Beginner's Mind
Discover the Secrets of Deep Tech Success with Christian Soschner
Discover the strategies and mindsets that transform cutting-edge deep tech ideas into thriving businesses. Christian Soschner delves into the world of deep tech, exploring how entrepreneurs and investors build value and navigate the unique challenges of breakthrough industries.
Each episode features candid conversations with top investors, industry disruptors, and insightful book reviews – dissecting the strategies behind success, observed through my lens, shaped by 35+ years of building organizations and insights from ultrarunning, chess, and martial arts.
Expect:
- Investor Insights: Learn from experts who fund innovation, identifying opportunities and mitigating risk.
- Entrepreneurial Journeys: Go behind-the-scenes with founders turning deep tech concepts into impactful companies.
- Relevant Book Reviews: Discover actionable wisdom from biographies, strategy guides, and thought-provoking reads.
- Focus on Impact: Understand the business models, investment strategies, and market trends that fuel deep tech's potential for real-world impact.
Whether you're building the next big thing, investing in it, or keen on understanding this transformative space, this podcast is your guide to success in the world of deep tech.
Join the community and shape the conversation: https://lsg2g.substack.com/
Beginner's Mind
#144: 9 Life-Changing Principles from Charlie Munger: Smarter Investing and Decision-Making
What if you could rewire your thinking to solve life’s toughest problems? In this episode, we dive into Charlie Munger's timeless insights from Poor Charlie's Almanack, revealing 9 core principles for smarter investing, better decision-making, and a well-rounded life.
Munger’s success is rooted in clear, simple principles that help avoid pitfalls and achieve long-term results. Poor Charlie's Almanack offers a unique blend of investing strategies, life lessons, and mental models that have shaped Munger’s extraordinary career.
As an entrepreneur and investor, I’ve applied many of Munger’s lessons. In this episode, I break them down for you. From problem-solving through inversion to understanding cognitive biases, you’ll learn how to apply these principles to business and personal growth.
Whether you're a venture capitalist, founder, or looking to improve decision-making, this episode equips you with the tools to build a strong foundation for success.
Key Takeaways:
This episode covers 9 transformative principles, including:
- Inversion Thinking: Simplify problems by thinking backward.
- Mental Models: Integrate knowledge from various fields for better decisions.
- Mastering Envy & Emotional Management: Develop resilience against destructive emotions.
- Compound Interest: See how consistent improvements lead to exponential growth.
- Biases and Cognitive Fallacies: Avoid common cognitive traps.
- Character and Culture: Build strong culture for long-term success.
- Munger’s Investment Checklist: Learn Munger’s method for picking winners.
- How to Fail in Life: Munger’s humorous guide on what not to do.
- Incentives in Organizations: Align incentives to avoid failure.
Though this episode offers an overview, Poor Charlie’s Almanack contains much more. It’s a must-read for those looking to deepen their knowledge on investing and life.
Timestamps:
(00:00) Introduction
(06:01) Portrait of Charlie Munger
(11:00) Overview of Poor Charlie’s Almanack
(18:21) Inversion Thinking
(24:35) Mental Models
(29:39) Ego and Emotional Management
(36:51) The Power of Compound Interest
(43:17) Biases and Cognitive Fallacies
(50:52) Character and Culture
(57:39) Munger’s Investment Checklist
(01:08:00) How to Fail in Life
(01:18:05) Incentives in Organizations
(01:25:28) Key Takeaways
(01:32:00) Reflection & Closing
Why Listen:
- Master Problem-Solving: Learn how to simplify and solve complex problems using Munger’s inversion technique.
- Build Long-Term Success: Apply the power of compound interest and strong character to your business or investments.
- Avoid Common Pitfalls: Identify biases and cognitive traps that can derail decision-making.
- Actionable Insights: Munger’s investment checklist and character-focused advice will help you make smarter business and life decisions.
If you’re interested in learning more, I encourage you to grab a copy of Poor Charlie’s Almanack. It’s a deep well of wisdom that can help you on your journey toward smarter decision-making, investing, and living.
Thank you for tuning in, and don’t forget to subscribe for more episodes where we explore the best strategies from leading minds in business and investing.
Join the Podcast Newsletter: Link
00:00:00:00 - 00:00:31:03
Christian Soschner
There is efforts to kick off with Charlie Munger, one said. It's kind of fun to sit there and outthink people who are way smarter than you are, because you have trained yourself to be more objective and more multi disciplinary. Think about it. What if the true edge in business and investing isn't just about being smarter, but about seeing the world through a more informed might disciplinary lens?
00:00:31:03 - 00:00:44:22
Christian Soschner
Imagine being able to cut through the noise. See the patterns at us, miss and make decisions with the kind of clarity that only comes from deep, integrated thinking.
00:00:44:22 - 00:01:00:17
Christian Soschner
in today's world, where new technologies emerge daily and trends shift overnight. Understanding how to think better, not just faster, could be the difference between success and failure.
00:01:00:17 - 00:01:24:20
Christian Soschner
manga challenges with a simple yet profound statement? Invert. Obvious. Invert? You can read more about it. You can put a Chinese almanac on page 79. It's this ability to look at problems from different angles, to challenge assumptions and to see what others overlook. That has made him a master in both business and life.
00:01:24:20 - 00:01:38:04
Christian Soschner
Today, the focus is on a Chinese home and a book that captures the essence of Charlie Manga's philosophy. Hence, the mental models that have made him a cornerstone of Berkshire Hathaway's success.
00:01:38:04 - 00:01:49:17
Christian Soschner
This isn't just a book about investing. It's about how to approach life with a sense of rationality, curiosity, and as manga puts it on page 219.
00:01:49:19 - 00:01:51:19
Christian Soschner
Worldly wisdom
00:01:51:19 - 00:02:07:14
Christian Soschner
Charlie manga. For those unfamiliar, was Warren Buffett's right hand man, a thinker who, despite staying out of the limelight, has profoundly shaped the investment philosophy that made Berkshire Hathaway a powerhouse.
00:02:07:14 - 00:02:19:11
Christian Soschner
His thinking isn't about quick wins or chasing trends, as he once said. What I want to know is where I'm going to die, so I never go there.
00:02:19:13 - 00:02:23:01
Christian Soschner
It's about page 265 in the book.
00:02:23:01 - 00:02:32:00
Christian Soschner
It's a statement that reflects his deep focus on avoiding pitfalls, the mindset that every entrepreneur and investor should adopt.
00:02:32:00 - 00:02:38:20
Christian Soschner
But why should this matter to venture capitalists, deep tech entrepreneurs, and devoted listener?
00:02:38:20 - 00:02:52:21
Christian Soschner
If the goal is to navigate the complexities of today's business landscape with Charlie's, Almanac offers a way to think differently, a way to filter out the noise and focus on what truly matters.
00:02:52:23 - 00:02:58:16
Christian Soschner
My emphasis is the big money is not in the buying and selling, but in the weighting.
00:02:58:16 - 00:03:08:10
Christian Soschner
This concept holds particular significance in a world that often prioritizes speed over patience.
00:03:08:10 - 00:03:15:17
Christian Soschner
Magnus Wisdom teaches that sometimes the best move is to wait for the right opportunity instead of rushing in.
00:03:15:17 - 00:03:20:23
Christian Soschner
It's not just about making good decisions, it's about avoiding the bad ones.
00:03:21:00 - 00:03:45:11
Christian Soschner
Magnus insights act like a lighthouse, guiding through the fog of uncertainty that often surrounds major decisions in business. And today's episode will break down how to apply these principles directly into the way, and just attempt ensuring it's not just about surviving, but thriving in a competitive market.
00:03:45:11 - 00:03:47:10
Christian Soschner
So what's on the agenda for today?
00:03:47:10 - 00:04:00:05
Christian Soschner
This episode isn't just a summary of Poor Charlie's Almanac. It's an exploration of the ideas that the most for entrepreneurs and investors
00:04:00:05 - 00:04:00:22
Christian Soschner
expect.
00:04:00:24 - 00:04:11:01
Christian Soschner
Actionable coaching tips, insights into manga's core principles, and how they can be integrated into strategic decision making.
00:04:11:01 - 00:04:24:03
Christian Soschner
From mastering mental models to understanding the psychology behind human misjudgment, the focus is on extracting principles that can transform an approach to business.
00:04:24:03 - 00:04:40:05
Christian Soschner
For example, Magnus believes that it's 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, highlights the power of avoiding mistakes rather than chasing perfection.
00:04:40:07 - 00:04:50:16
Christian Soschner
Patience and rationality of mind. Estimated estimating both investing and entrepreneurship emerge as powerful tools in building enduring success.
00:04:50:16 - 00:04:59:03
Christian Soschner
By the end of this episode, the aim is to leave you with not just a new perspective, but practical tools ready for immediate use.
00:04:59:03 - 00:05:06:02
Christian Soschner
Whether you are just starting out in the world of investing or already are a seasoned entrepreneur.
00:05:06:02 - 00:05:23:12
Christian Soschner
Refining their strategy. These lessons we've challenge the way things are seen and help uncover opportunities and risks hidden in plain sight. The goal is to think like a Grand Master, anticipating the next several moves in any business journey.
00:05:23:12 - 00:05:32:03
Christian Soschner
And as manga would say, it's kind of fun to outthink people who are way smarter than you are. Page 59.
00:05:32:03 - 00:05:35:18
Christian Soschner
For Charlie side mark. So gear up to elevate the game.
00:05:35:18 - 00:05:44:05
Christian Soschner
But before we dive into the actionable insights, it's worth taking your moment to understand the mindset behind these ideas.
00:05:44:05 - 00:05:50:07
Christian Soschner
Why does Charlie Manga's perspective matter today and what makes it unique?
