Charlie Munger is Warren Buffet's second in command. He's 92, worth 1.5 Billion when he bothers to look at his bank account, and he looks like a turtle. A lawyer by training, this is his second career.

Charlie Munger IS the RP long game. His teaching is the Dark Triad underpinning of Warren Buffets' Berkshire Hathaway Corporation ... arguably the most successful investment company in history. . If life and money and business is a game, these are the winners. The return over this period is 1,800,000% or 21% compounded over 50 years.

Lots of people (Buffet Included) come up with ideas for how to succeed, but Charlie studies failure, disaster and how people get fucked, and how they fuck themselves. He studies being rational and rationality is built in seeing what reality is.

For those scrabbling by reading Tony Robbins some of Mungers' advice about not taking as much as you could or warnings on envy or his failure to live as an international man of mystery lifestyle banging bitches might strike you as BP.

Understand that Munger comes from a place of total abundance. His generosity mixed with realism is the magnanimity of a king.

To those who might say that these he is BB, you should note the motivation behind his wealth has been independence and being able to say and do as he decides and walk away. This is a most male of drives. Women do not seek true independence or greatness in performance for the sake of greatness. Women generally seek to push their SMV and branch swing to more lucrative mooching and looting opportunities with greater glitter and baubbles.

To this end I have taken the time to read all 50 years of Buffets letters to shareholders and as much as I can on Munger and his pithy sayings.

From memory here's what I have and while it is investment advice, I think it is also: if you consider it RP life advice.

Investment Philosophy Munger and Buffet:

Charlie Munger’s Wisdom

"Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts. Slug it out one inch at a time, day by day. At the end of the day - if you live long enough - most people get what they deserve." Charlie Munger

Mr. Market is a Manic Depressive (Efficient Market Hypothesis isn’t true),

Volatility is not the same thing as Risk.

Volume and liquidity are an overrated virtues of our Capital Markets.

When a manager with a Good Reputation is brought into a Business with a Bad Reputation, it’s usually the business that keeps its reputation.

By not moving around the tax advantages over other investors become automatic.

Holding Period on a Good to Great Business is forever.

We are not interested in Turnarounds or Startups. Count us out.

Big ships are hard to turn around.

Bring Good managers when you come to sell your business, we don’t have any.

Swing for the Good Pitches. There are no strikeouts for not swinging in investing.

Treat your investment life like a dance card you can only punch 20 times.

Cash is like Valium : it has a calming effect on an Investor.

Cash is an option on the future.

Always be prepared to walk away from unprofitable business.

Have a reputation and capital resources that will be there when the next disaster comes.

Be Greedy when others are Fearful and Fearful when others are Greedy.

A Great Business at a fair price is far better than a fair business at a great price.

What will people need in 100 years ? Think as long term as possible.

People who know they aren’t smarter are effectively smarter than smarter people who believe they are smarter.

It’s not what you don’t know that hurts you. It’s what you’re absolutely sure is true that just isn’t so.

Assume that on the other side of every trade is somebody smarter, with more information than you.

Follow how people are Paid or Rewarded. Monetary incentives drive behavior more directly than anyone thinks. Understand Incentives.

Things too good to be true often are.

When you do bet, bet large.

Work with people you can trust. No business is good enough that it’s worth going into business with untrustworthy people.

Be Rich enough not to have to work with people you don’t really admire. Getting married for money is probably always a bad idea. Getting married for money when you’re already rich is stupid.

Diversification is only insurance against not knowing what you are doing. Don’t be a closet indexer.

Cigarette-Butt Investing, is exhausting and does not scale.

Don’t lose all your money. Beware of the Zero. The product of any series of of numbers (investment returns) and zero is still zero.

Risking the loss of up things you need for things you want is insanity (taking on disproportionate risk chasing yield)

Jealousy is not a useful emotion. Being angry because somebody else is driving a nice car is very stupid.

Take care of yourself and watch your addictions. Too many people, for example, have been taken down by drinking and it is a problem that can creep up on them.

Maximize optionality. Maximize your Upside and Reduce your Downside

Look for Strong Businesses and Invest as though you were purchasing the whole business.

Buy the whole business if you can. If it’s worth buying a little, it’s worth buying a lot.

.333 is a great batting average in baseball.

Good businesses are generally not capital intensive, the brand is strong and the customers are price insensitive. Beware the business that seems to have an insatiable need for capital.

Think Slow. When you do act: Act Decisively.

Benchmark Properly. Don’t paint a target around an arrow you’ve already fired.

Be willing to consider special opportunities.

A bumpy excellent gain is better than a mediocre smooth one.

Leverage works both ways and is as likely to magnify your mistakes as improve your return.

Deploy capital effectively.

Your mouth is a pretty intimate place.

Be grateful for shorts. Those who are bearish on everything, perform a public service, yet often live unhappy lives.

How would you feel if the market was closed for months or years ?

Try looking at the stock market less often. Start with not looking at it for a week.

Derivatives are Financial Instruments of Mass Destruction.

Individually most of you entrepreneurs will fail and suffer severe personal and financial consequences, yet your work moves society and the economy forward as a whole. I thank you.

Those I have highlighted, and many others here today should consider a line of work other than Investments.

Many of those here today should leave the Insurance business.

You money changers are an expensive and costly crowd.

Large parts of our markets including much of the financial options and futures markes do nothing but run a large casino and serve no evident societal purpose.

Keep your overhead low.

Be morally fit.

