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by Ben Carlson, A Wealth of Common Sense

One of the biggest benefits of innovations in technology, communication platforms, and social networks is the ability to gain access to a wide variety of conferences, events, and speeches that would have been nearly impossible to listen to or view in the past.

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Charlie Munger held court at the annual meeting for the Daily Journal Corp., where he’s the chairman, yesterday in Los Angeles. My Twitter stream was full of people who were there in person tweeting out soundbites and Mungerisms throughout his talk.

In the past, this kind of thing would have been written about in a magazine that you could maybe read on a month lag or even a book that would have taken even longer to see the light of day. But now this kind of event gets live-streamed or live-tweeted in real-time and then dissected on every financial website imaginable. For those who are interested in this stuff, this access can be unbelievably helpful.

I’ve been an enormous Munger fan ever since reading Poor Charlie’s Almanack early on in my career. He has the uncanny ability to take complex topics and simplify them into very powerful short sentences or phrases. Here are a few of my favorites I read from yesterday’s talk:

Deferred gratification really works if you want to get better and better.

Get rid of your stupidities as fast as you can. Avoid bad people.

I’m very busy destroying bad ideas because I have so many of them.

Rationality is a moral duty. If you have the capacity to be reasonable, then you’re morally obligated to be reasonable.

Berkshire succeeded on two decisions a year.

If you’ve read enough about Munger over the years you’ve probably heard some variation of these quotes before. Still, I somehow always find value in drumming this stuff into my skull over and over again as a reminder.

There was, however, one quote he had that I want to dissect a little further:

The value of my partnership went down 50%…it’s a mark of manhood. You better be able to handle it without much fussing.

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