Charlie Munger Changed My Life [8 Lessons]
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- Опубликовано: 29 сен 2024
- Want to SCALE your business? Go here: acquisition.com
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If you’re new to my channel, my name is Alex Hormozi. I’m the founder and managing partner of Acquisition.com. It’s a family office, which is just a formal way of saying we invest our own money into companies. Our 10 portfolio companies bring in over $200,000,000+ per year. Our ownership stake varies between 20% and 100% of them. Given this is a YT channel, and anyone can claim anything, I’ll give you some stuff you can google to verify below.
How I got here…
21: Graduated Vanderbilt in 3 years Magna Cum Laude, and took a fancy consulting job.
23 yrs old: Left my fancy consulting job to start a business (a gym).
24 yrs old: Opened 5 gym locations.
26 yrs old: Closed down 6th gym. Lost everything.
26 yrs old: Got back to launching gyms (launched 33). Then, lost everything for a 2nd time.
26 yrs old: In desperation, started licensing model as a hail mary. It worked.
27 yrs old: "Gym Launch" does $3M profit the next 6 months. Then $17M profit next 12 months.
28 yrs old: Started Prestige Labs. $20M the first year.
29 yrs old: Launched ALAN, a software company for agencies to work leads for customers. Scaled to $1.7mmo within 6 months.
31 yrs old: Sold 75% of UseAlan to a strategic buyer in an all stock deal.
31 yrs old: Sold 66% of Gym Launch & Prestige Labs at $46.2M valuation in all-cash deal to American Pacific Group. (you can google it)
31 yrs old: Started our family office Acquisition.com. We invest and scale companies using the $42M in distributions we had taken + the cash from the $46.2M exit.
32 yrs old: Started making free content showing how we grow companies to make real business education accessible to everyone (and) to attract business owners to invest or scale their businesses.
34 yrs old: I became co-owner of Skool.com to help the many people who want to start a business online do so.
Today: Our portfolio now does $200M/yr between 10 companies. The largest doing $100M/yr the smallest doing $5M per year. Our ownership varies between 20% and 100% ownership of the companies. Many of them we invested in early and helped grow (which is how we make our money - not youtube videos).
To all the gladiators in the arena, we’re all in the middle of writing our own stories. The worse the monsters, the more epic the story.
You either get an epic outcome or an epic story. Both mean you win.
Keep crushing. May your desires be greater than your obstacles.
Never quit,
Alex
FULL DISCLOSURE
I make content to make money - just - on a longer time horizon than most. I want to build trust with business owners so we can find the best ones and help them scale. And if they’re awesome, write them a check and go all the way as partners.
00:41 🔄 Inverted thinking: Charlie Munger's approach involved solving complex problems by first considering how to destroy or negate them, leading to innovative solutions.
03:02 🛡 Simplicity over complexity: Munger's preference for simplicity in decision-making, striving for businesses easy enough that even an "idiot" could manage them.
05:08 💰 Perfect business components: Uniqueness, expensiveness (high-margin), and stickiness (recurring sales) were key factors Munger looked for in businesses.
07:18 🏢 Hiring like an owner: Finding individuals who act and think like owners, making decisions that prioritize the company's long-term success.
08:57 🍎 Emphasizing brand: Munger's recognition of the importance of brand strength in companies like Apple led to successful investments.
10:31 💸 Living within means: Munger stressed the foundational principle of spending less than earning for financial stability.
11:41 🔄 Mastering fundamentals: Focus on continually simplifying and executing the fundamentals in business rather than pursuing complex strategies.
12:26 📚 Learning from others' mistakes: Munger advocated learning from the mistakes of others to avoid unnecessary pitfalls and setbacks.
13:35 🛑 Knowing when "enough" is enough: Munger's emphasis on achieving independence and contentment over relentless pursuit of wealth serves as a valuable life lesson.
A
thank you for this
i@@danielemarino1428
Big if true
THANK YOU!!!
Hormozzi is a deep dude. Respect ✊🏼
Thanks for sharing your insights on the great Charlie Munger!!
Some of your best work Alex - genuine acknowledgement of the standing on great shoulders
Alex is the type of dude to do push ups before a video to get a pump
Thank you for sharing your thoughts on Charlie Munger.
Amaizing Video Alex, thank you.
What a wholesome down to earth dude. Rest in peace.
I saw the look on Alex's face when he was talking about independence. Then I noticed a lot of similarities between me and my best friend and Warren and Charlie's friendship. It hit a soft spot. I cried a couple of tears of wholesome joy. Shoutout to Charlie
Alex ate Charlie Munger to grow those biceps. That's how he died. Watch out Warren, he's comming for you too.
