#295 I had dinner with Charlie Munger

What I learned from having dinner with Charlie Munger and rereading The Tao of Charlie Munger. ---- Get access to the World’s Most Valuable Notebook for Founders at Founders Notes ---- Follow Founders Podcast on YouTube  ---- Follow one of my favorite podcasts Invest Like The Best ! (5:45) The blueprint he gave me was simple: Forget what you know about buying fair businesses at wonderful prices; instead, buy wonderful businesses at fair prices. (8:48) He has never forgotten the importance of having friends in high places. (9:04) Most people systematically undervalue their time. — Peter Thiel (11:08) Franklin & Washington: The Founding Partnership by Edward Larson. Founders #251) (12:23) Meet You in Hell: Andrew Carnegie, Henry Clay Frick, and the Bitter Partnership That Changed America by Les Standiford. (Founders #284) (15:02) Charlie took the excess capital out of Blue Chip Stamp and invested it in profitable businesses. (16:56) Charlie started seeing the advantages of investing in better businesses that didn't have big capital requirements and did have lots of free cash that could be reinvested in expanding operations or buying new businesses. (17:38) Go for great. (21:33) In everything I’ve done it really pays to go after the best people in the world. —Steve Jobs (27:15) If you're in a good business just know that it's human nature to mess it up. Don't mess it up. Just stay there and let time do its work. (27:34) One truly great business will make your unborn grandchildren wealthy. (28:08) All I Want To Know Is Where I'm Going To Die So I'll Never Go There: Buffett & Munger – A Study in Simplicity and Uncommon, Common Sense by Peter Bevelin. (Founders #286) (34:39) I did not succeed in life by intelligence. I succeeded because I have a long attention span. (34:54) Charlie Munger on how he made $400 or $500 million by reading Barron’s for 50 years. (35:11) One of the reasons Charlie and Warren have never worried about anyone mimicking their investment style is be