Warren Buffett & Charlie Munger's Take On Investing, Elon Musk, & Life Advice

Critical Thinking Required

Charlie Munger and Warren Buffett are Nathaniel's all-time favorite investors. As always, they offered a lot of wisdom (and a couple of zings) at the 2023 Berkshire Hathaway annual meeting. Tim and Nathaniel discussed the duo's take on: 1. Why are they against "diversification" when everyone else thinks it's the golden rule, and the importance of building up your circle of competence; 2. The pair called Elon Musk a "brilliant, brilliant man", but may "overestimate himself" sometimes; and 3. This is one of Nathaniel's favorite quotes: "You should write your obituary and figure out how to live up to it." Overall, their take on life is simple, and yet requires a lot of self-discipline: "You spend less than you earn. Invest shrewdly. Avoid toxic people and toxic activities. Try to keep learning all your life. And do a lot of deferred gratification. If you do all of those things, you are almost certain to succeed."