Charlie Munger: Ask These 3 Questions or Lose Money (Checklist)

Описание: Michael sits at his desk scrolling through Reddit's WallStreetBets, watching CNBC with the volume up, and texting with his friend who just made $15,000 on a "can't-miss stock." He's made 23 investment decisions in the past year using this exact process: see something trending, feel the excitement, click buy. His portfolio results? Seventeen losers, six winners, net performance that underperforms the S&P 500 by 8%. He's not unlucky. He's undisciplined. He has no systematic process for making investment decisions, which means every decision is driven by emotion, hype, or randomness.
In this 30-minute masterclass, you'll discover:
The 3 mandatory questions Munger asked before every single investment for 60 years
Why a checklist removes emotion and ensures consistency that beats 95% of investors
How to identify durable competitive advantages (moats) that compound for decades
The management evaluation system that reveals character before you risk capital
Why margin of safety is the difference between permanent wealth and permanent losses
As Munger said: "We have a passion for keeping things simple. If something is too hard, we move on to something else. What could be simpler than that?" His investing wasn't complicated. It was systematic. Three questions answered honestly eliminated 99% of opportunities and concentrated capital on the 1% that met all criteria.
Charlie Munger (1924-2023) was Vice Chairman of Berkshire Hathaway and Warren Buffett's 60-year partner. He built $2.3 billion not through hundreds of clever trades, but through a handful of excellent investments that passed his rigorous three-question checklist. See's Candies, purchased in 1972 for $25 million after passing all three questions, generated over $2 billion in cumulative profits over 50 years. One decision. Three questions. Fifty years of compounding. That's the power of systematic thinking over reactive trading.
The Munger Legacy teaches complete mental model systems in 30-minute masterclasses. Unlike trading tips or hot stock recommendations, we examine the systematic frameworks that allowed Munger to make better decisions than professional investors for six decades. No hype, no gambles, just repeatable processes you can implement immediately.
For investors 30-60 years old who are tired of random results and ready for systematic wealth-building. If you've ever bought a stock because it was trending, sold because you got scared, or skipped research because you were excited, this checklist will transform how you make every investment decision for the rest of your life.
🔔 Subscribe for daily masterclasses at 9 AM EST 💬 Comment: Which question would have stopped your worst investment? 📚 Related: "Circle of Competence" and "Inversion" masterclasses
More from Munger:
"We have three baskets for investing: yes, no, and too tough to understand"
"The most important rule of fishing is fish where the fish are"
"The big money is not in the buying and selling, but in the waiting"
Chapters: 0:00 Introduction: 23 Decisions, Zero System 3:30 Why Checklists Beat Intelligence in Investing 7:15 Question 1: Do I Understand This Better Than 95%? 12:00 Question 2: Does It Have a Durable Moat? 17:30 Question 3: Is Management Honest AND Competent? 23:15 Bonus Question 4: What's My Margin of Safety? 27:00 See's Candies Case Study: All Questions Answered YES 29:00 Your Implementation Framework
Michael's 23 decisions had no consistent evaluation process. Some he researched for five minutes. Others he bought immediately based on headlines. None passed through a systematic checklist asking the same questions every time. Munger made perhaps 50 major investment decisions across 60 years, and every single one went through the identical three-question filter. The consistency of process generated consistency of results. Michael gets random results because he uses a random process. You'll get systematic results when you implement a systematic process. This masterclass is that process.
DISCLAIMER: This content is for educational purposes only and should not be considered financial advice. All investment decisions should be made after consulting with qualified financial professionals. Past performance does not guarantee future results. Charlie Munger's strategies worked in his specific context and timeframe—your situation may differ significantly. The examples provided are historical illustrations, not recommendations for current investment decisions.
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