 Good day, fellow investors! I really think that of all of the investors out there, Charlie Munger is my favorite. Why? Because he has lived his life, he has ate children, had a big boat and he didn't focus as buffet so much on being thrifty and not buying anything, not living life. He has done boat, he has done it all, he has accumulated wealth, been a great businessman, invested in great businesses, even in China he didn't. He wasn't afraid to invest in China, did really well there and his life attitude is also what leads to investment success. And I'm going to start with summarizing this book. There is about Charlie, we are going to summarize his story a little bit, his investing principles and then there are 11 talks inside the book that I really want to summarize and because it will give us the most important things when it comes to investing long term because even if he doesn't like media attention, I think that there is so much to learn from Charlie Munger. Perhaps even more than from Warren Buffett because Warren Buffett is careful about what he says. Charlie Munger says it always like it is. Let's start with the podcast and the summary. So let's start with the chapter one, portrait of Munger, how he is a multidisciplinary investment investor, how his goal is to be better and investing and decision making, especially the goal of this book and how you make decisions and invest based on fundamentals and human nature and human behavior. Then there is a nice quote on popularity if doing something that acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group, then the hell with them. This is typical Charlie Munger. On the future on Berkshire, he says that the acquisition side will do less well or will do well, will do fine without Buffett, but the rest will continue to do well because it is set up to do well and then he says how life decisions are more important than investment decisions. And he wanted to get rich so he can be independent. That's also my goal. There are parts of book, as I said, biography, reflections on aging approach to life, learning decision making and investing through a lot of quotes and especially talks. Then he discusses how he made a lot of models, mental models, to be less that man with a hammer because anything can happen. We are also now in an environment where we don't know what will happen with zero interest rates, higher interest rates, inflation, stimulus. We are in uncharted territories but to a man with a hammer every problem looks like a nail. And Charlie Munger says that he always in life wanted to not be that man with a hammer. He invested in various things in his life mostly in stocks, equity in businesses with his law contribution and property development. He actually started his money wealth creation with property development in the 60s. He went from 100,000 to 1.4 million in Pasadena. When it comes to work, I found this the most important quote when it comes to businesses. The one that really explains what does business mean and how to improve your business. It's the work on your desk. It's the work on your desk. Do well with what you already have and more will come in. This is what Charlie has been saying when it comes to acquiring clients. This is now exactly why I prefer Charlie to Warren because Charlie lived his life. And even if they say that this is probably the only irrational thing he did in life, buying a boat, living a life is actually the goal of what we do. We are investing not for investing but to reach our financial goals over time. Then when it comes to investing, you really need to have deep knowledge, make friends with those eminent debt. Don't just read the principles of Adam Smith. Make friends with him and then you understand them. And this is also what I think really fits the investing attitude that I have. It's not about just reading the numbers about a stock. It's about going deep. It's about understanding the business like you understand a friend. You know what they will do in this or that situation and then you become a great investor. It takes years to develop something like that. It takes years to know something like that. But that's perhaps the best way to invest. And then Bill Gates has a nice quote from Charlie. He says that when they discussed options for managers, he deems those managers that work only for options no better than the piano player in a whorehouse. Typical Charlie. On chapter two, the manga approach to life, learning and decision making, be prepared in finance. And this is perhaps the most important quote that can really affect your finance life. And I'm going to read it to you and finish with that because successful investing is simply a byproduct of carefully organized and focused approach in life. And then to quote Charlie Munger, our experience tends to confirm a long held notion that being prepared on a few occasions in lifetime to act promptly in scale in doing some simple and logical thing will often dramatically improve the financial result results over that lifetime. A few major opportunities clearly recognizable as such will usually come to the who continuously searches and waits with a curious mind that loves diagnosis involving multiple variables. And then all that is required is a willingness to bet heavily when the odds are extremely favorable using resources available as a result of prudence and patience in the past. Charlie T. Munger, the essence of financial wealth building. Please subscribe. There will be more about Charlie. Thank you for listening and I'll speak to you in the next video or podcast.