David Senra on LinkedIn: Charlie Munger’s formula: “There is an old two-part rule that often…

The way to win [in the markets] is to work, work, work, work and hope to  have a few insights.  How many insights do you need? Well, I'd argue: that you don't need many in a  lifetime. If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.

14 more ideas from Buffett and Munger I don’t want to forget: 1. The one thing that has surprised me all my life is how many people with high IQs do massively stupid things. 2. Berkshire was a small business at one time. It just takes time. It is the nature of compound interest. You can't build it in one day, or one week. 3. Unfortunately, Bert... See more

It's not given to human beings to have such talent that they can just know everything  about everything all the time. But it is given to human beings who work hard at it—who  look and sift the world for a mispriced be—that they can occasionally find one.  And the wise ones bet heavily when the world offers them that opportunity. ... See more