00:05:50:09 - 00:06:01:08
Christian Soschner
Let's explore his journey, the wisdom he shared over the years, and how his approach can help you become a better thinker, investor, and entrepreneur.
00:06:02:02 - 00:06:22:00
Christian Soschner
Charlie Munger born Charles Thomas Mangum January the 1st, 1924, in Omaha, Nebraska, embodies the classic Midwestern values that have defined some of America's most notable figures from Will Rogers to Warren Buffett.
00:06:22:00 - 00:06:28:18
Christian Soschner
Growing up in America's heartland, manga developed this sense of curiosity and the knack for negotiation.
00:06:28:18 - 00:06:35:14
Christian Soschner
As a child, he even traded hamsters with other kids, always managing to negotiate his way to a better deal.
00:06:35:20 - 00:06:41:13
Christian Soschner
Most of the quotes and dissections are from page 29 onwards in the book, which I decided my luck.
00:06:41:13 - 00:06:59:23
Christian Soschner
These are the traits foreshadow the lifelong pursuit of knowledge and discipline. Thinking. My idea to occasion at Central High School in Omaha provided a foundation in classical studies, but it was his time at Harvard Law School that redefined his analytical skills.
00:06:59:23 - 00:07:35:17
Christian Soschner
He graduated magna cum laude in 1948, among only 12 students in the class of 335 to achieve this distinction. But Charles journey took a pivotal turn when he returned to Omaha after the passing of his father to administer the estate. It was during this time that he met Warren Buffett at a dinner organized by mutual friends. The two quickly bonded over a shared passion for business, finance, and history.
00:07:35:17 - 00:07:45:02
Christian Soschner
The partnership wasn't built on some requirements or contracts, just a handshake and a mutual understanding of the value of trust. And once worked.
00:07:45:02 - 00:07:57:22
Christian Soschner
This partnership would become legendary, with manga's focus on long term thinking and Buffett's knack for value investing, planting, and a philosophy that reshaped the investment landscape.
00:07:57:22 - 00:08:14:21
Christian Soschner
Magnus and his law career, and his co-founding of an investment partnership with Czech Wheeler, further showcased his strategic mindset and ability to operate with low overheads and high efficiency, laying the groundwork for his future success.
00:08:14:21 - 00:08:41:02
Christian Soschner
Beyond his business acumen. Manga is a man of deep values. He often speaks of the importance of avoiding and why, and resentment, two emotions he believes toxic to both personal happiness and professional success. You can put Chinese and Malagasy notes envy, of course, Chinese chemicals in winning some sort of quantity prize for causing misery.
00:08:41:02 - 00:08:51:22
Christian Soschner
If you wish to retain the contribution of envy to misery, I recommend that you never read any of the biographies of that good Christian, Samuel Johnson.
00:08:52:03 - 00:08:54:16
Christian Soschner
You'll find it on page 76. In the book,
00:08:54:16 - 00:09:16:13
Christian Soschner
manga's commitment to intellectual honesty and lifelong learning is a theme that runs throughout his life and work. His approach to building Berkshire Hathaway long said Buffett wasn't just about financial returns, it was about creating a seamless web of deserved trust with partners, employees and shareholders alike.
00:09:16:13 - 00:09:20:07
Christian Soschner
His values extend beyond business.
00:09:20:09 - 00:09:32:16
Christian Soschner
He's been a strong advocate for causes like Planned Parenthood and can borrow make sustainability, emphasizing the importance of leaving a better world for future generations.
00:09:32:16 - 00:09:49:20
Christian Soschner
Charlie Manga's influence reaches far beyond the boardrooms of Berkshire Hathaway. His teachings have become essential reading for those seeking to understand how to think critically and act wisely in both business and life.
00:09:49:20 - 00:10:02:12
Christian Soschner
His approach is not about chasing trends or flashy investments, but about mastering the mental models that govern the world, which he has summarized with precision and wit throughout his talks and writings.
00:10:02:14 - 00:10:13:10
Christian Soschner
For those who venture capital and entrepreneurship, manga's legacy serves as a reminder that its success isn't about following the crowd, but about thinking independently.
00:10:13:10 - 00:10:32:10
Christian Soschner
As he once put it. All I want to know is that I'm going to die, so I'll never go there. It's a statement that captures his philosophy as avoiding risks and focusing on fundamentals, an approach that has become a guiding light for investors and business leaders alike.
00:10:32:14 - 00:10:33:12
Christian Soschner
For decades.
00:10:33:12 - 00:11:07:20
Christian Soschner
With this background, it becomes clear why manga's wisdom has resonated so deeply with generations of investors and entrepreneurs. His story is not just about success, but about the way he achieved it through discipline. A focus on continuous learning, and a deep understanding of human nature. Now let's dive into some of the key ideas from Pugilism and Arc that can be applied to building and scaling businesses in today's competitive landscape.
00:11:07:22 - 00:11:13:05
Christian Soschner
With Chavis Almanac, the essential wit and wisdom of Chance teaming up,
00:11:13:05 - 00:11:46:07
Christian Soschner
this book is a rich collection of insights from Charlie Munger, Warren Buffett's long time business partner and vice chairman of Berkshire Hathaway. The book is not just a compilation of manga's speeches and thoughts. It's a deep dive into his approach to life, investing and decision making. Magnus, with stomach accumulated over nearly a century, is presented through his characteristic blend of humor, blandness and deep understanding of human nature.
00:11:46:07 - 00:12:15:14
Christian Soschner
The book is structured into three main parts. The first one is Biographical Insights. The opening chapters provide a detailed portrait of Magnus life, tracing his roots from Omaha, Nebraska. Roots, education, and early career in law to his influential partnership with Warren Buffett. It also includes anecdotes and reflections from Magnus family, offering a more personal glimpse into the man behind the wisdom.
00:12:15:16 - 00:12:18:07
Christian Soschner
The second section is talks and speeches.
00:12:18:07 - 00:12:26:07
Christian Soschner
The core of the book consists of 11 speeches given by Munger between 1986 and 2005.
00:12:26:07 - 00:12:50:07
Christian Soschner
These talks cover a wide range of topics, from investment principles and business strategies to the psychology of human misjudgment. Each talk is packed with manga's wit, practical advice, and a consistent emphasis on thinking critically and avoiding common cognitive biases.
00:12:50:09 - 00:13:23:09
Christian Soschner
And the last section in the book is about reflections Q&A sessions. Many of the talks are followed by reflections and highlights from audience Q&A sessions, where McGarrett raises specific questions, offering more insights that often expand on the ideas presented in his speeches. These sections allow readers to see how manga replies principles to real world scenarios, emphasizes the importance of lifelong learning and adapting to change.
00:13:23:11 - 00:13:31:05
Christian Soschner
What are the main concepts and ideas in the book? The first one is vital wisdom and inversion thinking.
00:13:31:05 - 00:13:43:19
Christian Soschner
Magnus philosophy centers on the idea of wisdom, the notion that the best decisions come from understanding a wide range of concepts across disciplines.
00:13:43:19 - 00:13:52:04
Christian Soschner
He famously advises invert iris, invert, a principle borrowed from the mathematician Carl Jacoby.
00:13:52:09 - 00:14:08:24
Christian Soschner
Magna believes that many problems can be solved by thinking backwards, asking what should I wait doing to reach my goal? Rather then what should I do? You'll find more about it in the book on page 79.
00:14:08:24 - 00:14:20:06
Christian Soschner
The second part, a mental models. A major theme in the book is the use of mental models, frameworks that help simplify complex situations.
00:14:20:08 - 00:14:57:20
Christian Soschner
Manga arcs that understanding core models from disciplines like economics, psychology, and biology allows us to see patterns and make better decisions. He stresses that most people are trapped in their narrow fields of expertise, but those who can think across boundaries are better equipped to navigate uncertainty. As manga puts it, you've got to have models in your head, and you've got to array your experience both vicarious and direct on this latticework of models.
00:14:57:22 - 00:15:00:12
Christian Soschner
You think more about it on page 85. In the book.
00:15:00:12 - 00:15:22:03
Christian Soschner
The third part of the principles is the power of long term thinking. Magnus investment philosophy is closely aligned with Warren Buffett's focus on buying quality businesses and holding them for the long term. He believes in the power of compounding, both in financial returns and in building knowledge over time.
00:15:22:05 - 00:15:40:24
Christian Soschner
Manga is known for saying step a step. You get ahead, but not necessarily in fast spurts, but you build disciplines by preparing for fast spurts. This approach is about making steady progress and being prepared for opportunities when they arise.
00:15:41:01 - 00:16:15:09
Christian Soschner
The fourth main idea in the book is avoiding human misjudgment. One of manga's most valuable contributions is his deep understanding of cognitive biases and how they lead to poor decision making. He discusses biases like confirmation bias, social proof, and inconsistency avoidance. For instance, he highlights the dangers of confirmation bias, where people seek out information that confirms their existing beliefs and ignore evidence to the contrary.
00:16:15:11 - 00:16:45:15
Christian Soschner
By being aware of these flaws in human judgment, manga believes that one can make more rational decisions and white, costly mistakes. The fifth core concept I liked in the book is the importance of integrity and reputation. Manga places a high value on ethical behavior and the importance of maintaining a good reputation. He also stresses the long term benefits of reliability and trustworthiness in business.
00:16:45:17 - 00:17:20:23
Christian Soschner
He famously remarked, in your own life, what you want to maximize is a seamless web of deserved trust. Manga believes that character and trustworthiness are not just moral virtues, but also strategic advantages in business. You'll find out more about this last concept on page 281. In the book. So why does this book matter for you to listen to, especially for business and entrepreneurs, which are.
