Charlie Munger's 3 Rules for Success in Business
DarrenDaily On-Demand
Darren Hardy LLC
4.9 • 1.8K Ratings
🗓️ 21 October 2024
⏱️ 5 minutes
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Summary
Charlie Munger, Warren Buffett's business partner, shared three timeless rules that shaped his success. Discover how these principles influenced his journey with Berkshire Hathaway and why Darren believes they can profoundly reshape yours too. Are you following all three?
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Transcript
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| 0:00.0 | Welcome to Darren Daily on demand, your most trusted resource to help you become better every day. |
| 0:07.0 | Here's your success mentor Darren Hardy. |
| 0:10.0 | One of the last articles that Charlie Munger wrote was titled, |
| 0:16.7 | These Basic Rules made me successful in life. |
| 0:19.8 | Charlie, as you probably know, is Vice Chairman of Berkshire Hathaway, and Warren Buffett's closest |
| 0:24.0 | business partner and right-hand ma'am. |
| 0:26.3 | The piece talked about how he met Buffett accidentally at a dinner party and why he decided |
| 0:30.1 | to leave his own firm and go into business with Warren. |
| 0:32.8 | Charlie's three rules not only shaped his journey with Warren, |
| 0:35.8 | but it can reshape ours as well. |
| 0:38.2 | I'll pass them on to you here this morning. |
| 0:40.8 | Number one, don't sell anything you wouldn't buy yourself. It's such a simple |
| 0:46.6 | idea. It's the golden rule. You want to deliver to the world only what you would buy if you were on the other end. This has always been essential for me. I actually cannot sell what I don't wholeheartedly believe in. I am effective at influencing people to make decisions and take action |
| 1:05.1 | only because I am communicating from a deep down conviction that I know it will |
| 1:11.2 | help them. If I didn't believe it, I actually couldn't do it. |
| 1:15.0 | As effective as I am about talking about what I believe in, I am wretched at talking about what I don't believe in. I'm wretched about faking it, |
| 1:24.4 | BSing, or bluffing. It's why I cannot even play poker. No joke, my tell is my entire |
| 1:30.7 | body reeks and my face screams BS. |
| 1:35.4 | The first television subscriber network that I built was sold to another company. |
| 1:39.2 | The acquiring company wanted to use the network to support and promote something I didn't really believe it. |
| 1:44.8 | It wasn't nefarious, but it was against everything that I believed in. |
| 1:48.2 | And if I had just shut my mouth, drifted into the background, and just showed up to the conferences and set a few words |
... |
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