Wit and Wisdom From The World’s Most Irreverent Billionaire
Ladies and gentlemen, tune in to our special show on the Maria Rekrut Radio Show on Thursday, November 30, 2023, at 5 p.m. EST on https://4680q.ca/
We will remember the life and wisdom of the legendary investor, Charlie Munger. Join us as we reflect on the invaluable lessons and insights shared by the vice chairman of Berkshire Hathaway. From the importance of rationality and continuous learning to the art of patience and long-term value investing, Charlie Munger’s words of wisdom have left an indelible mark on the world of finance. Don’t miss this opportunity to celebrate the life and legacy of a true investing icon.
Charlie Munger is one of the great minds of the 20th century. Below is an attempt to capture that wisdom in one shareable place.
Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Systematically you get ahead, but not necessarily in fast spurts. Nevertheless, you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day – if you live long enough – most people get what they deserve.
American billionaire investor Charles Munger poses for a portrait with his arms folded in Los Angeles, California, March 9, 1988. (Photo by Bonnie Schiffman/Getty Images)
Charlie Munger, the vice chairman of Berkshire Hathaway and a renowned investor, has imparted numerous investment lessons and words of wisdom over the years. Here are some of his notable insights:
Be rational and objective.
Be a learning machine.
Financial freedom is about independence.
Live within your income and save so that you can invest.
Learn what you need to learn.
Investing is where you find a few great companies and then sit on your ass.
The big money is not in buying or selling, but in the waiting.
Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you’ve won.
Munger’s wisdom emphasizes the importance of rationality, continuous learning, patience, and living within one’s means. His insights reflect a long-term, value-oriented approach to investing and a focus on
Charles “Charlie” Munger, a longtime resident of Pasadena, California, is perhaps best known as the Vice Chairman of the world’s greatest compound interest machine: Berkshire Hathaway, Inc.
In the time of his and Warren Buffett’s reign as the leaders of Berkshire, the company has returned roughly 2,000,000% on its initial value, or 20,000 to 1. This was accomplished in the adult lifetime of two men simply by investing the capital of the company in an increasing number of prosperous enterprises and without dangerous amounts of borrowing. It is a story for the ages.
Charlie is known as a “sidekick” only to people who don’t know him well. To those who do know him, Charlie is a fiercely independent intellectual who, in the words of his partner Buffett, “Marches to the beat of his own music, and it’s music like virtually no one else is listening to.”
Besides his work co-headlining the Berkshire affair and various other business and philanthropic ventures, Charlie is known for his fluent, multidisciplinary mind. Trained as a meteorologist during World War II and as a lawyer at Harvard before devoting himself to business, Munger has drawn heavily from the study of psychology, economics, physics, biology, and history, among other disciplines, in developing his system of “multiple mental models” to cut through difficult problems in complex social systems. It is a system like no other.
As a result, his insights on business and life are unique, rare, and correct with unusual consistency. Speeches and writings made long ago stand up in their logic and validity today as much as when they were written, given their basis in the deeply fundamental wisdom of the world.
Adopting the “Munger” approach to thinking is difficult, as is imitating any genius, but utilizing its core tenets will quickly remove the cobwebs from your mind. When asked his secret to success, Munger once answered, “I’m rational.”
Charlie Munger Quotes
“If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.”
“Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Systematically, you get ahead, but not necessarily in fast spurts. Nevertheless, you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day, if you live long enough, most people get what they deserve.”
“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”
“Just because you like it does not mean that the world will necessarily give it to you.”
“I try to get rid of people who always confidently answer questions about which they don’t have any real knowledge.”
“I always say I want to know where I would die so I can never go there.”
“The iron rule of nature is: You get what you reward for. If you want ants to come, you put sugar on the floor.“
“We’re just not interested in taking a substantial chance of taking a lot of very decent people back to “Go” so we can have one more zero on our net worth.”
“I think Warren and I know the edge of our competency better than other people do.”
“I paid no attention to the territorial boundaries of academic disciplines and I just grabbed all the big ideas that I could.”
