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Okay, so André here, and in this video I want to talk about the guy who's considered the right-hand man of the master One Booth. You know who I'm talking about? Maybe you don't know him yet, his name is Charlie Manga. This great investor has incredible ideas about investing, teachings that I want to share with you in this video.
Okay, so let 's go. Does someone who built their life alongside the greatest investor of all time have something to teach? Well, I discovered the best of Charlie Manga compiled in his book called "Charlie Manga's Almanac." This edition of the book isn't yet available in Portuguese in Brazil, and this book is truly a veritable almanac of Charlie Manga on value investing.
The book brings together the best speeches, lectures, comments, and teachings on investing and the life of one of the greatest names in value investing of all time. That's why I want to share with you an excerpt from the book that I consider quite practical and that always helps a lot in my investment decisions.
In fact, it's a simple checklist that summarizes the best investment concepts of Charlie Manga. The checklist is divided into different sections that go far beyond economics and technical aspects of stock investing. But if you, like me, He's a lifelong learner of value investing and already knows that this philosophy is useful not only for his investments but also for his personal and emotional life, and obviously it's good for his career as a value investor.
So get ready to access Charlie Mangueira's infallible checklist now. The first topic is about risk. He says that every investment variation should begin with a risk analysis, especially regarding the company's reputation. This means that before investing, you should always analyze the risks of that investment and, above all, the company's reputation and history.
Consider a good margin of safety before making any decision. Avoid dealing with people of questionable character whom you know you can't trust, and be careful with exposure to inflation and interest rates. Avoid large risks to minimize errors and a possible permanent loss of capital. The second topic is about independence.
He argues that you are the owner of your actions and attitudes. For you, your rational objective is to think for yourself. Just because other people agree or disagree with you doesn't mean you're right or wrong. The only thing that matters is how sound your analysis and judgment are. Correct in terms of fundamentals, following the herd is an invitation to mediocre performance.
If you don't know what following the herd means, I'll explain: it's simply the idea of following what the majority is doing, solely for comfort and the security of not having to risk going alone, against the crowd, against the ship. The third topic is preparation. The only way to win is to work, work, and work, and hope to be graced with some insights along the way.
So, develop a self-learning method that is always yours, and do this through a lot of reading. Feed your curiosity, cultivate effort to be a little wiser each day. More important than the desire to win is the desire to prepare to win. Develop fluency in mental models of the main academic disciplines.
If you want to get smarter, you can't stop asking why about everything and everyone. The fourth topic is intellectual humility, which is recognizing that what you don't know is heaven, it's the secret of true wisdom. So, stay within a well-defined circle of competence, that is, know yourself and know your skills, what you are good at and what you are not good at.
That has its strengths and weaknesses well defined, only learn to identify evidence that may not be true, and have the desire to yield to false certainties. Above all, never deceive yourself, and remember that you are the easiest person to deceive. The fifth topic is analytical rigor: the use of scientific methods and checking these effectively reduces errors and omissions.
It is better to focus on the obvious than to cling to the esoteric, so be a business analyst and not a macroeconomic market analyst. Consider the totality of the risk effect; always look at the potential for second-order effects and higher- level impacts. The sixth topic is allocation: proper capital allocation is the investor's first job.
Remember the opportunity cost; good ideas are rare, so when the odds are high in your favor, invest heavily and don't fall in love with an investment; be dependent on the situation and driven by opportunity. The seventh topic is patience: resist the natural human instinct to act. Albert Einstein already said that compound interest is the eighth wonder of the world; therefore, do not interrupt this process unnecessarily.
Avoid unnecessary transactions to escape interest rates. Brokerage: Always be alert for the arrival of luck. The eighth topic is determination: when the time comes, act with conviction and determination. Be afraid when others are greedy; be greedy when others are afraid. Good opportunities don't come often, so don't let them pass.
Opportunity finds the prepared mind; never forget that. The ninth topic is change: live with change and accept the complexity that doesn't depend on you. Recognize and adapt to the true nature of the world around you. Do n't expect everything to adapt; challenge and correct your ideas continuously. Acknowledge reality even when you don't like it, especially when you don't like it.
The tenth and final topic is focus: keep things simple and remember what you set out to do in the first place. Remember that reputation and integrity are your most valuable assets, and they can be lost in an instant, so protect yourself from the effects of arrogance and boredom. Don't neglect the obvious by focusing on small details.
Be careful when choosing necessary information; know that a small leak can sink a large ship. Face your big problems and, above all, So, let's not sweep the dirt under the rug. What did you think about Charlie Manga's approach to investing and life? If you liked what you learned in this video, leave a comment below and share your opinion.
And before we finish, hold on, because I have a very special invitation for you. Would you like to have greater financial freedom that allows you to spend more time with your family, travel more often, and still fulfill your biggest dreams? If the answer is yes, I have good news for you. The good news is that there are several ways to achieve all this, and investing is one of the most effective ways I know.
I want to invite you to participate in an online event that I will be holding from December 2nd to 6th, 2016. This event is the third Investor Week. But what is Investor Week? Well, it's a 100% online and free event; you only need internet access to participate. So, anyone can participate; you don't need to pay anything.
During the week, I will share with you a series of videos and lessons on investing, teaching in more detail the methods and techniques of the world's greatest investors so you can learn how to invest your money. In a safe and, above all, profitable way, this event is for those who don't yet invest and know nothing about investing, as well as for those who already invest, have some knowledge, and want to learn more to achieve even better results.
But how do you participate? Somewhere in this video, there will be a registration link for Investor Week. It's very simple: you click on the link, you will be directed to the page for the 3rd Investor Week, then just enter your best email, click the button, and you are confirmed to participate in the event. A big hug, happy investing, and we'll see you at the third Investor Week.
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