Charlie Munger on Delayed Gratification:

I've also got the money-sense gene. The first 13 years I practiced law, my income from practicing law was $300,000 total.

At the end of that 13 years, what did I have?

1/

A house. Two cars. And $300,000 of liquid assets. Everyone else'd have spent that slender income, not invested it shrewdly, and so forth.

I just think it was, to me, it was as natural as breathing, and of course I knew how compound interest worked!

2/
I knew when I saved $10 I was really saving $100 or $1,000 ,because of the future growth of the $10.

It just took a little wait. And when I quit law practice it was because I wanted to work for myself instead of my clients, because I knew I could do better than they did.

3/
You only get a few opportunities, and you have to grab them aggressively when they come because even in the most favored life, they're really rare.

I always feel that the opportunities are rare. I only get a few and then I have to seize them aggressively.

4/
Now that lesson I just talked about, it is taught in no business school I know of. But…everybody who has any sense ought to know [that] at the start of life, and practically nobody does.

I just described reality the way it really is.

5/
If I took the 30 biggest transactions out of Berkshire in the past 60 years, what would Berkshire be?

Not much.

I mean we wouldn't be poor, but we wouldn't be rich either. Maybe once every two years we had a major opportunity. Not very many.

6/
Check out this great article by @jasonzweigwsj at

Charlie Munger, Unplugged

https://t.co/y3dhC3dKiu 7/
The fascinating fact is that Charlie Munger was financially independent in 1962, at the age of 38

That was before he even started his real estate and investment partnerships

And before he even started investing with Buffett

https://t.co/wugFD90QzN h/t @mymoneyblog

8/
This is the tweet that started this thread:

https://t.co/ggrqHXKOCM

9/
Happy 97th birthday to Charlie Munger

I like the following books about him:

Damn Right: Behind the Scenes with Berkshire Hathaway Billionaire Charlie Munger

https://t.co/oDD9Dv14AW

Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger

https://t.co/fTr3ti8F3Y

10/
Check this thread on Charlie Munger:

The first 100,000 is the hardest

https://t.co/ZWGF3K49tc

11/

More from Dividend Growth Investor

More from Law

This is what he wants to do.

No matter how this trial plays out, the US will remain divided between those who choose truth, Democracy, and rule of law and the millions who reject these things.

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The question is how to move forward.

My mantra is that there are no magic bullets and these people will always be with us.

Except for state legislatures, they have less power now than they have for a while.

2/

The only real and lasting solutions are political ones. Get Democrats into local offices. Get people who want democracy to survive to the polls at every election, at every level.

It’s a constant battle.

3/

Maybe I should tell you all about Thurgood Marshall’s life to illustrate how hard the task is and how there will be backlash after each step of progress.

4/

Precisely. That's why Thurgood Marshall's life came to mind.

We are still riding the backlash that started after the Supreme Court decision in Brown v. Board of Education.

That's why I keep saying there are no easy

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प्राचीन काल में गाधि नामक एक राजा थे।उनकी सत्यवती नाम की एक पुत्री थी।राजा गाधि ने अपनी पुत्री का विवाह महर्षि भृगु के पुत्र से करवा दिया।महर्षि भृगु इस विवाह से बहुत प्रसन्न हुए और उन्होने अपनी पुत्रवधु को आशीर्वाद देकर उसे कोई भी वर मांगने को कहा।


सत्यवती ने महर्षि भृगु से अपने तथा अपनी माता के लिए पुत्र का वरदान मांगा।ये जानकर महर्षि भृगु ने यज्ञ किया और तत्पश्चात सत्यवती और उसकी माता को अलग-अलग प्रकार के दो चरू (यज्ञ के लिए पकाया हुआ अन्न) दिए और कहा कि ऋतु स्नान के बाद तुम्हारी माता पुत्र की इच्छा लेकर पीपल का आलिंगन...

...करें और तुम भी पुत्र की इच्छा लेकर गूलर वृक्ष का आलिंगन करना। आलिंगन करने के बाद चरू का सेवन करना, इससे तुम दोनो को पुत्र प्राप्ति होगी।परंतु मां बेटी के चरू आपस में बदल जाते हैं और ये महर्षि भृगु अपनी दिव्य दृष्टि से देख लेते हैं।

भृगु ऋषि सत्यवती से कहते हैं,"पुत्री तुम्हारा और तुम्हारी माता ने एक दुसरे के चरू खा लिए हैं।इस कारण तुम्हारा पुत्र ब्राह्मण होते हुए भी क्षत्रिय सा आचरण करेगा और तुम्हारी माता का पुत्र क्षत्रिय होकर भी ब्राह्मण सा आचरण करेगा।"
इस पर सत्यवती ने भृगु ऋषि से बड़ी विनती की।


सत्यवती ने कहा,"मुझे आशीर्वाद दें कि मेरा पुत्र ब्राह्मण सा ही आचरण करे।"तब महर्षि ने उसे ये आशीर्वाद दे दिया कि उसका पुत्र ब्राह्मण सा ही आचरण करेगा किन्तु उसका पौत्र क्षत्रियों सा व्यवहार करेगा। सत्यवती का एक पुत्र हुआ जिसका नाम जम्दाग्नि था जो सप्त ऋषियों में से एक हैं।