A Lesson on Elementary Worldly Wisdom As It Relates To Investment Management & Business — Charlie describes his thoughts on investing, but only after going through a detailed list of useful mental models fundamental to understanding the world before you learn to invest.
Turning $2 Million Into $2 Trillion — Charlie goes through a long mental exercise of building Coca-Cola up from scratch, starting in 1986, using only the elementary mental models that would be learned by a young college student.
The Tension Created by Stretch Goals – What is a better approach: Setting stretch goals that might cause people to cheat? Or making goals a little easier? Charlie thinks there is a tension between the two.
Circle of Competence – If there’s one thing Charlie takes pride in, it’s that he knows what he knows and what he doesn’t know. That is a circle of competence.
Bad Morals Drive Out the Good – Gresham’s Law says bad currency drives out good. Charlie thinks bad morality is the major functional equivalent in the real world.
Getting The Best Odds – Gamblers can’t predict what will happen on any hand, but they can bet when they have the odds in their favor. Over time, they accrue an advantage.
How Raising Prices Can Increase Sales – Everyone in economics thinks lowering prices leads to rising sales. Sometimes that is true. But knowing when isn’t true leads to some interesting results.
Charlie Munger: Why Bureaucracy is not Shareholder Friendly – The constant curse of scale is that it leads to big, dumb bureaucracy—which, of course, reaches its highest and worst form in government where the incentives are really awful.
Charlie Munger is the Chairman of the Daily Journal, a public company based in LA. Every year at the annual shareholders meeting he talks for hours. I take very detailed notes.
THE MARIA REKRUT RADIO SHOW is brought to you by The Vehicle Exchange Inc
Charged Up: Navigating the Pros and Cons of Electric Cars in 2024 on Thursday, November 23, 2023, at 5pm EST on https://4680q.com/
Rev up your curiosity and charge into the future with ‘Electric Avenue’! Uncover the electrifying world of electric vehicles, from their lightning-fast performance to the challenges they spark. Join us as we navigate the electric highway and explore the pros and cons of driving towards a greener tomorrow!
If you have any questions or comments, you can text 437-600-6860 or call the hotline at 289-296-43111.
Don’t miss out on this informative and engaging show!
Are you interested in keeping up with the latest news in the world of business and real estate? Then tune in to “Business and Real Estate Today” every Thursday at 5:00 p.m., live on 4680Q, one of Niagara’s top online radio and podcast sources. https://4680q.com/
Stay informed and make better business decisions with our weekly radio show, “Business and Real Estate Today.” Our host, Maria Rekrut, a well-known industry expert, brings you the latest developments in the world of business and real estate, including changes that are happening and what they mean to you.
Our show is designed to focus on what we think is most important for our valuable listeners, so you can be sure you’re getting the best information you need before making a business decision that will affect your life.
In each episode, we cover a variety of topics related to real estate, including trends, market updates, and tips for buying and selling property. We also feature interviews with industry experts and answer listener questions to help you navigate the complex world of business and real estate.
During the show, you’ll hear about the latest developments in the world of business, including changes that are happening and what they mean to you. Maria Rekrut, the host of this very popular show, focuses on what she thinks is most important for our valuable listeners, so that you can be sure you’re getting the best information you need before making a business decision that will affect your life.
During the show, you’ll hear about the latest developments in the world of business, including changes that are happening and what they mean to you. Maria Rekrut, the host of this very popular show, focuses on what she thinks is most important for our valuable listeners, so that you can be sure you’re getting the best information you need before making a business decision that will affect your life.
Plus, the show is brought to you by The Vehicle Exchange Inc., so you know you’re getting quality content from a trusted source.
If you have any questions or comments, you can text 437-600-6860 or call the hotline at 289-296-43111.
Don’t miss out on this informative and engaging show!
The inception of electric cars dates back to the 1880s when inventors like Thomas Parker and Thomas Edison began experimenting with battery-powered vehicles. In 1889, Flocken Elektrowagen became one of the first electric cars to hit the roads in Germany. These early electric vehicles (EVs) gained popularity for their simplicity and clean operation, offering a viable alternative to the noisy and complex internal combustion engines of the time.