00:17:20:24 - 00:17:50:24
Christian Soschner
This almanac is a treasure trove of wisdom for these groups. It's not just about investing, it's about developing a mindset that values critical thinking, understanding human behavior, and making decisions that stand the test of time. For those looking to build companies or evaluate investments minus less on avoiding common mistakes and focusing on long term value are incredibly relevant.
00:17:51:01 - 00:18:28:10
Christian Soschner
His emphasis on my Tai disciplinary approach is especially pertinent for those navigating the complexities of technology and market dynamics. This overview is just the beginning. Manis insights can be transformative for those who seek to integrate these principles into their own decision making processes. In the upcoming sections, we will break down each of his key talks, distilling the actually read takeaways that can be applied directly to the challenges faced by entrepreneurs and investors today.
00:18:28:10 - 00:18:55:21
Christian Soschner
In this first section, let's dive into one of Charlie Maya's most powerful tools for problem solving and decision making. In version thinking, manga frequently emphasizes this principle, highlighting how thinking backwards can simplify complex problems and reveal potential pitfalls that may otherwise go unnoticed.
00:18:55:23 - 00:19:33:04
Christian Soschner
This method challenges conventional wisdom and encourages a different perspective on challenges, often leading to more effective solutions. Charlie Manga often quotes the idea prized. Carl Jacoby on page 79, in the book, inverts, always inverts. It's a simple idea, but it has profound implications for decision making. Instead of asking what do I want to achieve? Inversion thinking suggests asking what could prevent me from achieving it?
00:19:33:06 - 00:20:05:23
Christian Soschner
It's in principle the worst case in any scenario. Planning. This backward approach allows entrepreneurs and investors to uncover hidden risks, simplify their thinking and focus on it. I think major mistakes, for example, during his talk at the Harvard Commencement manga, explains that many problems cannot be solved by moving straight forward. But instead by thinking in reverse. He says on page 165.
00:20:06:00 - 00:20:24:02
Christian Soschner
It's in the nature of things. As Jacobian, you get many hard problems are best solved only when they are addressed backwards. By focusing on what could go wrong, you also signed clearer paths to success.
00:20:24:02 - 00:20:43:09
Christian Soschner
Inversion thinking closely aligns with first principle thinking and methods that also emphasizes breaking down problems, but from a different angle. While first Principles thinking aims to break complex problems down into their most fundamental truths and repeat from the ground up.
00:20:43:11 - 00:20:49:08
Christian Soschner
Inversion thinking works backwards to identify potential failures before they occur.
00:20:49:08 - 00:21:00:14
Christian Soschner
Minus inversion approach is particularly valuable for identifying risks. Whereas first principles thinking is about constructing new solutions
00:21:00:14 - 00:21:20:03
Christian Soschner
For example, if you are an entrepreneur developing a new product, first principles would have you question the fundamental design of each component. In contrast, inversion would have you ask, what common mistakes have other startups made in this space?
00:21:20:05 - 00:21:22:10
Christian Soschner
And how can we avoid them?
00:21:22:10 - 00:21:33:07
Christian Soschner
As manga puts it, the first helpful notion is that it is usually best to simplify problems by deciding big no brainer questions first.
00:21:33:07 - 00:21:41:17
Christian Soschner
This is where these methods meet. First, principles break down complexity and inversion simplifies the risk landscape.
00:21:41:17 - 00:21:45:19
Christian Soschner
Together, they form a powerful framework for critical thinking.
00:21:45:19 - 00:22:00:11
Christian Soschner
For investors, this might mean analyzing what factors could cause a promising business model to fail, while for entrepreneurs it could involve identifying the weaknesses that could derail a new product.
00:22:00:11 - 00:22:15:05
Christian Soschner
For venture capitalists and deep tech entrepreneurs. Inversion thinking is not just a mental exercise. It's a critical tool for assessing business models, market risks, and strategic decisions.
00:22:15:07 - 00:22:40:01
Christian Soschner
It's particularly useful during Q2 to transfer understanding. What could go wrong is, as well as knowing what could go right. Magnus approach encourages a focus on downside risk, which aligns perfectly with the often uncertain and volatile nature of startup investments. Instead of being overly optimistic, conversion thinking helps to stress test ideas and strategies.
00:22:40:01 - 00:22:44:13
Christian Soschner
As manga explained in a practical example involving Coca-Cola.
00:22:44:16 - 00:22:58:18
Christian Soschner
So think complex problems often start with simplifying the big questions first and working backwards from there. Yeah, emphasize that avoiding failure is sometimes more important than seeking success directly.
00:22:58:18 - 00:23:15:01
Christian Soschner
Here are a few coaching questions for your reflection. The first one. What potentially risks or obstacles could derail your current business strategy?
00:23:15:01 - 00:23:38:13
Christian Soschner
Take a moment to list them and think through how you might, employed or mitigate each one. The second question if your investment or start up to fail, what would most likely be the costs?
00:23:38:15 - 00:23:59:21
Christian Soschner
How can you proactively address this issue now before it becomes a problem? And the first question. What assumptions are you making about your market product? Our team.
00:23:59:23 - 00:24:32:14
Christian Soschner
Try to challenge those assumptions by thinking of scenarios where they might not hold true. By adopting both inversion thinking and first principles thinking. You equip yourself with a mental model that not only helps in identifying risks, but also builds resilience and drives innovation. It's about turning complexity into simplicity by focusing on what to avoid and what to build.
00:24:32:16 - 00:24:35:16
Christian Soschner
Ensuring a well-rounded strategy for success.
00:24:35:16 - 00:24:37:18
Christian Soschner
Now to the second section.
00:24:37:18 - 00:24:41:09
Christian Soschner
Mental models might make a disciplinary mindset
00:24:41:09 - 00:24:52:23
Christian Soschner
in business and investing a common pitfalls to rely solely on one's specialized knowledge, often leading to what manga Mastercard's demand with the hammer syndrome.
00:24:52:23 - 00:25:08:08
Christian Soschner
This is the tendency to see every problem through the lens of a single discipline, like an engineer who tries to solve every challenge with technical tweaks or efficiency, but it also gets to numbers.
00:25:08:10 - 00:25:12:11
Christian Soschner
Manga warns that such narrow theme things can be dangerous.
00:25:12:11 - 00:25:25:04
Christian Soschner
He emphasizes on page 85 that they don't have enough models in their heads. So you've got to have models that cross a fair array of disciplines.
00:25:25:04 - 00:25:57:22
Christian Soschner
This lack of breadth can cause us to miss out on crucial insights that lie outside our primary field of expertise, leading to flawed decisions sent missed opportunities. Imagine an investor who only understands finance but knows little about psychology or market behavior. They might be excellent with numbers, but without understanding how human behavior drives market fluctuations, they could be blindsided by emotional reactions like panic selling during a downturn.
00:25:57:22 - 00:26:04:23
Christian Soschner
manga observed this time and time again, and he knew that those who succeeded, but those who could see the bigger picture.
00:26:04:23 - 00:26:22:18
Christian Soschner
On page 88, in the book he writes, you might ask, why is that so important? Well, again, that's a rule of psychology. If you always tell people why, they will understand it better.
00:26:22:20 - 00:26:34:24
Christian Soschner
He understood that the world is interconnected. Like John Muir famously said, when we try to pick out anything by itself, we find it hitched to everything else in the universe.
00:26:34:24 - 00:26:51:10
Christian Soschner
Manga's answer to the problem of narrow thinking is to build a latticework of mental models. This means developing a deep maritime discipline area to standing to draw some knowledge from psychology, economics, biology, engineering and beyond.
00:26:51:10 - 00:27:00:07
Christian Soschner
he believed that successful decision making is like playing chess. Seeing the whole board rather than focusing on just one piece,
00:27:00:07 - 00:27:13:04
Christian Soschner
quickly eliminates the big universe of what not to do. Start off with a fluent, multidisciplinary attack on what remains yet based on page 58, in the book.
00:27:13:04 - 00:27:30:17
Christian Soschner
Manga didn't really study businesses. He started everything from Darwinian evolution to engineering. Redundancy could apply to investment decisions. This broader perspective allowed him to avoid the mistakes that come from viewing problems through a single lens.
00:27:30:17 - 00:27:58:05
Christian Soschner
For we see entrepreneurs, this approach is invaluable in a world where new technology is shifting. Consumer behaviors and economic success constantly reshape industries. The ability to integrate insights from diverse fields gives a significant edge. It helps to see not just how a business works today, but how it might evolve. Are be disrupted tomorrow.
00:27:58:05 - 00:28:02:06
Christian Soschner
To cultivate this mighty disciplinary mindset.
00:28:02:07 - 00:28:37:16
Christian Soschner
Manga suggests immersing yourself in different fields of study and regularly asking why. Here are three practical questions to help apply manga approach the first one. Which disciplines am I currently relying on the most, and where might it be missing? Insights from other fields. For example, could knowledge from psychology improve your customer engagement strategies? The second set of questions.
00:28:37:18 - 00:29:09:07
Christian Soschner
What are the key models from other industries that could challenge or enhance my current thinking? Think about a compound interest model from mathematics or the redundancy principles used in engineering. And the third part. How often do I step back from the day to day and look at the broad ecosystem in which my business operates?
00:29:09:09 - 00:29:20:19
Christian Soschner
Regularly zooming out to see how changes in technology regulation a culture could affect your industry can lead to better strategic decisions.
00:29:20:19 - 00:29:39:24
Christian Soschner
by embracing my philosophy of multiple mental models, you can navigate the complexities of business with greater clarity and insight. It's not about mastering every field, but about knowing enough to recognize patterns and make connections that others might miss.
