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

12. How Do I Deal With Setbacks in Life?

Charlie Munger doesn’t say he can guarantee you success. But he can guarantee you misery. According to Munger speak, one way is to fall down and never get up again. This is such a simple and serious truth that if all babies fall and never get up again, the whole world would be in clutches.

Charlie Munger said: “Another thing of course is life will have terrible blows, horrible blows, unfair blows, doesn’t matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every mischance in life was an opportunity to behave well, every mischance in life was an opportunity to learn something, and your duty was not to be submerged in self-pity but to utilize the terrible blow in a constructive fashion. That is a very good idea.” As usual Mr. Charlie Munger is spot on.

At one point, in the earlier days,  Bill Gates and his fellow co-founder tried to sell their software to a big potential client.. When Bill suggested a certain price tag, the potential retorted that the figure was a pile of turd. According to Paul Allen, Bill Gates was upset by the statement yet at the end, the turd narrator did buy the software. So you see, Bill Gates didn’t give up either.

On this very important subject, I shall leave you with a quote by Samuel Beckett:

“Ever tried. Ever failed. No matter. Try Again. Fail again. Fail better. “