1950: The Mid-Century Decline
By the 1950s, electric cars faced a decline in popularity. The rise of gasoline-powered vehicles, coupled with advancements in internal combustion engine technology, led to the perception that electric cars were limited by short driving ranges and lacked the power of their gasoline counterparts. Additionally, the discovery and exploitation of vast oil reserves contributed to the dominance of fossil fuels in the automotive industry.
The Electric Car’s Fall: Why They Failed
Despite early promise, several factors contributed to the temporary demise of electric cars. Limited battery technology hampered the development of vehicles with longer ranges, making them less practical for widespread use. The discovery of abundant oil resources and subsequent focus on gasoline-powered vehicles further marginalized electric cars. Additionally, societal preferences favored the perceived convenience of gasoline refueling over the longer charging times required for electric vehicles.
In the 1950s, the mass production and affordability of gasoline cars, along with a lack of investment in electric vehicle technology, contributed to a significant decline in the popularity of electric cars. However, it’s crucial to note that their story doesn’t end here. The resurgence of interest in electric vehicles in recent decades has propelled them back into the spotlight, marking a new era of innovation and sustainability in the automotive industry.
Silent Revolution: Why Electric Cars Are Changing the Game
As the automotive industry undergoes a transformative shift towards sustainable practices, electric vehicles (EVs) have emerged as a driving force in the pursuit of cleaner and greener transportation. These innovative vehicles not only promise to reduce our carbon footprint but also bring about a wave of technological advancements.
However, like any revolutionary change, the adoption of electric cars comes with its own set of pros and cons. In this article, we’ll explore the exciting world of EVs, delving into the benefits they offer and the challenges they present. Buckle up for a journey through the electric highway!
Electric cars, or EVs, come with several advantages and drawbacks. One of their key advantages is their efficiency and quiet operation. They offer instant torque, making them responsive and enjoyable to drive.
Additionally, electric vehicles contribute to reducing greenhouse gas emissions and can significantly lower fuel costs. However, there are notable downsides. EVs can be expensive upfront, and finding charging stations remains a challenge compared to traditional gas stations.
Charging times are longer, and the driving range on a full charge may be limited. Another concern is the higher initial purchase cost of electric cars, and replacing batteries can be an expensive endeavor.
Documentary about the GM killing of the electric car. It has been here since ’96, but they killed it off. If you believe in conspiracy theories, here’s one for you.
Engineering Explained: Oct 31, 2018
Are Electric Cars Worse For The Environment? Myth Busted
Electric cars are touted as a solution for reducing emissions and improving the environmental impacts of transportation, but are electric cars actually any better for the environment than gasoline cars?
This video looks to answer three main questions:
1) Doesn’t EV battery production cause a lot of emissions?
2) Don’t electric cars get their power from fossil fuels?
3) Isn’t lithium mining terrible for the environment?
Honest Money -Sep 4, 2023—Don’t Buy an Electric Car! (My Honest EV Review After 25,000 Miles)
This is why I will NOT buy another Tesla. One-year ownership review
In conclusion, the decision to embrace electric cars involves a careful consideration of their pros and cons. The advantages, such as efficiency, lower operating costs, and environmental benefits, make them an appealing option for many. The instant torque and quiet operation contribute to a positive driving experience.
However, challenges like the higher upfront cost, limited charging infrastructure, and concerns about battery replacement costs should not be overlooked. As technology advances and infrastructure improves, electric cars are likely to become even more attractive.
The choice to adopt an electric vehicle depends on individual priorities, environmental consciousness, and willingness to navigate the current limitations of the electric car landscape.
For myself, I will continue to buy gas cars. It’s the convenience of filling up in 5 minutes, saving the environment by not using lithium batteries, which are so hard on the environment, and enjoying long trips without having to worry where there’s a charging station. History has proven since the 1880’s that this experiment is still ongoing and that there is a real need for great infrastructure for charging stations. For now, I’ll stick with my Honda, which has never failed me.