00:29:39:24 - 00:30:18:22
Christian Soschner
The third section revolves around ego and life, mastering envy and emotional management. Dissection circuits around the problem. What are the hidden costs of misaligned people and emotions in business? The path to success isn't just about strategic decisions or markets. Timing of it's about the people you work with and how you manage your own emotions. Charlie Munger believed that having the wrong people in your corner, whether they are partners, investors or even clients, can derail even the best strategies.
00:30:18:22 - 00:30:51:13
Christian Soschner
perverse. Associations are also to be avoided. You particularly want to avoid working directly under somebody you don't admire and don't want to be like. It's dangerous, he says. On page 277. In the book. This insight emphasizes how choosing the wrong associates can make your journey much harder than it needs to be. And it's not just about the team.
00:30:51:15 - 00:31:32:13
Christian Soschner
It's about mastering internal battles to so can we resentment and self-pity as some of the most dangerous mindsets. He warns that these emotions could cloud judgment and lead to disastrous decisions, especially for those it's the helm of a company. On page 275. He says, generally speaking, and we resentment, revenge and self-pity are disastrous. Months of thought. Self-pity can get pretty close to paranoia.
00:31:32:15 - 00:32:08:13
Christian Soschner
Paranoia is one of the very hardest things to reverse. For deep tech entrepreneurs, and we see the ability to keep emotions in check is critically not only for personal well-being, but for leading a team for challenges. Consider a scenario where a startup founder aligns with investors whose values don't match the long term vision of the company. The cofounder might find themselves constantly battling against short term pressures, diverting focus from building sustainable growth.
00:32:08:15 - 00:32:42:14
Christian Soschner
Magnus wisdom is clear, as he expresses on page 272, you can't cause enormous offense by being right in a way that causes somebody else to lose face in his own discipline. Our hierarchy. This highlights the tension that arises when values and expectations aren't aligned. And that's the trap of envy. Watching a competitor secure funding, gain media attention, or achieve rapid growth can steal feelings of resentment.
00:32:42:16 - 00:33:15:16
Christian Soschner
This can lead to reactive decisions like chasing trends instead of sticking to your own vision. Mango reminds us that life will deliver its share of terrible blows and surplus, but insists that every mischance in life, however, Bet, creates an opportunity to behave well. You can read more about this philosophy on page 279. It's a card to see adversity as a chance to strengthen character, not as a reason to indulge in destructive emotions.
00:33:15:18 - 00:33:46:15
Christian Soschner
Manga's approach to solving these challenges starts with choosing the right people for him. It's about aligning with those whose values resonate to be your own. Much like his relationship with Warren Buffett, a partnership deep, grounded in trust and mutual respect. He likened it to the inversion principle. Instead of asking how do I succeed with people, ask what kind of people would most likely leads to failure?
00:33:46:17 - 00:34:20:03
Christian Soschner
By identifying and avoiding those who don't share your core values, you can create a foundation of trust and cohesion in your business. On the emotional front, manga draws inspiration from the Stoics, particularly Epictetus, who taught that adversity is a chance to show strength and composure. On page 279, in the book,
00:34:20:03 - 00:34:23:06
Christian Soschner
he says directing the attitude of Epictetus
00:34:23:06 - 00:34:25:15
Christian Soschner
helps guide one to the right reaction.
00:34:25:15 - 00:34:32:12
Christian Soschner
He thought that every mischance in life five. A bet created an opportunity to behave when.
00:34:32:12 - 00:34:45:00
Christian Soschner
Magnus own version of this advice. Focus on your mindset, your skills, and your ability to collaborate rather than dwelling on personal slights or envy.
00:34:45:00 - 00:34:56:07
Christian Soschner
He believed that the best leadership is not to reason, but to self-interest, citing Ben Franklin his wisdom on page 274.
00:34:56:09 - 00:35:35:06
Christian Soschner
If you want to persuade, appeal to interest, not to reason. Here are some practical steps and coaching questions for this section to integrate lessons into your leadership style and decision making processes, consider these coaching questions. The first one in my circle aligns with my values and who might be causing friction. Reflect on the stakeholders around you investors, partners and team members.
00:35:35:08 - 00:36:10:19
Christian Soschner
Are they moving in the same direction or are they putting you off course? Second, from how can I turn adversity into an opportunity to demonstrate resilience? The next time you face a setback. Think about how you can use it to showcase calm leadership and a steady vision. And the third one. Am I letting envy or resentment influence my decisions?
00:36:10:21 - 00:36:51:08
Christian Soschner
Challenge yourself to recognize when these emotions arise, and shift your focus back to your long term goals and principles that guide your actions. By following these steps, you can better navigate the complexities of building a business while keeping your emotions in check. My teachings remind us that while skills and strategy are important, it's often the choices about who you surround yourself with and how you manage your inner world that make the difference between success and failure.
00:36:51:10 - 00:37:17:17
Christian Soschner
Now to the fourth principle the power of compound interest in business and investing. The power of compounding can be a game changer. It's not just about compounding money. Charlie Munger fuels it as a philosophy that extends to learning relationships and business strategy. He famously said on page 91, in the book.
00:37:18:02 - 00:37:26:20
Christian Soschner
The very nature of things is that if you get a whole lot of volume through your operation, you get better at processing that volume.
00:37:26:20 - 00:37:37:08
Christian Soschner
this inside applies directly to scaling a company where consistent incremental improvements leads to exponential gains over time.
00:37:37:08 - 00:37:46:21
Christian Soschner
Yet many companies miss out on this compounding effect because to try to do too much at once, chasing every opportunity without focus.
00:37:46:21 - 00:38:08:04
Christian Soschner
Minus wisdom suggests that this is a critical error, as it prevents the depth of focus required for compounding to work its magic. He admired people like Sam Walton, who invented practically nothing but copied everything anybody else ever did that was smart and did it with more fanaticism.
00:38:08:04 - 00:38:15:13
Christian Soschner
It's about refining what works over time rather than constantly reinventing the wheel.
00:38:15:13 - 00:38:45:22
Christian Soschner
Take Apple for example. When Steve Jobs returned in 1997, he famously narrowed down a bloated product line, cutting everything that wasn't essential by focusing on a handful of products. He allowed Apple to perfect each one, leading to ground breaking innovations like the iPhone. This singular focus enabled Apple to build one of the world's most powerful ecosystems.
00:38:45:22 - 00:38:52:04
Christian Soschner
A prime example of what Mangano means by the compounding power of focus and scale.
00:38:52:04 - 00:39:11:05
Christian Soschner
In contrast, many companies try to maintain the bulk land bellyful of unrelated products, spreading themselves too thin without the clear focus. Their efforts don't compound, and they fail to build a terrific competitive advantage.
00:39:11:07 - 00:39:37:02
Christian Soschner
Manga's insights is clear here on page 91. In the book. Advantages of scale are conquered. The important doing something complicated in more and more volume can neighbors, human beings who are trying to improve and are motivated by the incentives of capitalism to do it more and more effectively?
00:39:37:07 - 00:40:07:17
Christian Soschner
This is true not only for companies, but for individuals as well. The habit of daily incremental improvements, whether in knowledge, skills, or relationships, creates a compound effect that pays off significantly over time. As manga puts it, it's kind of fun to sit there and outthink people who are way smarter than you are because you have trained yourself to be more objective and more.
00:40:07:18 - 00:40:09:08
Christian Soschner
My disciplinary.
00:40:09:08 - 00:40:35:10
Christian Soschner
It's the slow, steady accumulation of insights that eventually sets the exceptional apart from the average. Magnus advice is simple but powerful. Focus, proof and let's time to the rest. He believed that businesses and individuals flourish when they hone in on a few key strengths and relentlessly improve.
00:40:35:12 - 00:41:08:19
Christian Soschner
The compounding effect doesn't just apply to financial returns. It applies to skills, relationships, and the value delivered to customers of attack. This principle is especially relevant for investors looking for long term gains. Finding companies with managements that understands the balance between innovation and focus is crucial. Manga and Warren Buffett often sought out businesses that were disciplined about sticking to what they did best, like Coca-Cola and See's Candies.
00:41:08:21 - 00:41:19:03
Christian Soschner
These were companies that leveraged the brand and expertise, continually refining their offerings and expanding their reach
00:41:19:03 - 00:41:24:18
Christian Soschner
For entrepreneurs. The message is to keep iterating and refining,
00:41:24:18 - 00:41:36:21
Christian Soschner
even if an initial product or idea doesn't take off immediately. The process of learning good things and improving creates a momentum that eventually leads to success.
00:41:36:23 - 00:42:14:07
Christian Soschner
It's about creating this flywheel effect, where each incremental gain builds upon the last. Mango once described this process by saying, just doing something complicated in more and more volume enables human beings to do it more and more efficiently. To harness the power of compounding in your business or investment strategy. Consider this coaching questions. The first one where can I focus my efforts to achieve the greatest compounding effect?
00:42:14:09 - 00:42:48:14
Christian Soschner
Identify 1 or 2 areas in your business or personal growth where steady incremental improvement could create exponential gains over time. The second one. Am I spreading myself or my business too thin? Evaluate if you are trying to do too many things at once, but the more focused approach leads to greater expertise and better results. The third one how can you build a culture of continuous improvement?
00:42:48:16 - 00:42:57:12
Christian Soschner
Whether in your team or your own habits? Think about what small changes you can make daily that will add up over time.
00:42:57:12 - 00:43:14:02
Christian Soschner
by embracing these principles. You can create the flywheel effect. It drives exponential growth. As Magnus teachings remind us, the key to long term success often lies not in great leaps, but in the quiet, persistent power of compounding.
