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Some of their most noteworthy lessons include:

📌 Volatility is not risk: Metrics such as beta and standard deviation are commonly used to measure risk, but it holds more complexity than that. Risk is the potential permanent loss of money, while volatility is how quickly an investment can change in price.

📌 In investing, it’s OK to do nothing: Unlike in baseball, in the world of investing, you don’t swing three times before being called out. You can swing as many times as you want, but having patience and the ability to not feel pressure to swing is a skill worth cultivating.

📌 The markets are good, but not perfect: As stated, “...While markets usually do a wonderful job allocating capital, they’re only as reliable as the (imperfect) humans making up the market.”

📌 No good investor is either “value” or “growth”: Munger believes that as a stock investor, you should be measuring a “value” company just the same as a “growth” company.

📌 The key to happiness: According to Buffett and Munger, a happy marriage (and life) is supported by low expectations. This helps ensure a lack of regrets and heightens your sense of gratitude.

The power of an open mind: I truly appreciate when a stock picker can embrace passive index investing and vice versa. We are all too polarized by caveman syndrome these days; “This good, that bad”.