Cheers,
Maria Rekrut
Electric Vehicles, EVs, Green Transportation, Sustainable Mobility, Electric Cars Benefits, Electric Cars Drawbacks, Clean Energy Vehicles, Environmental Impact of EVs, Charging Infrastructure, Electric Car Technology, Battery Life in Electric Cars, Cost of Electric Vehicles, Renewable Energy in Transportation, Zero Emission Cars, Future of Automotive Industry, Electric Car Adoption, Alternative Fuel Vehicles, EV Charging Stations, Eco-Friendly Transportation, Electric Car Market Trends
Join me today, Tuesday, Nov 21, 2023 on the Mike Smyth Show on CKNW AM-980 at 1:35 pm EST, https://globalnews.ca/radio/cknw/?gref=cknw I’ll be discussing the Federal Housing Minister Floats Airbnb Crackdown to Boost Long Term Rental Supply!!
Ever wondered how the global initiative C40 Cities could impact your real estate investments?
It’s a question that’s been on the minds of many, especially small landlords and investors. This global network of powerful cities is united in a bid to confront the climate crisis, and it’s shaking up the real estate scene in ways you might not expect. If you’re in the dark about C40 cities, it’s time to turn on the light. Let’s dive into the heart of the matter and illuminate the situation. #C40cities, #climatechange, #greenhousegasemissions
President of the European Central Bank, Christine Lagarde, announces the launch of the EU's central bank digital currency (CBDC)—the digital euro—which will enable unelected technocrats at the ECB to program how, when, where, on what and by whom it can be spent, including the… pic.twitter.com/XZ2OjtHEvs
They will say cash is an option but in the same breath will say To access government services like a drivers licence or do your tax returns etc… will need a digital ID and they will only pay you in digital currency so if you don’t participate no services or payment for you,
Nov 9, 2023, Radio Show on 4680Q.ca, C40 Cities – United in Action: C40 Cities’ Global Campaign for a Green and Inclusive Future
Introduction
Welcome to the Maria Rekrut Radio Show, where we will discuss the topic of real estate investors and the impact of C40 cities on their investments. C40 Cities is a network of global cities working together to address climate change. We will explore how this initiative might affect small landlords and real estate investors and whether it will hinder their ability to make money freely.
Introduce C40 Cities and its mission to address climate change by collaborating with other cities worldwide.
C40 Cities is a global network of nearly 100 mayors from the world’s leading cities, committed to taking action to confront the climate crisis. The network’s mission is to address climate change by collaborating with other cities worldwide, using an inclusive, science-based, and collaborative approach to cut their fair share of emissions in half by 2030, limit global heating to 1.5°C, and build healthy, equitable, and resilient communities.
Cities in the C40 network earn their membership through action, and the network’s Leadership Standards set the minimum requirements for all member cities, safeguarding the integrity of C40 as a network of climate leaders. C40 mayors have been at the forefront of climate leadership for over 15 years, driving the conversation around climate action and environmental justice to place these issues front and center in local policies and on the international agenda.
Explain that C40 Cities aims to reduce greenhouse gas emissions and improve the quality of life for urban residents.
C40 Cities is a global network of nearly 100 mayors of the world’s leading cities that are united in action to confront the climate crisis. The main goal of C40 Cities is to reduce greenhouse gas emissions and improve the quality of life for urban residents. Here’s how they aim to achieve this:
Reducing emissions: C40 cities focus on driving urban action that reduces greenhouse gas emissions and climate risks. They support cities in developing climate action plans that have the level of ambition and action needed to play their part in meeting the objectives of the Paris Agreement. This includes developing a pathway to become an emissions-neutral city by 2050 at the latest, setting ambitious interim goals, and implementing measures to reduce emissions from various sectors.
Transforming urban mobility: C40 cities aim to reduce emissions from transport by transforming urban mobility and using cleaner, more efficient transport. This includes supporting the development of fast bus networks, promoting cycling and walking, and encouraging the use of electric vehicles.