Protein is protein
Lol
😂 tf
Lmao..seems like a great source of protein tho 😂
Lol ban this guy rn 😂
list of books that Charlie reccomended
"Faraday, Maxwell, and the Electromagnetic Field: How Two Men Revolutionized Physics"
"Deep Simplicity: Bringing Order to Chaos and Complexity"
"Fiasco: The Inside Story of a Wall Street Trader"
"Influence"
"The Outsiders"
"Only the Paranoid Survive"
"Man's Search for Meaning"
"Guns, Germs, and Steel"
"The Selfish Gene"
"Seeking Wisdom"
"The Autobiography of Benjamin Franklin"
Harry Potter e o prisioneiro de Azkaban
Studying Charlie Munger truly changed my life. More people need to start studying the lessons he taught
you changed mine
It was just now that I was creating a list of books Charlie had recommended that this video was uploaded, as well as hearing of his passing. One of the greatest self-taught investor, philosopher, and human to walk this earth.
Care to share your list?
Share
Link the list please bruddha!
Would love to see this list, brother 🙏
Share it man!
Biceps are having their own show in this one 💪
😂 yes totally getting distracted by those guns. They are visibly bigger in last few videos.
Let's not even get started with those gigantic delts
Hahaha
Got big biceps and small forearms, maybe should put that shirt back on
Charlie was truly a fantastic man, all the lessons he gave the world, tremendous appreciation, as well thank you Alex for making this video about such a legend.
Charlie Munger was one of a kind. Thank for sharing these lessons, Alex.
Alex, thanks for sharing your learnings from Charlie. So helpful.
00:50 Inverted thinking can lead to innovative solutions.
03:35 Simplicity is key in decision-making and business operations.
05:07 Focus on unique, expensive, and sticky businesses.
07:32 Know when to say 'enough' and avoid unnecessary complexity.
08:32 Brand plays a crucial role in business success.
10:29 Live within your means and prioritize financial fundamentals.
12:13 Learning from the mistakes of others.
13:30 The value of independence over money.
I STUDIED U I STOLE FROM U.
inverted thinking, reverse engineer.
Thank you Eric! :)
Forever one of the greatest of all time.
Philanthropist, Investor, Teacher
Rest in Peace : Charles Munger
-Thank You Alex 4 the Video ❤
Just so you know Alex, the impact you have had on my life is profound, as I assume is the case for so many others. I am eternally grateful! Thank you for truly benefiting all!
😂 “Obviously Warren had two wives” had me really confused for a second until I googled it
he remarried after his first wife died, not two wives at the same time
Hi alex, the way you communicate seemingly complex concepts in a way where everyone can understand them is fascinating to me, and I've adopted that "breaking down" process myself into my own life, and I've improved it massively. I've eliminated all insecurity within myself by changing them from something I fear to something I seek out so that I am less in my own way of living a life I'd be proud of.
I wish more people would adapt such an approach to teaching, as it is undeniable that there are so, so many conflicts over simple miscommunication and overly emotional egotistical men. If more leaders had your philosophy on life, especially about the accepting that once you die everything turns to dust, there would be no wars, there would be a productive world where people would simply learn, play, create and fuck.
I truly think more people need to hear you, from a non-business side of things, and I truly believe that you could make the world a better, leading by example.
Unique expensive sticky air : drop your idea ⬇️ in comment
Bro (Alex) looks like a World of Warcraft male Warrior holy moly man.
One mistake I would like to point out, it wasn’t Einstein who said invert always invert. It was actually the german mathematician which Charlie mentions in his book - Carl Gustav Jacob Jacobi
Thank you Alex. Charlie not turning 100, but almost and have lived 99 years the way he did really drove home the points you're making - R.I.P. Charlie Munger (1924-2023)
Instant classic.
I'll be revisiting this one many times.
Thanks, Alex.
Alex is to me what Charlie Munger was to Alex
Best advice you’ve given and it’s not even yours! 😂
Rest in Peace Charlie!! It's sad to have lost one of the best modern life coaches. He will be missed.
I've watched this 3 times. I admire Charlie so much and his philosophy. this was an amazing tribute to him. Thanks for another great one Alex.
Charlie would of considered you a get rich quick guru lol
I was wondering day of his death that alex is huge fan of him why he didn't post story or anything about him but now I know why 👍
When I heard of him passing, I immediately thought of how Alex would feel. Strange…
😂 they said you would make this on the "my first million" podcast.
