Charlie Munger's 3 Categories of Investment: In, Out & Too Tough

5. Going To Bed

Consider Berkshire Hathaway, one of the best-regarded corporations in the world. It may have the best long-term, big-assets-involving investment record in the history of civilization. The skill that got Berkshire through one decade would not have sufficed to get it through the next decade, with comparable levels of achievement. Warren Buffett had to be a continuous-learning machine. The same requirement exists in lower walks of life. I constantly see people rise in life who are not the smartest, sometimes not even the most diligent. But they are learning machines. They go to bed every night a little wiser than they were that morning. And boy, does that habit help, particularly when you have a long run ahead of you.

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