Always Invert: Wisdom From Charlie Munger

Most fans of Warren Buffett, and investors in his investment vehicle Berkshire Hathaway  , are familiar with Buffett's longtime business partner, Charlie Munger. To many, Munger is the modern-day version of Ben Franklin, always striving to increase his worldly wisdom and live a life of continuous self-improvement. While most would agree that Munger is also one of history's greatest investors, he naturally finds himself overshadowed by the world's insatiable fascination with Warren Buffett. Keeping a low profile suits Munger just fine, but there's no doubting the profound effect he's had on Berkshire.

One of Munger's invaluable lessons: No two businesses are ever the same, so it doesn't make sense to value every business based on the same rigid formulas. Munger's approach to investing revolves around building as many different mental models as you can. "You need a different checklist and different mental models for different companies," he's said in the past. "I can never make it easy by saying, 'Here are three things.'"

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