren and Worm Buffett both take decisions together and then one day when they were sitting like this, Worm Buffett said that Charlie, this company is very good, maybe we should invest in it, then he did not hear anything, after that he asked Charlie, I was saying that this company is very good, maybe we should invest in it, then still no voice came from the other side, I was asking you whether we should invest in the company or not, I am doing this for the third time, this was his answer, his personality is heavier than mine, I will tell you about this in the journey that is coming in the next one or two clips, then you will know what kind of personality he has, but this investor is very different from other successful investors and what makes him different is his mental model and we are going to talk about that in detail today, see, it is about 2015, I had sent him to Mumbai to do MBA, so he I had a good amount of time, so I used to attend a lot of investment-related events.
One such event was 91 Springboard, a core working space. I don't know if it exists now, or if it doesn't, in Navi Mumbai. The speaker there was Vishal Khandelwal, who runs a very good investment website called Safal Niveshkar. If you get time, do check it out. His work is quite excellent. He had a long session there.
He told us about Charlie Munger's 13 mental models. We knew a little about Charlie Munger as an investor, but we didn't know how he thinks or how he does other things. I got a lot of insights there. Later, I read his book, De Pur 40 Saal, and after that, the nerves of my brain opened up. I had a similar experience.
Recently, on the first of January 2023, it was Charlie Munger's 99th birthday, and he has entered the century, so I thought that Why not share his investment philosophy with you Hello, I am Prasad. Do you think that his story must be very sorted and cool, he must have started his own business, earned money and became a man, but as they say, many people get surprised after seeing the heights, no one has seen him follow my footsteps and a similar story is of Charni Mangal, when he was 28-29 years old, he got divorced and in the divorce he lost everything, even his house, so in such a situation, he became very broken in the initial days of his life, still he got up and managed, the next year his son Tedhi got blood cancer, after a year he died, due to which he broke down even more and because of that he would not be able to stand again, his first business which was of manufacturing transformers also failed, so if something like this happens to anyone, then most of the time the probability is that the person will become addicted to something or the other, but Charlie, but not him, but in all this struggle, he understood one thing He believed that not all of life's problems can be solved with wealth, but many of the most significant problems can be solved with the help of wealth.
And then he followed that path. Before continuing in the video, I'd like to inform you that there are currently amazing New Year offers on both of our courses. We've created a combo of both courses, which offers an even more impressive offer. There are only two days left for this offer, so do n't miss it.
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We've explained options in great detail, so before you leave, be sure to check out the discounts on our courses. Check out and do n't miss these offers. After his transfer and business failure, he entered real estate and had his first success here and here he became a millennium and then after that he started his investment form in his investment form from about 1962 to 1975.
He ran this form for 12-13 years and in it he gave a compound annual return of about 19%. Now 19 sounds good but you will like it even better when during this period, Doubt Jones, which is an index of that stock market, gave a return of around 5.1 or 5.2% but then suddenly in 73-74 he got very negative returns due to which he had to close his form and after that one day he met Warren Buffett at a similar dinner.
That meeting might have happened even earlier because Warren Buffalo is his grandfather. He had a grocery store where Warren Buffett also used to work and Charlie Marshall also used to work but the same is the time of both of them. The year of earning was different from the year of earning. Then when they met for dinner, Warren Buffett found the man quite right, so he thought why not invite him to the box office.
Then around 1978, he made Charlie Munger the Vice Chairman, and the story that unfolded from there is nothing less to be seen. If you look at the returns from then till now, he has given a compound return of approximately 1920 percent, whereas in the same time period, his returns are close to 10 percent.
So, there is a lot of absence in the story of four people, but his sense of humor is very strong. Warren Buffett does not call him the sharpest 30-second mind just like that. You will get a little idea from the encyclopedia why he is called that. Okay, I am your fun brother, about the mental model of India, how the mental model made him successful and he has the ability to make you successful too.
So, simply speaking, Charlie Munger is a learning machine. If I talk further, he says that if you gamble, whether it's in the stock market or outside, you see that many people become addicted. So, whenever you gamble, your brain gives you this reward, which is in a chemical format, and what is its name?
Dopamine. Now, this dopamine is a good thing, but sometimes it's not released. Look, gambling is a loss-making activity for you, but still you will do it again and again because the more this document is released, the more you enjoy it. Now you will do it again. Therefore, many times, it is very difficult to stop addicted people, whether they are into gaming or anything else.
Because when they do an activity, it is addictive, which comes directly from the brain. So, I thought, Charlie Magar says that you have to control your mind, you have to create some models here so that you can teach your mind discipline, like when this chemical is released from things that are harmful to you.
It's probably not beneficial, so you'll have to make sure this chemical is released only when it benefits you. For example, someone says investing is boring. Most people don't invest because they find it boring, and ultimately, they can make a lot of money from it. But because they don't want to learn it, they do n't enjoy it.
It's a very slow and boring process, so dopamine is n't being released. That's why you have to train your brain in such a way that whenever you learn something, you should feel full that you've done something really great, and that dopamine is released. For that, you can perhaps give yourself some rewards so that you get instant satisfaction and pleasure after learning that thing.
Then, when you do things like this over a long period of time, you'll become a learning machine, like Charlie. But what I'm saying is simply that if you want to be very successful, you do n't have to beat even the most intelligent people; you need to be the most intelligent. No, you just have to learn something every day.
If we talk about Charlie Marshall from the perspective of where he learns, then he generally prefers books. He has read 100 autobiographies and has also acquired knowledge of different subjects. You must have seen in this clip that a surgeon is known only for his knowledge of surgery, but his is different.
He believes that it is important for me to have knowledge of different things and also the reasoning for it. He says that if I teach about physics, I teach about psychology, then that thing also comes in handy in investing and business. So he says that when a business increases the price of something, then what happens to it is that the rule of economy tells you that perhaps the rule of supply and demand here may be broken because the price has been increased.
At the same time, the role of psychology tells him that many times the prices of a business increase not because of profit margin but because of a psychological fact. Because many people believe that if the price is too low then the product is not worth less, if the price is high then the product is good.
However, this thinking will not be correct every time, but if you do not have knowledge of psychology, only have knowledge of business, then somewhere your growth will stop, somewhere or the other you will not be able to use that mixed thinking, and that is why they say that you should read as much as possible today, learn as much as you can and become a learning machine, then no one will be able to beat you, and then when this knowledge keeps compounding, after that it will become impossible to beat you, and this is a very simple role, if you want to read more similar maintenance models, then I have given you the link below, you must check it out, you will definitely learn a lot of interesting things, and the second important lesson we get from Mr.
Mangal is that life has ups and downs, no one moves forward without mistakes, and you will have to do all these things, so keep smiling like Mr. Mangal. Keep playing, keep moving forward and my wish is to definitely go and meet him once, so right now I am trying for the meeting which is being held next year, I am putting in all my efforts to reach there, meet him face to face, this is my wish and if you like the video then definitely subscribe to the channel and also click on the bell icon so that notifications of every important video reach you, many people say that notifications do not come, definitely press the bell icon, you will get it, thank you so much for watching this video
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