Alex is Mozi Nations Charlie Munger.
Alex GETS it.
This is a beautiful tribute, Alex. I agree with your heartfelt sentiments about Charlie. His legacy will be honored by people like yourself, me and other by implementing what he so freely shared. ❤
Alex, this was a fantastic video. Great tribute, and you really nailed all the key takeaways for people who haven’t watched tons of Charlie’s clips!
10:41 There's more to The Secret than just "spend less than you earn". It's also reinvesting your money for compounded growth over the years.
Incredibly informative video. Thank you, Alex! Much appreciated.
Ah man, your videos have come a long way since the 360p days.
I am convinced that Alex has learned the art of just talking without saying any
I majored in math. We have a technique of proofs called "by contrapositive".
Basically, "If A, then B" is equivalent to "If not B, then not A". Let A="I destroy my business" and B="the things I do".
If I do things "not B", the collection of behaviors opposite B, then I do the opposite of destroy my business.
QED, checks out.
This guy is jacked with bad clothes and a wife that sounds like Ben Shapiro
L
Well said
Amazing. Especially the end
I was waiting for you to address this. We're so lucky he shared his knowledge
You didn’t give the Charlie Boulder twins to speak!
Ahh man, your arms are too much distracting!!!
“All I want to know is where I’m going to die, so I’ll never go there.” That thinking was inspired by the German mathematician Carl Gustav Jacob Jacobi, famous for some work on elliptic functions that I’ll never understand. Jacobi often solved difficult problems by following a simple strategy: “man muss immer umkehren” (or loosely translated, “invert, always invert.”)
“[Jacobi] knew that it is in the nature of things that many hard problems are best solved when they are addressed backward,” Munger counsels.
Thank you!
I liked my own comment
Hormozi pls hide those biceps I can´t focus here 🥵
Pithy compendium and a Beautiful tribute!
What a fab video. Created about a legend by a legend.
Well done Alex Hormozi on a lovely tribute. RIP Charlie Munger
So refreshing to see a beefcake having a wonderful mind. The body doesn't need to be neglected for mental pursuits
You know you are the best Alex, thanks for sharing, I will share, stay blessed, keep up the amazing work and let's go! 💪💪💪💪💪💪💪
12:13 Success in life is the result of good judgement. Good judgement is usually the result of experience. And experience is usually the result of bad judgement.
Alex wish you the best ✌Love your content
Love from Iran❤
Noted for myself: Invert always invert. We are the ones who choose how hard we want our lives to be. You need to spend less than you earn.
I’m grateful that I will fight and win cancer for the 2nd time- I will continue helping others build a better life mentally and financially- I’m grateful to be and have access to information that I see as beneficial to my growth as a human, to learn grow be humbled and do more… we often complicate life more than we should- when you take a deep breath slow down and get back to the basics you build a better stronger foundation sometimes…🎉
Charlie was a wise brilliant man
The music got me. Thanks :) ADHD positive :)
Great video I enjoyed seeing a individual and entrepreneurs perspective rather than the copy paste of a media organization
Incredible insights! Charlie Munger's wisdom is timeless. Such powerful lessons for personal and business growth, thanks for sharing them, with us,Alex!
You could have put a shirt on for this
1)Lesson 1 - Inverted Thinking
2)Lesson 2 - Prioritize Simplicity
3)Lesson 3 - Unique Expensive Sticky Air
4)Lesson 4 - Enough is Enough
5)Lesson 5 - The Importance of Brand
6)Lesson 6 - Live Under Your Means
7)Lesson 7 - Learn From Others Mistakes
8)Lesson 8 - Seek Independence
Thank you Alex! You're my addiction 😊😊😊
So good i had to watch it twice😭
@9:40 APPLE PRODUCTS ARE NEVER AVERAGE!
9:10 - $AAPL is roughly 50% of Berkshire's public equities portfolio, not 50% of Berkshire... The $170B they have of $AAPL stock is only ~20% of Berkshire's $790B market cap.
13:57 seek to be independent not chasing more
hey Alex
can you also add subtitles
because i think here might be so much people who's mother language isn't English including me so we can understand better
RUclips has built in close-captioning that is generally pretty accurate.
Excellent advice!!! Thank you!!! ❤
Rules for 2024:
1. BUILD A MISTAKE TRACKER: you only successfully learn in life when you don't repeat the same mistakes twice :)
2. REWARD YOURSELF FOR MISTAKES AVOIDED (if its a food reward make sure its low calorie)
3. COME BACK TO THIS COMMENT ON DECEMBER 2024 TO THANK ME AND LET ME KNOW OF YOUR PROGRESS
A wise person learns from the mistakes of others 💡
Alex Hormozi is the type of Fake Guru that Charlie Munger was talking about when he exposed the Fake Gurus.
