Charlie Munger’s list of thoughts lauded by Warren Buffett; nothing beat having a great partner Warren Buffett talked about his long-time friend and business partner Charlie Munger in his annual letter to the investors that was published along with Berkshire Hathaway’s annual report. Warren Buffett listed a few of Munger’s thoughts and gave a piece of advice to investors, “Find a very smart high-grade partner preferably slightly older than you and then listen very carefully to what he says.”Here is Charlie Munger’s list of thoughts that are lauded by Warren Buffett 1. The world is full of foolish gamblers, and they will not do as well as the patient investor. 3. All I want to know is where I’m going to die, so I’ll never go there. And a related thought: Early on, write your desired obituary – and then behave accordingly. 4. If you don’t care whether you are rational or not, you won’t work on it. Then you will stay irrational and get lousy results. 5. Patience can be learned. Having a long attention span and the ability to concentrate on one thing for a long time is a huge advantage. 6. You can learn a lot from dead people. Read of the deceased you admire and detest. 7. Don’t bail away in a sinking boat if you can swim to one that is seaworthy. 8. A great company keeps working after you are not; a mediocre company won’t do that. 9. Warren and I don’t focus on the froth of the market. We seek out good long-term investments and stubbornly hold them for a long time. 10. Ben Graham said, “Day to day, the stock market is a voting machine; in the long term it’s a weighing machine.” If you keep making something more valuable, then some wise person is going to notice it and start buying. 11. There is no such thing as a 100% sure thing when investing. Thus, the use of leverage is dangerous. A string of wonderful numbers times zero will always equal zero. Don’t count on getting rich twice. 12. You don’t, however, need to own a lot of things in order to get rich. 13. You have to keep learning if you want to become a great investor. When the world changes, you must change. 14. Warren and I hated railroad stocks for decades, but the world changed and finally the country had four huge railroads of vital importance to the American economy. We were slow to recognize the change but better late than never. Warren Buffett concluded it by adding two short sentences by Charlie Munger that have been his decision-clinchers for decades, “Warren, think more about it. You’re smart and I’m right.” Warren Buffett added that he never had a phone call with Charlie Munger without learning something.
Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China’s recovery remains a key driver for oil prices.
“If demand goes up very strongly, if the Chinese economy rebounds, then there will be a need, in my view, for the OPEC+ countries to look at their (output) policies,” Birol told Reuters on the sidelines of a conference in India.Price caps on Russian products took effect on Sunday, with the Group of Seven (G7), the European Union and Australia agreeing on caps of $100 per barrel on diesel and other products that trade at a premium to crude, and $45 per barrel for products that trade at a discount, such as fuel oil.
“For the moment, the market expects non-EU countries will increase imports of refined Russian crude, thus creating little disruption to overall supplies,” ANZ analysts said in a client note. “Nevertheless, OPEC’s continued constraint on supply should keep the market tight,” they said.