Source: Red and Green As centralized investors, our goal is to have a greater understanding of our companies than any Wall Street investor. If we are willing to work hard and learn as much as possible about our companies, we are likely to know more than general investors, which is all we need to gain a competitive advantage. On the product structure side, the operating income of products worth 10-30 billion yuan is 401/1288/60 million yuan, respectively, in 2023, the overall sales volume of the company reached 18,000 kiloliters, a year-on-year increase of 28.10%, showing significant growth.

Unlike Buffett, Munger has a wider range of interests and talks about more general life lessons. Perhaps Munger is difficult to learn from, but these golden sentences can always be read anew.

1. Waiting for mistakes will not make them better.

1. There are two types of mistakes: first, doing nothing; second, buying only a small amount of what should have been bought in bulk.

2. If it is obvious that this is a mistake, then quickly correct it. It will not get better while you wait.

3. It is best to learn profound lessons from other people's tragic experiences rather than your own.

4. For those who want to improve their cognitive abilities, forgetting their own mistakes is a terrible mistake itself.

5. Talk more about your failures and less about your successes. It's good for you.

6. Smart people are not immune to disasters caused by overconfidence. They think they have stronger abilities, so they often run around on harder roads.

7. Don't fool yourself, and remember, you are the easiest person to fool.

8. Admitting that you don't know something means that the dawn of wisdom is coming.

9. You don't have to be very outstanding, just be a little smarter than others for a very, very long time.

10. We never try to become very clever people, but we keep trying not to become fools. Over time, people like us can gain a great advantage.

11. If you want to play games that others play well and you don't understand at all, then you are destined to fail.

12. At Berkshire, Buffett and I don't do things that others can do better. If you don't know where your advantage is, you can't be truly powerful.

13. If you cannot persuade your opponents better than your competitors it means that you don't understand enough.

14. If you ask if you have exceeded your range of abilities, it means that you are already outside of your circle.

2. Continuously challenge your "favorite ideas".

15. Continuously challenge and proactively correct your "favorite ideas".

16. One reason why I am more successful than most people is that I am good at destroying my favorite ideas.

17. Face reality, even if you don't like it - especially when you don't like it.

Searching for evidence in areas of doubt is a good way to eliminate ignorance. However, everyone already believes in their own beliefs when expressing their opinions. I have always known this, so I will not speak lightly.

III. Do not pursue mediocre opportunities.

Only people with character can sit with cash and do nothing. I can achieve what I have today by not pursuing mediocre opportunities.

If you are not already fully prepared, when an opportunity arises, you will not have the courage to seize it. At any time, waiting for opportunities to come to you is placing yourself in a dangerous situation.

If something is not worth doing, no matter how well you do it, it is useless.

We are successful not because we are good at solving difficult problems, but because we are good at staying away from them.

Seizing a few reliable opportunities is much better than pretending to know everything. Starting with viable things from the beginning greatly increases the chances of success.

We look for companies worth acquiring everywhere and do not deal with people who come to us. If you just sit there and wait for the deal to come to you, then your position is very dangerous.

IV. Reliable people have the right kind of trust in each other.

Avoiding dealing with villains can keep you from great misfortune, and getting to know gentlemen can bring you great happiness.

Only a group of reliable people have the right kind of trust in each other.

The most reliable way to get what you want is to make yourself worthy of it.

Do not wrestle with a pig, as you will get dirty all over, while the pig enjoys it.

V. Good morals and moral reputation are priceless.

Remember, reputation and integrity are your most valuable possessions, and can disappear in an instant.

If honesty can bring higher returns, then will it still be praised? The truly praiseworthy are those who are honest and upright, even if they endure pain.

Enhancing rationality is not something you can choose to do or not do; it is a moral obligation that you must fulfill as much as possible.

There is a saying that is always correct: Reason makes angry people avoid it.

What is rationality? It is to see the world as it really is, rather than as you want it to be. This is the most important thing.

We hope to leave a clean image to others: we make money honestly and do not waste it. This is the right path.

Sixth, blaming heaven and earth is the greatest taboo in life.

36. Jealousy, hatred, hatred, and self-pity are all disastrous mental states. Excessive self-pity can make a person almost paranoid, and paranoia is one of the most difficult things to reverse.

37. Once you find an effective way to make money, it's crazy to care about others making money faster than you do in my opinion.

38. If there's nothing you can change, don't dwell too much on it. Grumbling and blaming the heavens and the earth is the greatest taboo in life.

39. Don't envy others' success, just do things in a conventional way. If Berkshire were really smart, it might not be as successful as it is today.

Seventh, think simply and act conscientiously in everything.

40. People underestimate the importance of those simple truths.

41. old sayings are reliable. All those traditional virtues are beneficial throughout one's life.

42. Think simply and act conscientiously in everything.

43. The goal I set for myself is to pursue knowledge that ordinary people don't have.

44. Those knowledgeable giants I met in books, not in school.

Eighth, life is not just about accumulating wealth wisely.

45. My way of living is to see through the stupidest things and stay away from them.

46. There is one simple truth in life: Do it right, and repeat it.

47. Try to go to bed a little smarter than when you woke up every day. Do your tasks seriously and well.

48. If the only success in life is to make a fortune by buying stocks, then this is a failed life. Life is not just about accumulating wealth wisely.

49. Which one of us who invests in value hasn't persevered, persisted even when we don't need to be particularly smart? Among our generation, those who have persevered have been very successful.

50. A friend of mine said that when you are old, the best thing is when you wake up every morning, there is nothing new to make you feel painful.

Editor/Lambor