00:43:14:04 - 00:43:20:20
Christian Soschner
And here we are in the middle of the podcast with section number five Biases and Cognitive Fallacies.
00:43:20:20 - 00:43:47:12
Christian Soschner
The big problem here is that the human mind can trap you in cognitive biases in your decision making. Challenging, often boring, departs the dangers of cognitive biases in decision making. Whether you are a venture capitalist, evaluating startups, or an entrepreneur, navigating product development biases can easily lead to flawed judgment.
00:43:47:14 - 00:44:15:18
Christian Soschner
Manga emphasizes that understanding and mitigating these biases is crucial for sound decision making. In business. He once famously sat on page 183. In the book. To a man with only a hammer. Every problem tends to look pretty much like a nail.
00:44:16:05 - 00:44:56:04
Christian Soschner
This is known as the man with the hammer tendency, where individuals rely too heavily on familiar tools or ideas even when they are not the best fit for their problem. Biases can easily creep into business decisions, leading to costly mistakes. For instance, we see this may become overoptimistic or fall in love with certain startups, ignoring red flags. Entrepreneurs may be misled by confirmation bias, where they focus only on data that supports their preconceived notions while disregarding contrary evidence.
00:44:56:06 - 00:45:08:04
Christian Soschner
Manga explained how even smart, well-intentioned people can fall prey to these biases, which is why it's essential to develop systems that can counteract them.
00:45:08:04 - 00:45:25:12
Christian Soschner
He elaborated on confirmation bias by referencing Charles Darwin, who actively sought out evidence that contradicted his hypothesis, knowing that human nature tends to confirm what it already believes.
00:45:25:12 - 00:45:42:00
Christian Soschner
the quote in the book on page 308, the opposite of what Darwin did, is now called confirmation bias. Darwin's practice came from his acute recognition of man's natural cognitive faults.
00:45:42:00 - 00:46:06:19
Christian Soschner
man outlined several key cognitive biases that can lead to poor decision making, particularly in high stakes environments like wager capital or entrepreneurship. To row three of the most harmful ones, along with practical solutions for overcoming them. The first one is demand. Wait for him a tendency
00:46:06:23 - 00:46:19:22
Christian Soschner
Here is the bias. This bias refers to the tendency to approach problems using familiar tools or solutions, even if they aren't the most terrified. The current situation.
00:46:19:22 - 00:46:29:14
Christian Soschner
Manga warns that overreliance on a single framework leads to tunnel vision, reducing innovation and adaptability
00:46:29:14 - 00:46:42:18
Christian Soschner
To counter this, manga recommended adopting a multidisciplinary mindset by drawing from diverse fields such as psychology, economics, and engineering.
00:46:42:20 - 00:47:18:08
Christian Soschner
Decision makers can approach problems from multiple angles and avoid being trapped by one dimensional thinking. As he put it on page 85, you've got to have models across a fair array of disciplines. The second bias confirmation bias. This involves focusing only on information that confirms preexisting beliefs while ignoring data that contradicts them. In venture capital, this might mean favoring startups that aligned with your worldview while missing value.
00:47:18:08 - 00:47:58:20
Christian Soschner
Every contrarian insights. For entrepreneurs, it could lead to overlooking critical market signals. What's the solution? Manga highlights the importance of deliberately seeking out this confirming evidence and storing it on an organizational level. This can be institutionalized through procedures that require decision makers to rigorously test their assumptions and consider alternative viewpoints. For instance, creating a devil's advocate role in decision making processes can help challenge prevailing fuels and prevent groupthink.
00:47:59:01 - 00:48:33:12
Christian Soschner
The Fed's bias incentive cost bias. This one occurs when people's judgments are swayed by their own self-interest or the incentives they are offered. As Munger explained, fear professional advice when it is especially good for the advisor. On page 297, incentives can cloud judgment and cause professionals to act in ways that benefit themselves, even at the expense of their clients or businesses.
00:48:33:14 - 00:48:44:06
Christian Soschner
What's the solution? The key to avoiding this bias is designing incentive structures that align with long term goals, rather than short term gains.
00:48:44:06 - 00:49:04:02
Christian Soschner
Mang also advised learning the basic elements of your advice trade so you can critically evaluate their advice. This can be implemented organizationally by making sure compensation structures are designed to reward sustainable success, not quick wins on a personal level.
00:49:04:03 - 00:49:10:13
Christian Soschner
Remain vigilant and always double check it. Whilst it aligns to perfectly with the advice, its own interests
00:49:10:13 - 00:49:17:05
Christian Soschner
to help you and your organization combats these cognitive biases, consider the following coaching questions.
00:49:17:05 - 00:49:28:04
Christian Soschner
How am I ensuring that my decisions are based on objective evidence rather than preconceived notions?
00:49:28:06 - 00:49:50:03
Christian Soschner
Consider implementing systems like checklists or assigning a devil's advocate role to rigorously test assumptions. Second question am I approaching problems from a multi-disciplinary perspective, or am I relying too heavily on one tool or framework?
00:49:54:03 - 00:50:30:07
Christian Soschner
Diversify your decision making process by learning from different fields and actively seeking out diverse opinions. And the third set are the incentives in my business or team encouraging the right behavior. Ensure that your reward systems are designed to promote long term success, not just short term gains. By understanding and mitigating cognitive biases, you can avoid costly mistakes and make better, more informed decisions.
00:50:30:07 - 00:50:50:00
Christian Soschner
as manga wisely observed, it is not greed that drives towards but envy. Page 312. Recognizing these biases and designing systems to overcome them will lead to better judgment and more successful outcomes in both your business and your life.
00:50:50:08 - 00:51:40:14
Christian Soschner
And here we are. Chapter number six Importance of Character and Culture. The problem here is that the role of character and culture is significant for creating long term success. And Charlie Manga consistently emphasized that the success of any business or investment depends not only on technical skills or strategy, but on the character of the people involved. For manga and past, its character and integrity were essential qualities in the entrepreneurs they packed and the employees they had their Midwestern roots embodying values like honesty, reliability, and a strong work ethic guided their decision making, manga once remarked.
00:51:40:16 - 00:51:46:22
Christian Soschner
By and large, we have chosen people we admire enormously to have the power give us.
00:51:46:24 - 00:52:17:19
Christian Soschner
It's easy for us to get along with them on average because we love and admire them. Page 138. In the book, character and culture aren't just abstract ideas, they are the foundation for sustainable success for venture capitalists backing founders. Without the solid ethical foundation can lead to short term gains. But long term pay for entrepreneurs building a company culture that that's not aligning with long term goals creates friction.
00:52:17:21 - 00:52:21:14
Christian Soschner
Lowest morale. And can I automatically lead to failure?
00:52:21:14 - 00:52:49:03
Christian Soschner
Manga highlighted this when he said, I try to get rid of people who are less confident to answer questions about which they don't have any real knowledge. To me, they're like dippy dancing. It's incoherent dance. They're just screwing up. They have a child with 47. In the book. In the world of startups and investments, aligning the values of the team with the vision of the company is critically.
00:52:49:05 - 00:53:16:08
Christian Soschner
Without this alignment, friction, gross decision making becomes chaotic and the long term potential of the company suffers. As manga once advised, sell your services once in a while to an unreasonable blowhard if that's what you must do to feed your family. But run your own life like Grant Mcfate. If you want to know more about this story, check the book on page 247.
00:53:16:10 - 00:53:48:16
Christian Soschner
This illustrates manga's deep commitment to living and working with integrity, even when external pressures tempt otherwise. For manga, building a culture of integrity is not just a moral imperative, it's a practical one. He and Buffett invested in entrepreneurs whose character they could trust. Knowing that business is built on shaky ethical ground would crumble under pressure. For venture capitalists, this means looking beyond flashy metrics and market trends to assess the true character of the founders.
00:53:48:16 - 00:53:57:22
Christian Soschner
Stay back. Are they honest? Do they show humility? Do they put the long term health of the business before short term gains?
00:53:57:22 - 00:54:15:21
Christian Soschner
For entrepreneurs, creating a culture that reflects their core values is essential for avoiding internal friction and maintaining long term focus. My lesson here is clear hiring for skills without assessing character is a mistake.
00:54:15:21 - 00:54:33:12
Christian Soschner
To the extent you have learned it so well that you have enough confidence to intervene where it takes a little courage, you can add great value and to the extent that you can prevent a stop, such as a senility that would otherwise destroy a fabulous client or something that you care about.
00:54:33:14 - 00:54:38:05
Christian Soschner
You connect. Great value. It's a quote from the book by Chad Rich, 48
00:54:38:05 - 00:55:08:23
Christian Soschner
manga and buffet built Berkshire Hathaway by carefully selecting employees and business partners who shared their Midwestern values of humility, trustworthiness, and hard work. This culture became the bedrock of the long term success for both businesses and entrepreneurs. Having clarity over core values and aligning team building with those values can reduce friction and fostering environment where innovation and growth can thrive.
00:55:08:23 - 00:55:28:09
Christian Soschner
To ensure that you are building a culture that reflects your values and supports long term success, consider these coaching questions. Are the people you are impacting? Are hiring aligned with your core values and core mission?
00:55:28:11 - 00:55:50:23
Christian Soschner
When evaluating founders of potential employees, don't just assess their skills or track records. Consider whether they share your ethical principles and long term vision. Question number two is your company's culture promoting the values you believe in, or is there misalignment?
00:55:51:00 - 00:56:12:01
Christian Soschner
Take a hard look at the culture of your organization. If there is misalignment between values and practices. Friction and inefficiency will follow the fat one. Do you have the courage to walk away from partnerships or hires that don't reflect your values, even if they seem promising on paper?