Improving resilience to climate hazards: C40 Cities works on improving the resilience of cities to climate hazards. This involves demonstrating how the city will adapt and improve its resilience to the climate hazards that may impact the city now and in future climate change scenarios.
Creating good, green jobs: C40 cities is committed to helping deliver 50 million good, green jobs by 2030. They aim to scale up climate action and share best practices across high-impact sectors, facilitating access to finance for investment in green jobs and projects that improve resilience in cities.
Engaging with the community: C40 cities engage with the community to inform the plan, outline the social, environmental, and economic benefits expected from implementing the plan, and establish ways to ensure equitable distribution of these benefits to the city’s population. They also involve young people in their initiatives and create global initiatives to encourage cooperation between mayors and young leaders of climate movements.
Advocacy and diplomacy: C40 Cities work on building a global movement through robust international advocacy and diplomacy, defining and amplifying their call to national governments for greater support and autonomy in creating a sustainable future.
Here are two short YouTube videos about the main goal of C40 Cities, which is to reduce greenhouse gas emissions and improve the quality of life for urban residents:
C40 Cities: A Global Movement for Climate Action This video provides an overview of C40 Cities and its main goals.
And the Second Video: We Live Here Together’—a short film about creating a sustainable future.
https://youtu.be/QxG1eLGQ4Ik?si=GkQY8MK12LHOggwP via @YouTube
Now let’s look at these wonderful C40 cities and the 15-minute cities in action!! The Globalists paint such a pretty picture, but what is the reality that will affect all of us?
Here is the video: Welcome to C40 Cities
Let’s highlight the participation of major cities like New York, London, and Tokyo in this initiative.
New York, London, and Tokyo are major global cities that play a significant role in various initiatives and networks. Here is a highlight of their participation in global initiatives:
Global Prosperity: New York and Los Angeles are the largest cities in the United States, while Tokyo and Osaka-Kobe are the largest cities in Japan. These cities, along with London and Paris, are considered global giants and concentrate the drivers of global prosperity.
Global Network Hubs: London, New York, Paris, and Tokyo are the central hubs of the global network, regardless of how it is defined. The consequences of activities contained within these cities are unequal.
Global City Construct: New York, London, Paris, and Tokyo are considered global cities, and they have historically been focal points within the global network.
They are where the action is, and global culture throbs to their magnetic beat.
Global City Network: These cities are part of a global city network that serves the requirements of transnational capital across broad swathes of territory. Other emerging global cities outside this triad include Amsterdam, Frankfurt, Houston, Los Angeles, Mexico City, São Paulo, Sydney, and Zurich.
Participation in Various Initiatives: As major global cities, New York, London, and Tokyo participate in various initiatives, such as climate change mitigation, sustainable development, and economic growth. They are often at the forefront of innovation and policy-making, driving change on a global scale.
About Us: The C40 Cities Climate Leadership Group
Conclusion: C40 Cities is a network of 96 major cities worldwide that are committed to fighting climate change and reducing greenhouse gas emissions. The network aims to support the development and economies of its member cities in ways that are respectful to the environment and the well-being of society.
C40 Cities works with over 80 cities to collaborate effectively, share knowledge, and drive meaningful, measurable, and sustainable action on climate change.
The main goal of the network is to reduce greenhouse gas emissions, and it has made five commitments to support this goal. These commitments include supporting the Green Recovery, encouraging sustainable eating, involving young people, and establishing ambitious nature targets to achieve climate resilience. C40 Cities also works to connect cities with the private sector and drive innovation, maximizing the opportunity for joint climate action around the world.
In today’s radio show, we have explored how the C40 Cities initiative will impact small landlords and real estate investors, specifically focusing on whether it will hinder their ability to make money freely. After analyzing the information, it is my opinion that C40 cities will hinder the growth of small businesses, small real estate investors, and landlords. This conclusion is based on the following factors:
Net-zero carbon goals: The real estate industry is responsible for almost 40% of energy and process-related emissions. As a result, many cities, such as Paris and Amsterdam, have set net-zero carbon goals for 2050. While these goals are important for addressing climate change, they may create challenges for small landlords and real estate investors, who may struggle to meet the necessary requirements and investments to achieve these goals.
