📖Charlie Munger

Deserve What You Want

🌱 Beginner★★★★★

The most reliable path to getting what you want is to become the kind of person who deserves it.

💬

The best way to get what you want is to deserve what you want.

— Munger Speech，2007

🏠 Everyday Analogy

Just like in matchmaking, if you want to find an excellent partner, you must first become excellent yourself. If you are sloppy and lazy but expect to find a beautiful and diligent partner, isn’t that just wishful thinking? The same goes for investing: if you want the market to reward you, you must first make yourself worthy of that reward.

📖 Core Interpretation

The most reliable way to get what you want is to make yourself worthy of it.
💎 Key Insight：Munger's philosophy of life: don't seek success directly — develop the qualities that attract success. Be trustworthy and you'll get trust. Be competent and you'll get opportunities. Be generous and you'll build relationships. This approach creates sustainable success because it's built on genuine value creation, not manipulation or luck.

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❓ Why It Matters

Cunning opportunism may yield short-term gains, but only genuine competence sustains long-term success.

🎯 How to Practice

Focus on enhancing your own value, rather than attempting to acquire what you do not deserve.

🎙️ Master's Voice

Develop into a lifelong self-learner through voracious reading.
Munger believes formal education is just the beginning. Real wisdom comes from decades of self-directed learning through reading and experience.

⚔️ Practical Guide

✅ Decision Checklist

  • Am I learning after school ended?
  • Do I have a self-education plan?
  • Am I growing intellectually?

📋 Action Steps

  1. Create a personal curriculum
  2. Set learning goals each year
  3. Track books and insights

🚨 Warning Signs

  • Learning stopped at graduation
  • No intellectual growth
  • Entertainment over education

⚠️ Common Pitfalls

✕This is not to say that one must be perfect to have aspirations.
✕It means striving to make oneself more deserving.

📚 Case Studies

1
Washington Post Investment (1973)
Munger and Buffett bought Washington Post stock when it traded at a deep discount to intrinsic value during market pessimism.
✨ Outcome：Held for decades; investment multiplied many times, reinforcing the idea that superior preparation and patience deserve outsized outcomes.
2
Blue Chip Stamps to See's Candies (1976)
Munger helped channel Blue Chip Stamps’ float into See’s Candies, a high‑quality business bought at a fair price.
✨ Outcome：See’s produced large, durable cash flows that funded further investments, illustrating that disciplined selection earns the right to compounding rewards.

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