00:56:12:03 - 00:56:39:03
Christian Soschner
Mangus advice was clear. Grant McFadden treats his employees right, his customers right and his problems right. As you go through life from your own life, like Grant McFadden, check the story in the book on page hundred 47. The ability to walk away from potential partners who don't align with your values will save you from much bigger problems down the line.
00:56:39:05 - 00:57:15:09
Christian Soschner
The most successful investors and entrepreneurs understand that character is not just a nice to have. It's essential for long term success. Charlie Munger and Warren Buffett's business empire was built on trust, integrity and long term thinking. For venture capitalists, it's crucial to back founders who share these values. And for entrepreneurs fostering a culture that prioritizes ethics will not only drive sustainable growth, but also create a company where people wants to stay and contribute.
00:57:15:11 - 00:57:26:23
Christian Soschner
In my own words, nobody expects you to know everything about everything. But if you become a person who thinks correctly, you can add great value.
00:57:26:23 - 00:57:39:13
Christian Soschner
Leading with character and aligning your culture with your values creates a foundation that not only survives, but thrives through the inevitable challenges of business.
00:57:39:13 - 00:57:54:16
Christian Soschner
Section number seven. Charlie Mingus investment checklist. What's the problem here? Many such investment checklists, but few truly applied them.
00:57:54:16 - 00:58:19:18
Christian Soschner
In the world of investing. Everyone wants a clear, straightforward checklist that will lead to success. But what separates the average investor from those who excel? Like Charlie Munger, is not just having a checklist, but truly understanding and applying it.
00:58:19:18 - 00:58:33:22
Christian Soschner
Manga's investment principles aren't about ticking boxes. About cultivating a mindset that 20 is preparation, discipline, and long term thinking.
00:58:33:24 - 00:58:54:19
Christian Soschner
In which Charlie's Almanac manga offers a comprehensive investment checklist that is both practically and philosophically. This approach is rooted in deep thinking, patience, and a relentless focus on integrity and rationality.
00:58:54:19 - 00:59:14:14
Christian Soschner
most investors, far into the trap of overcomplicating things are relying on superficial data. Manga, however, focuses on simplicity and clarity. As he famously said, we have three baskets for investing.
00:59:14:16 - 00:59:16:04
Speaker 2
Yes.
00:59:16:06 - 00:59:46:02
Christian Soschner
No, and too tough to understand. You'll find this in a Charlie Solomon icon, page 59. By staying within his circle of competence and avoiding businesses that are too complex or unpredictable. Manga narrows his focus to those companies that are easy to understand, have a dominant franchise, and are managed by evidence. Trustworthy leaders.
00:59:46:07 - 00:59:56:01
Christian Soschner
Many investors get lost in trying to predict and predictable, but manga's checklist is designed to avoid that trap.
00:59:56:01 - 01:00:06:17
Christian Soschner
The clarity of manga approach is something many overlook. He isn't looking for the next big spike native stock.
01:00:06:19 - 01:00:07:16
Speaker 2
Or.
01:00:07:18 - 01:00:10:05
Christian Soschner
Trying to predict market trends.
01:00:10:05 - 01:00:36:14
Christian Soschner
Instead, he asks fundamental questions. Is this business understand ever? Does it have a deep moat? Other people running it, trustworthy and all know oriented? These basics, yet profound questions form the core of his investment philosophy.
01:00:36:14 - 01:00:54:14
Christian Soschner
Here is a breakdown of Charlie Manga's investment checklist, distilled into actionable points that apply to both investing and business decisions. So here is the first point. Stay within your circle of competence.
01:00:54:14 - 01:01:35:20
Christian Soschner
Manga doesn't try to understand everything. Instead, he focuses on businesses you can easily grasp. We have three baskets for investing to remember yes, no, and to tough to understand. Page 16. The book. The second one is look for businesses with a strong moats, a company's competitive advantage. What manga calls its moat is crucial. Superior companies have moats to protect them from competitors and allow them to sustain profits over time.
01:01:35:20 - 01:02:07:02
Christian Soschner
Page 61. In the book, here is the exact quote. Superior companies have deep moats that are continuously widened to provide enduring protection. The fat points trust their management. Manga places tremendous weight on the people running the business. Highly competent, trustworthy, and focused on owner oriented decisions.
01:02:07:02 - 01:02:08:11
Christian Soschner
Here is the exact quote.
01:02:08:12 - 01:02:27:14
Christian Soschner
He especially assesses a company's management. How do they deploy cash? Today I look at it intelligently on behalf of the owners force. Be wary of complex or speculative investments
01:02:27:14 - 01:02:36:16
Christian Soschner
Minus these chaos industries like technology or pharmaceuticals, which are difficult to understand and often speculative.
01:02:36:18 - 01:03:11:12
Christian Soschner
He also boasts heavily promoted IPOs and other deals that seem too good to be true. The exact quote on page 60. Pharmaceuticals and technology, for example, goes straight to the too tough to understand basket. But remember, this assessment is highly subjective. Minus investment strategy was shaped by his experiences, particularly in the mid 20th century, well before technology companies became dominant forces.
01:03:11:14 - 01:03:52:02
Christian Soschner
What manga found too tough to understand, particularly in sectors like technology, might be within someone else's circle of competence. For instance, Manga and Buffett largely avoided tech stocks and parts of Bitcoin until the mid 20 tens. This highlights a key point. Your circle of competence is unique to you. Don't take any advice as a universal rule. Instead, focus on identifying what you understand deeply and where you can develop further expertise over time.
01:03:52:04 - 01:04:04:05
Christian Soschner
This personal awareness will help you find success in areas. Adam Smith shied away from. So the fifth principle recast financial figures to reflect reality.
01:04:04:05 - 01:04:25:14
Christian Soschner
Manga doesn't take financial statements at face value. He recasts numbers to get the true sense of the company's free cash flow, working capital and asset values. In the book, he writes, he recasts our financial statement figures to fit his own view of reality.
01:04:25:16 - 01:05:07:19
Christian Soschner
The second point consider the risks. First before even thinking about potential gains. Manga evaluates risk, including reputational risk. Our investment evaluation should begin by measuring risk, especially reputational, he says in the book on page 64. The seven points apply. Margin of safety manga insists on a margin of safety to protect against downside risks, especially in unpredictable markets. In the book, the quotes incorporate an appropriate margin of safety simple and clear.
01:05:07:21 - 01:05:44:11
Christian Soschner
The eighth and final point. Be patient and wait for the right opportunity. Manga is not in a rush to make investments. He waits for the right opportunities and is willing to hold onto businesses for the long term. In the book, he writes, resists the natural human bias to act. Compound interest is the eighth wonder of the world. Never interrupt it necessarily.
01:05:44:13 - 01:05:47:24
Christian Soschner
Page 65. In the book, if you want to read it.
01:05:48:01 - 01:06:24:23
Christian Soschner
Charlie Manga's checklist isn't just for investing in stocks. It can be applied to any decision making process, especially in business. Take the time to go through these points and reflect on how they apply to your portfolio or your business. Ask yourself question number one are you staying within your circle of competence? Are are you chasing after something that's too tough to understand?
01:06:25:00 - 01:06:39:05
Christian Soschner
Second question have you ensured that the businesses or ventures you are backing have a strong moat, a clear competitive advantage that sets them apart?
01:06:39:07 - 01:07:15:18
Christian Soschner
The third one, are you evaluating the trustworthiness and competence of the leadership, or are you solely focused on short term financial metrics? And the bonus question what areas in your own experience could be expanded or improved? The bond to redefine your circle of competence over time. As you can see, manga's investment checklist is not about finding quick wins, but about building long term, sustainable success.
01:07:15:20 - 01:07:23:04
Christian Soschner
It's about having the discipline to say no to opportunities that don't meet your standards, and the patience to wait for those.
01:07:23:07 - 01:07:25:06
Speaker 2
That's two.
01:07:25:08 - 01:08:01:03
Christian Soschner
Minus wisdom is timeless, and applying his checklists to your own investments and business decisions can significantly improve your outcomes. I highly recommend taking time to read a Chinese almanac and reflecting on how these principles can enhance not only your investment strategy, but your overall approach to decision making. By understanding the depth of his approach and tailoring it to your strengths and understanding, you will position yourself for long term success.
01:08:01:03 - 01:08:35:19
Christian Soschner
Let's jump directly into section eight. How to stay in life. Avoiding the path to misery. The problem here is, it's all about the obsession with success principles. Today, it seems like every one is looking for the next secret to success. Social media is flooded with motivational posts, success principles, formulas claiming to be the key to personal and professional achievement.
01:08:35:19 - 01:08:48:01
Christian Soschner
But as Charlie Manga wisely pointed out in his famous 1986 Harvard Commencement speech, there is a better way to approach this.
01:08:48:01 - 01:09:09:08
Christian Soschner
Instead of constantly searching for what to do, focus on what not to do. Manga I was a fan of inversion teaches that avoiding failure is just as important, if not more important, than actively pursuing success.
01:09:09:08 - 01:09:48:18
Christian Soschner
Let's be honest. Most people get caught up in trying to do more. Learning more skills. Adopting more strategies. Posting more, commenting more. I think more, more, more to their to do list. But as Bruce Lee famously said, it is not about the daily increase but the daily decrease. Hack away at the above essentials. Both Charlie Munger and Bruce Lee emphasized the importance of eliminating the habits, thoughts and actions that hold you back.
01:09:48:20 - 01:10:28:18
Christian Soschner
This is particularly relevant for organizations that are often bogged down by unnecessary processes or misguided beliefs. The key is in streamlining and focusing on what truly works by cutting you by what doesn't. In Magnus words, tell me where I'm going to die so I will never go there. In this section, we will dive into Magnus Morrow's Spike Sharp prescriptions for misery guidelines that reveal how to fail in life and business.
