The Road Less Stupid: Advice from the Chairman of the Board

“It is not supposed to be easy. Anyone who finds it easy is stupid.”
—Charlie Munger, Vice Chairman of Berkshire Hathaway
Smart people do dumb things.

Here’s the proof: How much money would you have right now if I gave you the ability to unwind any financial decision you have ever made?
It turns out that the key to getting rich (and staying that way) is to avoid doing stupid things. The vast majority of dumb tax in both our lives is a direct result of three things:

1.Generalizations (which kill clarity),
2.Obsessing about Oz (instead of the yellow brick road) and
3.Faulty assumptions (ignoring risk).

Here it is on a bumper sticker: Operators react and sweat. Owners think and plan.

It all hinges on Thinking Time.