Episode Details

What I learned from reading All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. 

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[2:01] Buffett and Munger have a remarkable ability to eliminate folly, simplify things, boil down issues to their essence, get right to the point, and focus on simple and timeless truths.

[3:00] The Almanack of Naval Ravikant: A Guide to Wealth and Happiness by Naval Ravikant and Eric Jorgenson.  (Founders #191)

[4:00] Warren Buffet or Charlie Munger are the very wise grandfather figure that I never had.

[5:00] To try to live your life totally free of mistakes is a life of inaction. —Warren Buffett

[5:00] The sign above the players' entrance to the field at Notre Dame reads ´Play Like a Champion Today.' I sometimes joke that the sign at Nebraska reads 'Remember Your Helmet.' Charlie and I are 'Remember Your Helmet' kind of guys.' We like to keep it simple. (You must structure your life and business to be able to survive the inevitable bad decisions you’re going to make.)

[5:00] Wisdom is prevention. —Charlie Munger

[6:00] We make actual decisions very rapidly, but that's because we've spent so much time preparing ourselves by quietly sitting and reading and thinking. —Charlie Munger

[7:00] If you get into the mental habit of relating what you're reading to the basic underlying ideas being demonstrated, you gradually accumulate some wisdom. —Charlie Munger

[7:00] At Berkshire, we don't have any meetings or committees, and I can think of no better way to become more intelligent than sit down and read. I hate meetings, frankly. I have created something that I enjoy: I happen to enjoy reading a lot, and I happen to enjoy thinking about things. —Warren Buffett

[7:00] We both hate to have too many forward commitments in our schedules. We both insist on a lot of time being available to just sit and think. —Charlie Munger

[8:00] I need eight hours of sleep. I think better. I have more energy. My mood is better. And think about it: As a senior executive, what do you really get paid to do? You get paid to make a small number of high-quality decisions. — Invent and Wander: The Collected Writings of Jeff Bezos, With an Introduction by Walter Isaacson. (Founders #155)

[9:00] I think people that multitask pay a huge price. When you multitask so much, you don't have time to think about anything deeply. You're giving the world an advantage you shouldn't do. Practically everybody is drifting into that mistake. I did not succeed in life by intelligence. I succeeded because I have a long attention span. —Charlie Munger

[9:00] Jony Ive on Steve Jobs: Steve was the most remarkably focused person I’ve ever met. (Video)

[11:00] It is just that simple. We've had enough good sense when something was working well, keep doing it. The fundamental algorithm of life: repeat what works. —Charlie Munger

[13:00] ALL THE BUFFETT AND MUNGER EPISODES:

Berkshire Hathaway Letters to Shareholders 1965-2018 by Warren Buffett. (Founders #88) 

The Snowball: Warren Buff