01:10:28:20 - 01:10:39:05
Christian Soschner
Here is the list of Charlie Magnus how to fail principles. What not to do if you want to succeed. The first one be unreliable.
01:10:39:05 - 01:10:55:18
Christian Soschner
The surest way to fail is by failing to keep your promises and commitments. In Magnus words, if you will only master this one habit, you will more than counterbalance the combined effect of all your virtues.
01:10:55:20 - 01:11:03:00
Christian Soschner
How so? Ever great. Reliability. Manga arcs is one of the most crucial traits for success.
01:11:03:03 - 01:11:08:09
Christian Soschner
If you want to ensure you never get to head, make sure people can trust you.
01:11:08:09 - 01:11:28:05
Christian Soschner
Check it. Magnus mastered this one habit, and you will always play the role of the hare in the favor. Except that instead of being outright bad, one fine title, you will be outrun pirates and hordes of mediocre turtles, and even some mediocre turtles on crutches.
01:11:28:07 - 01:11:38:21
Christian Soschner
The second way to misery is learn only from your own experience. Magnus stresses that learning from the experiences of others is.
01:11:38:21 - 01:11:40:11
Speaker 2
Crucial.
01:11:40:13 - 01:11:52:08
Christian Soschner
If you want to fail. Refuse to learn vicariously. Ignore the wisdom of those who came before you and insist on making all your own mistakes.
01:11:52:08 - 01:12:19:17
Christian Soschner
manga jokes about people who minimize what they can learn from history and others failures, saying it's a sure fire way to stay ignorant and stuck in chatty manga words. My second prescription for misery is to learn everything you possibly can from your own experience, minimizing what you learn vicariously from the good and bad experiences of others.
01:12:19:19 - 01:12:54:14
Christian Soschner
Living instead. The third path to misery. Give up easily after failure. Life will throw curveballs and setbacks are in every temper. If you want to ensure failure, never get back up. After life knocks you down. Manga encourages persistence and resilience. Setbacks are part of the journey to success. Giving up at the first, second or third hurdle guarantees failure.
01:12:54:14 - 01:13:11:04
Christian Soschner
So in China, manga's words, my first prescription to use for misery is to go down and stay down. When you get your first second or third severe reverse in the battle of life, the fourth one ignored the wisdom of inversion.
01:13:11:04 - 01:13:22:23
Christian Soschner
One of my favorite mental models is inversion. The idea that solving problems backwards can often yield better results than tackling them head on.
01:13:22:23 - 01:13:48:07
Christian Soschner
in this case, he suggests you should avoid fuzzy thinking by constantly considering what could go wrong and how to prevent it. The biggest problems in life and business are often best solved by thinking about how to avoid disaster, rather than focusing solely on success. As Charlie Munger says, invert, always invert.
01:13:48:08 - 01:13:54:02
Christian Soschner
Many hard problems are best solved only when they are addressed backwards.
01:13:54:02 - 01:14:04:14
Christian Soschner
The fifth one path to misery. Entitlement, envy, resentment and also throw in some self-pity.
01:14:04:14 - 01:14:08:12
Christian Soschner
Manga warns that these emotions are recipes.
01:14:08:18 - 01:14:09:18
Speaker 2
For.
01:14:09:20 - 01:14:17:11
Christian Soschner
Misery. Envy is particularly corrosive as it leads to a constant comparison with.
01:14:17:11 - 01:14:18:14
Speaker 2
Others.
01:14:18:16 - 01:15:04:08
Christian Soschner
Resentment and self-pity. Trap you in negative thinking, making it impossible to focus on positive progress. If you want to fail, manga says, indulge in these emotions as often as possible or in minus words. Envy. Of course, trines can be a case in winning some sort of quantity prize for causing misery. If you wish to retain the contribution of envy to misery, I recommend that you never read any of the biographies of the good Christian Samuel Johnson, because his life demonstrates in an enticing way the possibility and advantage of transcending envy.
01:15:04:10 - 01:15:39:12
Christian Soschner
To succeed. Take Marcus inversion approach to heart. Rather than obsess over what new strategies to add, focus on eliminating the time wasters and habits that breed failure. Here are three ways you can apply this to your life and business. The first one is from Bruce Lee. Hack away and essentials like he advised. Success is not about constantly adding more and more and even more to your life, but about removing what and who doesn't serve you.
01:15:39:14 - 01:16:19:14
Christian Soschner
Look at your business processes, daily habits and relationships. What's holding you back? Start trimming those elements today. Second one. Learn from the mistakes of others. History is so rich with examples of success and failure. Whether it's other businesses or leaders. Study the attorneys and save yourself the pain of making the same mistakes. As manga said, if I have seen a little father do not a man, it is because I stood on the shoulders of giants.
01:16:19:16 - 01:17:05:21
Christian Soschner
And the third one. Be reliable, persistent and humble. Reliability builds trust and success over time, even if you face setbacks. Keep going. Success often comes down to outlasting your competition, not training them. This manga emphasizes persistence and reliability can compensate for many other flaws. Here are my three coaching questions to wrap up that section. The first one. What are the essentials in your life or business that are holding you back from reaching your goals?
01:17:05:23 - 01:17:42:09
Christian Soschner
Identified the habits, processes, or distractions that are consuming your time and energy but are contributing to progress. How can you start trimming them away today? The second one. When was the last time you learned from someone else's mistakes or experiences? Reflect on whether you tend to repeat mistakes unless it's made. How can you be more intentional about seeking vicarious learning from mentors?
01:17:42:11 - 01:17:44:20
Christian Soschner
Books or historic.
01:17:44:22 - 01:17:47:08
Speaker 2
Examples?
01:17:47:10 - 01:17:57:15
Christian Soschner
And the third one. How do you respond to setbacks in your personal or professional life? Do you stay down of the failure.
01:17:57:17 - 01:17:58:03
Speaker 2
Or.
01:17:58:07 - 01:18:00:24
Christian Soschner
Do you use it as an opportunity to grow?
01:18:01:13 - 01:18:30:23
Christian Soschner
How can you adopt a more resilient mindset to overcome future challenges? These questions will help bring Charlie Munger conversion principles into action. There are steps for both your personal and professional growth. My approach in this section is humorous but filled with practical wisdom. He teaches that success isn't always easy, but knowing what to do, but about knowing what not to do.
01:18:30:23 - 01:18:53:13
Christian Soschner
By focusing on avoiding the habits and mindsets that breed failure like unreliability, envy, and quitting have to setbacks, you can carve out the path to long term success. So as you reflect on your life and business, ask yourself what can you eliminate to make success inevitable?
01:18:53:13 - 01:19:20:01
Christian Soschner
And we are at the ninth and final section. Gets the incentives right in organizations. One of the most important lessons Charlie Munger teaches is the power of incentives in shaping behavior. As we learned in section eight, mistakes and failures often stem from the wrong actions being taken repeatedly.
01:19:20:01 - 01:19:27:22
Christian Soschner
But stupid question is what drives these sprung actions in organizations?
01:19:27:24 - 01:19:47:04
Christian Soschner
Manga frequently emphasizes that people act in their own self-interest, which is largely influenced by the incentives they are given. If an organization wants to change behavior and improve results, it must start by fixing its incentive structures.
01:19:47:04 - 01:20:00:01
Christian Soschner
This one here builds directly on the lessons from section eight, where we discussed eliminating what doesn't work. Many times. What doesn't work is the result of poorly designed incentives.
01:20:00:01 - 01:20:23:00
Christian Soschner
Instead of directly blaming people for their actions, it's crucial to first look at structural issues, in particular how incentives are set. For example, a sales team's being rewarded solely on short term numbers, driving them to neglect long term customer relationships.
01:20:23:02 - 01:20:41:08
Christian Soschner
Are managers incentivized to grow the head count of their departments, even if that leads to bloated bureaucracy? Manga describes how incentives can lead to poor behavior. Citing examples from history, psychology and business,
01:20:41:08 - 01:20:47:02
Christian Soschner
let's dive into some examples. Series the first one. There's Soviet pretense to work culture.
01:20:47:02 - 01:20:57:15
Christian Soschner
Manga famously points out how bad incentives led to the failure of the Soviet Union's economy in the 80s of the last century.
01:20:57:17 - 01:21:34:23
Christian Soschner
He references how employees in the Soviet Union pretended to work because the government pretended to pay them. The incentives were completely misaligned with productivity and genuine economic success. Workers had no motivation to go cart, as they were not rewarded for their efforts. It's manga, put it, that pretends to pay us and we pretend to work. This example highlights how important it is to ensure that incentives are directly tied to real performance and outcomes.
01:21:35:00 - 01:21:39:06
Christian Soschner
Otherwise, people will simply game the system as the Soviet workers did.
01:21:39:06 - 01:21:57:12
Christian Soschner
The second example is Milgram's experiment and the power of authority. Mankiewicz highlights Milgram's famous psychological experiment, where people were convinced to perform harmful actions simply because they were told to do so by an authority figure.
01:21:57:12 - 01:22:10:08
Christian Soschner
This example is a stark reminder that people will follow incentives, including social and authority pressures. Even when those incentives go against their moral compass.
01:22:10:08 - 01:22:33:12
Christian Soschner
In organizations, if managers use authority in harmful ways, or if the incentive structures encourage unethical behavior, employees will often follow suit. Leaders need to be especially mindful of how they use authority and ensure that they set the right ethical standards, alongside proper incentives.
01:22:33:12 - 01:22:47:07
Christian Soschner
the first example. Avoiding short term bonuses at the expense of long term growth. Manga warns against charts down bonus structures that encourage quick wins at the expense of long term success.
