Clouds, Edge IoT, AI/ML, Data, API, Cybersecurity for Fintech, Banking, Payments, eCommerce, Governments, Healthcare R&D products and consulting advisory services as Chief Timeleaping Officer at Timeleap.
RIP Charlie Munger died at 99. A Warren Buffet’s long term business partner. A lawyer with great wisdom who has no business degree turned into a one of the greatest modern investors. Munger or Buffet can make mistakes. Still, some of his words of wisdom: “All intelligent investing is value investing — acquiring more than you are paying for” “The world is full of foolish gamblers and they will not do as well as the patient investors.” "The desire to get rich fast is pretty dangerous." “Crypto (currency) is a bad combo of fraud and delusion — good for kidnappers.” "One of the great defenses — if you're worried about inflation — is not to have a lot of silly needs in your life." "Knowing what you don't know is more useful than being brilliant." "I have never succeeded very much in anything in which I was not very interested." "Three rules for a career: 1) Don't sell anything you wouldn't buy yourself. 2) Don't work for anyone you don't respect and admire. 3) Work only with people you enjoy." “Opportunity comes to the prepared mind.” “It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.” “Someone will always be getting richer faster than you. This is not a tragedy." “Warren, if people weren’t so often wrong we wouldn’t be so rich.” “Mimicking the herd invites regression to the mean.” “Live within your income and save so that you can invest. Learn what you need to learn.” “To fish where the fish are.” “I think the reason why we got into such idiocy in investment management … I asked a fish bait seller, 'My God, they're purple and green. Do fish really take these lures?' And he said, 'Mister, I don't sell to fish.’ …” “(We) can bet on 20 ideas, but only "three or five or seven" might make them rich, he said. "But what you can't do is get rich by trying one new idea every day." “I wish everything else in America was working as well as Costco does. Think what a blessing that would be for us all." "I love everything about Costco. I'm a total addict, and I'm never going to sell a share” “I am personally skeptical of some of the hype that has gone into artificial intelligence," Munger said. "I think old-fashioned intelligence works pretty well." “When something can do all kinds of things I get a little bit worried because now we won’t be able to un-invent it," Buffett said. “Just as Munger and Buffett have been unimpressed with other trendy stock plays like cryptocurrency, which Munger called a "venereal disease," "With AI, it can change everything in the world, except how men think and behave," Buffett said. "And that's a big step to take." “I regard it as very unfair, but capitalism without failure is like religion without hell.” So, if you believe in capitalism, then bubbles and recessions are inevitable and cyclical. Capitalism thrives on failures. :) #rip #charliemunger #longterm #investment #gettingrich #patience #strategyexecution