This post was originally shared in my DT Email Newsletter here.
I want you to do two things with today’s newsletter.
But before I get to that, I want to share this with you. If someone asks me what they should read when they first start investing, my answer is not a book.
Instead, I’d point them to a speech Charlie Munger, the late Vice Chairman of Berkshire Hathaway (and good buddy of Warren Buffett), gave at Harvard in 1995.
Why?
Because if there’s one thing you must understand about investing…
It’s the psychology of Mr. Market.
Charlie Munger has been like a mentor to me. I learnt greatly from him through his speeches and books.
These lessons shaped how I approach the stock market. They have saved me from costly errors. And also rewarded me greatly.
SO… These are two things I want you to do today:
- Keep this email handy. Read it from beginning to end at least once a week.
- Cut out pieces of these nuggets (see link) and surround yourself with them. Stick it onto your fridge magnet. Put one or two in your sock drawers before you start your day right. Heck, put it in front of your study desk, like this…
Because when Mr. Market is giving you a hard time – the Iranian war, the ballistic AI cycle, the fear-mongering, or if we’re under some sort of pressure and stress from the markets, know this:
These reminders will help you think clearly. And I guarantee you this collection WILL make you a much better investor.
At least it did for me.
Here’s my summary of Charlie Munger’s Psychology Biases.
Enjoy!
Sometimes, investing can be simple.
Willie Keng, CFA
Founder, Dividend Titan
