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Charlie Munger's Best investments

Overview

Helped shift Berkshire's approach from cheap assets toward wonderful businesses.

Style

Mental models, business quality, patience

Firm

Berkshire Hathaway

Period

1924-2023

Charlie Munger

Best investments

Notable wins and the lessons behind them.

Study success as a process

Charlie Munger's successful investments are often remembered for large outcomes, but beginners should focus on the process: what was observed, what was waited for, how risk was controlled, and why conviction could be maintained.

Identify the initial condition that created the edge.

Separate luck from skill.

Ask whether the lesson still applies in the current market.