In a competitive and fair economy it “shouldn’t” be easy to become rich.

When I leave one coat with the coat check, I’ve never felt better about it because I got two coat check receipts for the same coat (on the silliness of most stock splits).

Be Rational.

*Q&A quotes with Munger *

Generally speaking, envy, resentment, revenge and self-pity are disastrous modes of thoughts. Self-pity gets fairly close to paranoia, and paranoia is one of the very hardest things to reverse. You do not want to drift into self-pity. ... Self-pity will not improve the situation.

I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy does that help, particularly when you have a long run ahead of you.

“There’s danger in just shoveling out money to people who say, ‘My life is a little harder than it used to be. At a certain place you’ve got to say to the people, ‘Suck it in and cope, buddy. Suck it in and cope.

Another thing, of course, is that life will have terrible blows in it, horrible blows, unfair blows. It doesn't matter. And some people recover and others don’t. And there I think the attitude of Epictetus is the best. He thought that every missed chance in life was an opportunity to behave well, every missed chance in life was an opportunity to learn something, and that your duty was not to be submerged in self-pity, but to utilize the terrible blow in constructive fashion. That is a very good idea.

Confucius said that real knowledge is knowing the extent of one’s ignorance. Aristotle and Socrates said the same thing. Is it a skill that can be taught or learned? It probably can, if you have enough of a stake riding on the outcome. Some people are extraordinarily good at knowing the limits of their knowledge, because they have to be. Think of somebody who’s been a professional tightrope walker for 20 years – and has survived. He couldn’t survive as a tightrope walker for 20 years unless he knows exactly what he knows and what he doesn’t know. He’s worked so hard at it, because he knows if he gets it wrong he won’t survive. The survivors know. ... Knowing what you don’t know is more useful than being brilliant.

What do you want to avoid? Such an easy answer: sloth and unreliability. If you’re unreliable it doesn’t matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.

I’ve seen so much folly and stupidity on the part of our major philanthropic groups, including the World Bank. I really have more confidence in building up the more capitalistic ventures like Costco.

Another thing that does one in, of course, is the self-serving bias to which we’re all subject. You think the 'True Little Me' is entitled to do what it wants to do. And, for instance, why shouldn’t the True Little Me overspend my income. There once was a man who became the most famous composer in the world but was utterly miserable most of the time, and one of the reasons was because he always overspent his income. That was Mozart. If Mozart can’t get by with this kind of asinine conduct, I don’t think you should try.

Another thing I think should be avoided is extremely intense ideology because it cabbages up one’s mind. ... When you’re young it’s easy to drift into loyalties and when you announce that you’re a loyal member and you start shouting the orthodox ideology out, what you’re doing is pounding it in, pounding it in, and you’re gradually ruining your mind.

One of the greatest ways to avoid trouble is to keep it simple. When you make it vastly complicated—and only a few high priests in each department can pretend to understand it—what you’re going to find all too often is that those high priests don’t really understand it at all…. The system often goes out of control.

Ninety-nice percent of the troubles that threaten our civilization come from too optimistic accounting. And yet these damn accountants with their desire for mathematical purity want to devote exactly as much attention to accounting that is too pessimistic as they do to accounting that is too optimistic — which is crazy. Ninety-nie percent of the problems come from being too optimistic. Therefore, we should have a system where the accounting is way more conservative.

The liabilities are always 100 percent good. It’s the assets you have to worry about.

People should take way less than they're worth when they are favored by life... I would argue that when you rise high enough in American business, you’ve got a moral duty to be underpaid— not to get all that you can, but to actually be underpaid.

No man is fit to hold office who isn't perfectly willing to leave it at any time,'... I think that ought to be more the test in corporate directorships. Is a man really fit to make tough calls who isn't willing to leave the office at any time? My answer is no.

One solution fits all' is not the way to go. All these cultures are different. The right culture for the Mayo Clinic is different from the right culture at a Hollywood movie studio. You can't run all these places with a cookie-cutter solution.

A lot of people think if you just had more process and more compliance — checks and double checks and so forth — you could create a better result in the world. Well, Berkshire has had practically no process. We had hardly any internal auditing until they forced it on us. We just try to operate in a seamless web of deserved trust and be careful whom we trust.

The highest form that civilization can reach is a seamless web of deserved trust — not much procedure, just totally reliable people correctly trusting one another. ... In your own life what you want is a seamless web of deserved trust. And if your proposed marriage contract has forty-seven pages, I suggest you not enter.

It's waiting that helps you as an investor, and a lot of people just can't stand to wait. If you didn't get the deferred-gratification gene, you've got to work very hard to overcome that.

Like Warren, I had a considerable passion to get rich, not because I wanted Ferrari's – I wanted the independence. I desperately wanted it.

Wisdom acquisition is a moral duty. It’s not something you do just to advance in life.Wisdom acquisition is a moral duty. As a corollary to that proposition which is very important, it means that you are hooked for lifetime learning. And without lifetime learning, you people are not going to do very well. You are not going to get very far in life based on what you already know. You’re going to advance in life by what you learn after you leave here.

To this day, I have never taken a course anywhere, in chemistry, economics, psychology, or business.

I met the towering intellectuals in books, not in the classroom, which is natural. I can't remember when I first read Ben Franklin. I had Thomas Jefferson over my bed at seven or eight. My family was into all that stuff, getting ahead through discipline, knowledge, and self-control.

Lessons Learned: <see above>