But he has already lost the most important thing. Risk is no longer so frightening to him. He understands one thing: Comfort cannot solve pain, but ability can. So he reads. Not just finance—physics, evolution, biology, psychology, history. He doesn't chase hot topics, only patterns. He breaks down the world into a series of "models" to judge people, incentives, mistakes, and probabilities. This way of thinking led him to Warren Buffett. At the dinner in Omaha, Buffett was already a star investor. Munger didn't try to "prove himself." He simply changed Buffett's way of thinking. Buffett originally bought: cheap, rotten companies. Munger said: Buy good companies, even if not cheap. Quality is more important than discounts. Time favors good businesses. This shift created today's Berkshire Hathaway. Munger became the vice chairman and the person behind decades of decision-making. He hates stupidity. He has a habit of thinking in reverse. He looks at the world through the lens of incentive structures. Every day, he reads children saying he is a "long-legged book."
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But he has already lost the most important thing. Risk is no longer so frightening to him. He understands one thing: Comfort cannot solve pain, but ability can. So he reads. Not just finance—physics, evolution, biology, psychology, history. He doesn't chase hot topics, only patterns. He breaks down the world into a series of "models" to judge people, incentives, mistakes, and probabilities. This way of thinking led him to Warren Buffett. At the dinner in Omaha, Buffett was already a star investor. Munger didn't try to "prove himself." He simply changed Buffett's way of thinking. Buffett originally bought: cheap, rotten companies. Munger said: Buy good companies, even if not cheap. Quality is more important than discounts. Time favors good businesses. This shift created today's Berkshire Hathaway. Munger became the vice chairman and the person behind decades of decision-making. He hates stupidity. He has a habit of thinking in reverse. He looks at the world through the lens of incentive structures. Every day, he reads children saying he is a "long-legged book."