No. of Recommendations: 19
Thanks for this suggestion of focusing the attention and subject on this board, Manlobbi.
Sometimes, I read things too quickly and just went back to reread your post, with the link to
https://financialfreedomisajourney.com/wp-content/.... Looks like an excellent read.
Also, I removed my initial post, #13777, which was a response to, "Charlie," because it was a little too pointed and not as helpful as I'd like to be. I'm not sure if I need to repost it or just let it linger in the memory, or not, never to be found again. :)
Meanwhile, I did a search on Google, for Charlie's, topic,
"Investing is a Subset of Worldly Wisdom"
Below is the general Google's search results, not Gemini, which brought up the following:
From Google:
AI Overview
"Charlie Munger's quote, 'Investing is a subset of worldly wisdom,' emphasizes that investing is not just about financial knowledge, but also about understanding human behavior, economics, and a broad range of other relevant fields. This quote highlights the importance of developing a broad understanding of the world to make sound investment decisions.
Here's a more detailed breakdown:
Worldly Wisdom:
Munger believed that successful investing required a deep understanding of various aspects of the world, including human psychology, economics, and business principles.
A Subset:
He wasn't suggesting that investing was the only application of worldly wisdom, but rather that a solid grasp of these broader principles was crucial for successful investing.
Beyond Financial Acumen:
This quote goes beyond simply knowing how to calculate returns or understand financial statements. It emphasizes the importance of understanding the forces that drive markets and the behaviors of investors.
Example:
Munger's emphasis on 'moats' (durable competitive advantages) in businesses highlights the importance of understanding the world around us to identify companies with strong fundamentals and long-term prospects.
In essence, Munger's quote suggests that investing success isn't just about technical skills, but about having a well-rounded understanding of the world and the factors that influence markets."
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Note: The above AI entry doesn’t include other subjects that Charlie was just as keen on, such as: Physics, engineering, morality, stoicism, history, and lifelong learning, to name but a few, which just shows the limitations of general search AI.
Manlobbi's list above is an example of some of the many topics that were often discussed on the nascent AOL (YellowBrk) board in the 1990's. Perhaps at it's peak educational power, Berkshire, with the GOAT, then the world's richest man, and his partner, Charlie Munger, were often in the news, on interviews and discussed at length by a larger number of people in the investment community right on the Yellow Brk Board, itself. Warren read it, and members from the family also posted there. I take for granted the huge amount of information that was posted on that board, at the time, of their favorite books, investor analysis, the authors of Snowball, and camaraderie. It was the golden age of the Berkshire message board and I was lucky have found it.
As someone said, "these are the good old days." And so they are, but as the years led up to the dot.com bubble, as Warren was derided then for being out of touch, as the board was supplanted with newer versions on other platforms a general dispersing of the contributors resulted diluting the message of what Berkshire is and the principles that made it what it is today. Nothing lasts forever, but principles do. Just like in science, new concepts are revealed and our understanding of the world is enlarged. The building blocks that led us here to where we are now, are the foundation we stand upon. These principles are worth reviewing.
I hope to post a few items that were very important to me then. Maybe more people will add a few of their own.
Thanks Manlobbi for making this board possible.