01:22:47:12 - 01:23:06:23
Christian Soschner
In one of his examples, he discusses how sales teams might be incentivized to hit quarterly sales targets. But this can lead to cutting corners, pressuring clients, or even ignoring long term customer relationships in favor of immediate results.
01:23:06:23 - 01:23:12:04
Christian Soschner
This leads to an unstable business with unsatisfied customers.
01:23:12:06 - 01:23:45:13
Christian Soschner
Instead, manga advocates for incentives that reward long term value creation, such as rewarding sales teams for repeat business or customer satisfaction. Over time. These three examples illustrate how bad incentives create bad behavior, and why it's critical to design organizational incentives that rewards the right actions. My key message is clear if you want different results, you must align the incentives to the desired outcomes.
01:23:45:15 - 01:24:19:12
Christian Soschner
If employees are rewarded for certain behaviors, they will continue. Those behaviors, whether they align with the company's goals, are not. As manga says, stop the slop early by designing incentives to strive to write actions. Here are the three coaching questions to apply among us. Incentive principles. The first one what incentives are currently driving the behavior of your team or organization?
01:24:19:14 - 01:24:59:10
Christian Soschner
Are these incentives aligned with their long term goals, or are they encouraging short term thinking and with decisions? How can you adjust your incentive structures to reward the behaviors you want to see? Consider how you might restructure compensation, recognition, or other benefits to align with the company's mission. The third one. What are some examples of poor incentives in your own past experiences, and how did they impact outcomes?
01:24:59:12 - 01:25:27:23
Christian Soschner
Reflect on personal experiences where incentives led to unintended consequences. What could have been done differently to avoid those outcomes? By understanding and applying magazine sets on incentives, leaders can reshape their organizations for sustainable success. Remember, gets the incentives right and the right behaviors will follow.
01:25:28:00 - 01:25:59:17
Christian Soschner
It's always amazing how time flies when you have fun. And we are in the final part. 50 key takeaways. And in this final section we will summarize the core lessons from Charlie Munger Split Charlie Almanack and discuss how you can apply them in real life. These takeaways distilled to nine key principles we have explored helping you understand why minus wisdom is so timeless and widely available for both business and personal growth.
01:25:59:19 - 01:26:30:24
Christian Soschner
The first principle is inversion thinking, problem solving, and decision making. Minus listen to invert always. Invert reminds us that sometimes the best way to solve problems is to think backward. Whether you are a VC or an entrepreneur. Focusing on what could go wrong helps for white pitfalls and stress test strategies. This principle can also be applied to life.
01:26:31:00 - 01:27:07:05
Christian Soschner
Identify what you need to avoid to reach your goals. The second one, mental models might tie disciplinary mindset minus latticework of mental models, teaches us the importance of integrating knowledge from various disciplines. Psychology, economics, biology and more. Successful decision making doesn't happen in silos. It requires a broad understanding of how different systems interact. This mindset helps you see connections.
01:27:07:05 - 01:27:39:19
Christian Soschner
Alice Smiths which is which is a crucial skill in both investing and business leadership. The third one. Ego and envy. The pitfalls of misguided emotions. Ego and envy are destructive forces in business and life. Manga warns to avoid letting these emotions drive your decision making. For investors, this means resisting the urge to mentality. For entrepreneurs.
01:27:39:21 - 01:27:40:02
Speaker 2
It's.
01:27:40:02 - 01:28:22:06
Christian Soschner
About staying focused on the mission, not external validation. Cultivating a stoic mindset helps you keep your focus on long term success. Avoiding the traps of fleeting emotions. Number four the power of compound interest. Mango reminds us that small, consistent improvements over time, whether in business investing or personal development, leads to exponential growth. Just as compound interest is the key to financial success, incremental gains in knowledge processes and relationships create lasting impact.
01:28:22:08 - 01:28:29:16
Christian Soschner
For the seasoned entrepreneurs, it's crucial to pack companies with leaders who are lifelong learners and adaptable to change.
01:28:29:16 - 01:28:50:13
Christian Soschner
Number five biases and cognitive fallacies. Recognizing and mitigating cognitive biases is essential for sound decision making. Whether it's confirmation bias or optimism, Magnus stresses the need for objective analysis and checks against faulty thinking.
01:28:50:13 - 01:29:00:11
Christian Soschner
vices, and entrepreneurs should establish processes that challenge assumptions and prevent emotional or bias decisions from derailing success.
01:29:00:11 - 01:29:22:02
Christian Soschner
Number six is the importance of character and culture for long term success. Both investors and entrepreneurs must prioritize integrity and strong values. My Warren Buffet consistently backed founders with good character, knowing that culture drives performance.
01:29:22:02 - 01:29:29:20
Christian Soschner
Building a company culture aligns with long term goals and ethical principles, reduces friction, and enhances innovation.
01:29:29:20 - 01:29:57:05
Christian Soschner
Number seven minus Investment Checklist is a practical guide for decision making. Focusing on simplicity, trustworthiness and sustainable competitive advantages, this highly subjective approach emphasizes that each person must define their own circle of competence. What's too complex for one person might be straightforward for someone else.
01:29:57:07 - 01:30:29:16
Christian Soschner
Apply this checklist not only to investments, but to all critical business decisions. Number eight must have any part how to fail in life. Avoiding common pitfalls. In his famous Harvard commencement speech, manga shared the inversion approach to success. Figure out first what not to do. Invite unreliability, envy and self-pity. Like Bruce Lee's famous motto, heck, why? It's the only essentials.
01:30:29:17 - 01:31:01:21
Christian Soschner
Eliminating time wasters in time for habits will lead to more effective outcomes in both business and life. And the final one gets the incentive structure right in an organization. My deep understanding of human psychology shows that people act according to incentives. If you want to change behavior in an organization, you need to fix the incentive structures, rewards the right actions, and you will see better outcomes.
01:31:01:23 - 01:31:41:09
Christian Soschner
For this reason, entrepreneurs designing incentives that align with long term goals is essential for success. These nine takeaways offer a powerful lens for approaching both business and life. However, this is just a glimpse of the wisdom manga provided seen with Chinese almanac. The book dives much deeper into these ideas, offering more nuanced insights and lessons. If you found value in these takeaways, I highly recommend reading the book to fully explore manga's timeless wisdom.
01:31:41:11 - 01:31:56:00
Christian Soschner
If you're short on time, listening to this summary will give you a solid foundation, but the real value lies in digging deeper into the book itself and reflecting on how these principles apply to your life and career.
01:31:56:02 - 01:32:24:15
Christian Soschner
So let's wrap it up. I thoroughly enjoyed reading with Chinese Almanac and also preparing this podcast episode. It's packed with timeless wisdom that, in my opinion, is invaluable for investors, entrepreneurs, and anyone who wants to live a well-rounded life. There is not much I can criticize about the book itself. Manga's principles are straightforward, and his no nonsense approach is refreshing.
01:32:24:15 - 01:32:45:02
Christian Soschner
However, it's important to remember, as I mentioned earlier, in the path, that manga's principles and mindset were shaped during the World War two era and the Cold War. His experiences were influenced by a time when technology hadn't yet explored it the way it has today.
01:32:45:04 - 01:32:51:19
Christian Soschner
That's why, when applying any of the ideas in this book, it's crucial to consider the context in which they were formed.
01:32:51:19 - 01:32:58:17
Christian Soschner
I would encourage you to reflect on the historical and personal context of any advice you read.
01:32:58:17 - 01:33:08:10
Christian Soschner
keep. It's important not to apply every idea without questioning it. Ask yourself when it's the right to form these ideas.
01:33:08:12 - 01:33:26:21
Christian Soschner
What challenges did they face to build this mindset? What has changed in today's world and how does that apply to your own life? You might need to tweak or abandon certain principles that worked in the past, but may not apply directly in your current situation.
01:33:26:21 - 01:33:40:19
Christian Soschner
This is especially true in business, where every circumstance is unique. It's rare that one company's success can be directly replicated in another.
01:33:41:07 - 01:33:51:21
Christian Soschner
Starting businesses. After all, it's part of the social sciences, and it's where rivals differ wildly from the more practically rare outcomes in hard sciences.
01:33:51:21 - 01:34:09:22
Christian Soschner
So if you're interested in digging deeper into Charlie Munger's wisdom, I do recommend grabbing a copy of With Charlie Luck. We have only scratched the surface of what this book offers, and I'm sure you will find it as enlightening as I did.
01:34:09:24 - 01:34:36:24
Christian Soschner
You can buy the book through my Amazon affiliate link in the description of the podcast. It's a great way to support the show while adding a valuable book to your own collection. Also, if you're looking for further insights, check out some of the related content I've prepared, including articles and interviews on similar topics. Keep an eye on my newsletter for special promotions or authors related to the topics we discussed today.
01:34:37:01 - 01:35:01:05
Christian Soschner
To quickly recap, we've explored Charlie Mingus timeless wisdom in Poor Charlie's Almanac, discussing topics like inversion thinking, mental models, the power of compound interest, and much, much more. If you have been inspired by these ideas, I encourage you to get the book and dig deeper. There's so much more insight and perspective to gain.
01:35:01:05 - 01:35:04:11
Christian Soschner
And to close this episode.
01:35:04:15 - 01:35:35:05
Christian Soschner
A quote from Charlie Munger is he says every day, go to bed smarter than when you woke up. And remember, sometimes the best way to succeed is by knowing exactly what's to and what. Thank you for joining me in this exploration of Charlie Mingus wisdom. I hope you found it insightful and applicable to your own journey. Stay tuned for more next episode.
01:35:35:07 - 01:35:40:12
Christian Soschner
And until then, take care and keep learning.