Circular economy models: Real estate investors and businesses can tap into the benefits of circular economy models, which aim to reduce waste and create more sustainable buildings and spaces. However, implementing these models may require significant investments and changes in business practices, which could be challenging for small players in the industry.
Sustainability initiatives: Global cities are increasingly promoting sustainability, and real estate owners are expected to achieve more sustainable portfolios. While these initiatives are necessary for addressing climate change, they may create additional financial and operational burdens for small landlords and real estate investors.
Overall, while the C40 Cities initiative and other sustainability efforts are crucial for addressing climate change, they may pose challenges for small businesses, small real estate investors, and landlords. It is important for policymakers and industry leaders to consider the potential impact on these stakeholders and develop strategies to support their growth and success in a sustainable future.
Quote from a small landlord: “While there might be some challenges ahead, I believe that by embracing sustainability and staying informed about initiatives like C40 Cities, small landlords and real estate investors can continue to thrive in the changing real estate landscape.”
Thank you for tuning in and joining us. Be sure to join us next time for another insightful discussion.
At this rate, Airbnb will be finished. Hosts are leaving in droves. Airbnb will have to work hard to keep up with the loss of inventory on their site, but this isn’t the first time this has happened, is it? Here’s what’s different this time and what it might imply for you.
After watching the video, here are five reasons why Airbnb is facing a rocky road to recovery:
Party problem: Airbnb has been struggling with party-related incidents, which have led to property damage and safety concerns. To address this issue, Airbnb is using AI to detect and prevent unauthorized parties.
Hidden cameras: There have been reports of hidden cameras in Airbnb rentals, which violate Airbnb’s policies. To address this issue, Airbnb prohibits the placement of cameras by hosts in private spaces and requires hosts to disclose the presence and location of cameras in their listings.
COVID-19 pandemic: The COVID-19 pandemic has significantly impacted the travel industry, including Airbnb. Many people cancelled their travel plans, and Airbnb’s revenue dropped significantly.
Regulatory challenges: Airbnb has faced regulatory challenges in many cities and countries, which have led to restrictions on short-term rentals. For example, some cities have imposed limits on the number of days a property can be rented out.
Competition: Airbnb faces competition from other short-term rental platforms, such as Vrbo and Booking.com. These platforms offer similar services and have a significant market share.
To address these challenges, Airbnb is taking steps to improve its platform and restore trust among its users. For example, it is investing in AI to detect and prevent unauthorized parties, improving its customer service, and working with regulators to address regulatory challenges.
If you enjoyed our video, please give it a thumbs up 👍 and share it with others who might find it useful. Let’s spread awareness and inspire positive change together! ✨🌍💚
If you need more tips on becoming a great real estate investor and want to learn more about the upcoming real estate trends, then visit Maria Rekrut’s website and set up a free discovery call at: https://realwealthrealestate.com/
The Airbnb Exodus: Why Californians Are Quitting!!
In this video, we’ll answer the question: Why are California residents leaving the state in droves? And what are the implications of the Airbnb exodus?
The Airbnb exodus is a massive phenomenon, and it’s affecting Californians in many ways. We’ll explore the reasons behind the exodus and what the implications are for the state.
Since the passage of AB 1227, known as the “Airbnb bill”, a lot of Californians have been leaving the state in droves. We’ll be discussing the reasons behind this exodus and what it means for the future of California.
Tune in to find out why so many Californians are leaving and what this means for the state’s economy! With soaring housing prices, poor air quality, and problematic local regulations, it seems like Californians just can’t catch a break!
But what’s really behind the exodus? In this video, we’ll explore the reasons Californians are fleeing California, and what the new bill means for the future of the state. Be sure to share this video with your friends and family in California, and subscribe to our channel to stay updated on the latest news and information about the state!
Watch this video to find out what you need to know about the Airbnb exodus and its implications for Californians and for anyone who owns an Airbnb there!
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