Collection: Charlie Munger - #142 'Mental Checklist'



[Transcript]

JULIA LA ROCHE 00:00

We have another question, Peter Berlin from Toronto. Mr.Munger, you famously run investments through your mental checklist. Is there anything that you wish you had added to your checklist sooner?


CHARLIE MUNGER 00:17

Well, I’m constantly making mistakes where I can, in retrospect, realize that I should have decided differently. And I think that that is inevitable because it’s difficult to be a good investor.


I’m pretty easy on myself these days. I’m satisfied with the way things have worked out and I’m not gnashing my teeth when other people are doing better.


I think that the methods that I’ve used including the checklists are the correct methods and I’m grateful that I found them as early as I did and that the methods have worked as well as they have. I recommend that other people follow my example.


It reminds me of the key phrase and Bunyan’s Pilgrim’s Progress in which he says: My sword I leave to him who can wear it. I’m afraid that’s the way we all have to leave our swords.


(Source: https://youtu.be/Pp4CvjNw-9Y)

 

[YAPSS Takeaway]