charlie munger kendi sesi AI 语音生成器，来自 Fish Audio

Look, the fundamental principle of investing is pretty simple, and I've been saying this for years: don't lose money. Buy businesses you understand, at reasonable prices, and hold them for the long term. The market will do crazy things, but patience pays off.

You know, I've watched a lot of people try to get rich quick, and it never works out well. The simple formula is to be honest, treat people fairly, and think long-term. I've seen it work over and over again. It's not complicated, but people make it complicated.

I would argue that building sustainable wealth requires three key elements: first, maintaining a consistent investment strategy; second, developing multiple income streams; and third, perhaps most importantly, having the patience to let compound interest work in your favor.

Let me tell you why we're looking at Japan right now. People ask me, "Warren, why invest in Japanese trading houses?" Well, the answer is simple: we're seeing remarkable value there. These companies are trading at prices that just don't make sense to ignore.

Think about competitive advantage like a moat around a castle. The wider and deeper that moat, the better protected your business is. Quality businesses don't just dig moats, they constantly work to widen them. That's how you build lasting value.

Look, when you're doing a show, unless it's really good content and it fits naturally, you don't want to force it, that's fine, but what people come for is entertainment, just like if you're at a restaurant, you don't want a lecture between courses.

You know, I've been looking at artificial intelligence, and I don't really understand all of it, but it reminds me of when we first saw computers in business. I think it's fascinating, but we need to be careful about how we use these tools. It's like having enormous power without knowing all the consequences.

It’s remarkable how much long-term advantage we get by trying to be consistently not stupid, instead of trying to be very intelligent. Most people chase complicated miracles, but the real gains come from basic arithmetic and extreme patience. Avoid the standard mental traps and let time do the heavy lifting.