The type that supposedly get a lil success, then all of a sudden become Guru/Experts and sell books and courses...
Alex he was talking about guys like you
Rest in peace. One of the greats for sure, and the last one is definitely the one that hits the most for me. Living a life well lived, for 100 years, now that's the dream life.
Half of Berkshire Hathaway is not made up of its ownership of Apple. Berkshire has a market cap of $880b, and they own $174b of Apple. Most of Berkshire is in wholly owned subsidiaries. Apple makes up around half of Berkshire's stock portfolio, which is not the same thing.
Apple is not 50% of Berkshire Hathaway. It is 50% of Berkshire‘s stock portfolio. They own a number of very large private companies like Geico or BNSF that don‘t have a stock ticker
Thank you uncle Charlie, may you rest in peace 🤍
Thank you for another great video. As usual, your content is of exceptionally high quality, delivered in the clearest and most effective way possible. I love it!
10:57 rule number 0 in finance is spend less than you make
Keep it simple do the fundamentals
Well done Alex. It's important to be grateful. I send you my respect and friendship from Belgium. Kind regards, Alex
Carl Jacobi, a German mathematician of the 19th century, was the inverter, not Einstein! He said: "Man muss immer umkehren." (You always have to invert.)
The thing I love about this channel is that it obviously has only committed people as its viewership. No young kids trying to find a way to get rich quick, or listening to find motivation, like a lot of people do with billionaire speeches.
And Alex obviously knows this, and has optimized for this. This way, he gives straight value, no bluff, no "mental masturbation" or unrealistic routines.
He knows that his audience is beyond that, and he knows that they are human beings too, and value their own opinions more than his.Which is why he never says things like do this, you are not successful if you do that etc. What maybe Alex's biggest achievement may feel like a punishment to someone else.
He just gives his own subjective view, his life experiences, and just asks people to try it if they feel a connection with him. His advice is ultimately for a younger Alex, and he never tries to be beyond that. He readily accepts that his advice is not for most people. He NEVER tries to portray himself as supreme authority on anything other than his own life, which is attractive. He's always like "what I would do" or "what I did" "the way I see it" To me it's blah blah blah".
One of my favorite Munger-ism is that he would love to see EBITA relaced with "Bull Sh***" on every financial statment... Love it...
Thank you Alex. I saw your content recently about "inversion thinking," and that started down the Charlie Munger Road. Just got "Poor Charlie's Almanac." And it's outstanding. I can't wait to watch this video over and over. Thanks for all the great content.
Mann this lighting is so 🔥🔥🔥
Hi Alex,
I just came across your channel. I've watched two of your videos and now subscribed. Thank you for the knowledge you share. 😊
Love this video man 💯. Fun fact about Munger is that he was a lawyer and started the firm Munger, Tolles & Olson
this video is so beautiful, meaningful, and grateful. as an international student, I had hard time understanding Munger accent, but after watching this I learnt so much. Thanks Alex, and RIP Mr Munger
Charlie Munger dying at 99 made me laugh because I imagined Warren coming up with some hilarious joke about this from a conversation that they had. My impact came less from inverted thinking and more from the mental models approach which today has become my Napoleon Hill style "Master Mind" council which includes now of course Charlie himself. I wrote an article on this about how to take money and when not to take money from an investor. It was hard to get through it. The emotion was raw. Who are the next Charlie Munger's and Warrens for this troubled world. It's us my friends. Look inside and find.
Brilliantly said. 👏🏽
This was really nice, Alex. Great job.
Very touching and inspiring video. Thanks Alex!
Dude, Alex, you spell Warren Buffett wrong in your book (every time) and here too. Obviously it’s the ideas that really matter but it’s also just another t.
Liquor. Leverage. Lust.
I would add Lectin.
Great video.
I appreciate you all for sharing the wisdom and saving us the scar tissue.
Very well said bro. I'm a Warren and Charlie fan too. I love your key takeaways and just how you present it. Keep it up!😊
Thank You, Alex, "Live Within Your Means." The Secret to all financial success.
Maybe create a video now and then that is purely you telling Mozi Nation that you want them to succeed and why.
No gems of wisdom. No business fast tracks. Just straight up loving on Mozi Nation. I wonder what that would do to your brand loyalty.