Charlie Munger’s rules for a happy life
What makes for a happy life? Well-managed expectations, according to Berkshire Hathaway Vice Chairman Charlie Munger.
“A happy life is very simple,” the 97-year-old Munger said during the Annual Meeting of Shareholders of the Daily Journal Corporation(DJCO). “The first rule of a happy life is low expectations. That’s one you can easily arrange. And if you have unrealistic expectations, you’re going to be miserable all your life."
Munger, who is the chairman of the Daily Journal's board, added that "I was good at having low expectations and that helped me. And also, when you [experience] reversals, if you just suck it in and cope, that helps if you don't just stew yourself into a lot of misery."
Munger noted that the culture of Berkshire Hathaway was heavily influenced by Rose Blumkin, the founder of Nebraska Furniture Mart who sold her business to Berkshire Hathaway.
“You know what her mottos were?” Munger said. “'Always tell the truth' and 'Never lie to anybody about anything.' Those are pretty good rules, and they’re pretty simple. A lot of the good rules of life are like that. They’re just very simple. 'Do it right the first time.' That’s a really good rule.”