{"id":10067,"date":"2025-05-31T07:00:00","date_gmt":"2025-05-31T07:00:00","guid":{"rendered":"https:\/\/riverbend.objectivebrand.com\/?p=10067"},"modified":"2025-05-30T19:45:36","modified_gmt":"2025-05-30T19:45:36","slug":"lessons-from-buffett-munger-feynman","status":"publish","type":"post","link":"https:\/\/riverbend.objectivebrand.com\/?p=10067","title":{"rendered":"Principles from Buffett, Munger, and Feynman-Finger Financial Five #215"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10067\" class=\"elementor elementor-10067\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-61e5cad elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"61e5cad\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-751ff19\" data-id=\"751ff19\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-84d7e87 elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-widget elementor-widget-blockquote\" data-id=\"84d7e87\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\u201cGood artist copy; great artist steal.\u201d\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">Pablo Picasso<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=%E2%80%9CGood+artist+copy%3B+great+artist+steal.%E2%80%9D+%E2%80%94+Pablo+Picasso&amp;url=https%3A%2F%2Friverbend.objectivebrand.com%2F%3Fp%3D10067\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-56808ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"56808ee\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a6453ee\" data-id=\"a6453ee\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-12e5e39 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"12e5e39\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cc648b5\" data-id=\"cc648b5\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-6f8f1b8 elementor-widget elementor-widget-text-editor\" data-id=\"6f8f1b8\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Principles are foundational knowledge and understanding that help navigate decisions throughout life. This is my definition, but not my idea.<\/p><p>I am flat out stealing the wisdom of Warren, Charlie, and Richard for the rest of this newsletter.<\/p><p>Warren Buffett said, \u201cIt is good to learn from your mistakes. It\u2019s better to learn from other people\u2019s mistakes.\u201d<\/p><p>Here are a few principles that resonated with me:<\/p><p>Charlie Munger<\/p><p><strong>Risk-<\/strong><\/p><ul><li>Incorporate an appropriate amount of safety<\/li><li>Avoid dealing with people of questionable character<\/li><li>Avoid big mistakes<\/li><\/ul><p><strong>Independence<\/strong>&#8211; \u201cOnly in fairy tales are emperors told they are naked.\u201d<\/p><ul><li>Just because other people agree or disagree doesn&#8217;t make you right or wrong- the only thing that matters is the correctness of your analysis and judgment.<\/li><\/ul><p><strong>Preparation-<\/strong><\/p><ul><li>Be a lifelong self-learner<\/li><li>Strive to be a little wiser every day<\/li><\/ul><p><strong>Intellectual humility<\/strong>&#8211; Acknowledging what you don&#8217;t know is the dawning of wisdom.<\/p><ul><li>Stay within a well-defined circle of competence<\/li><li>Identify and reconcile disconfirming evidence<\/li><li>It is better to be approximately right, instead of precisely wrong. The seeking of precision is often an excuse not to act.<\/li><\/ul><p><strong>Analytic rigor- <\/strong>Use the scientific method and checklists to reduce errors<\/p><ul><li>Determine value apart from price; progress apart from activity; wealth apart from size<\/li><li>Think forwards and backwards- Invert, always invert. (I used this to save maze problems quickly. Start at the finish and work backwards.)<\/li><\/ul><p><strong>Patience- <\/strong>Resist the natural human bias to act<\/p><ul><li>\u201cCompound interest is the eighth wonder of the world\u201d (Einstein); never interrupt it unnecessarily. Both money and knowledge are capable of compounding<\/li><li>Know the difference between luck and skill<\/li><li>Enjoy the process along with the proceeds, because the process is where you live<\/li><\/ul><p><strong>\u00a0<\/strong><strong>Change<\/strong>&#8211; Live with change and accept unremovable complexity<\/p><ul><li>Adapt to the world; don&#8217;t expect it to adapt to you<\/li><li>Recognize reality even when you don&#8217;t like it, especially when you don&#8217;t like it.<\/li><\/ul><p><strong>Focus<\/strong>&#8211; Keep things simple and remember what you set out to do<\/p><ul><li>Reputation and integrity are your most valuable assets, and they can be lost in an instant<\/li><li>Guard against hubris and boredom<\/li><li>Don&#8217;t overlook the obvious by drowning in the details<\/li><li>Face your troubles; don&#8217;t sweep them under the rug<\/li><\/ul><p>Richard Feynman on passion, curiosity, and living fully:<\/p><p>\u201cFall in love with some activity and do it! Nobody ever figures out what life is all about, and it doesn\u2019t matter. Explore the world. Nearly everything is really interesting if you go into it deeply enough. Work as hard and as much as you want to on the things you like to do the best. Don\u2019t think about what you want to be, but what you want to do. Keep up some kind of a minimum with other things so that society doesn\u2019t stop you from doing anything at all.\u201d<\/p><p>Did any of these resonate with you?<\/p><p><a href=\"https:\/\/youtu.be\/RgtDd_K9IZs\" target=\"_blank\" rel=\"noopener\">Our next YouTube video discusses a potentially costly retirement planning mistake.<\/a><\/p><p><a href=\"https:\/\/youtu.be\/RgtDd_K9IZs\" target=\"_blank\" rel=\"noopener\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-10070 size-full\" src=\"http:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/05\/T20-This-Common-Pension-Mistake-Could-Cost-You-100.000.jpg\" alt=\"This Retirement Plan Mistake Could Cost You $100,000\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/05\/T20-This-Common-Pension-Mistake-Could-Cost-You-100.000.jpg 1920w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/05\/T20-This-Common-Pension-Mistake-Could-Cost-You-100.000-300x169.jpg 300w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/05\/T20-This-Common-Pension-Mistake-Could-Cost-You-100.000-1024x576.jpg 1024w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/05\/T20-This-Common-Pension-Mistake-Could-Cost-You-100.000-768x432.jpg 768w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/05\/T20-This-Common-Pension-Mistake-Could-Cost-You-100.000-1536x864.jpg 1536w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/05\/T20-This-Common-Pension-Mistake-Could-Cost-You-100.000-610x343.jpg 610w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u201cGood artist copy; great artist steal.\u201d Pablo Picasso Tweet Principles are foundational knowledge and understanding that help navigate decisions throughout life. This is my definition, but not my idea. I am flat out stealing the&#8230; <a class=\"read-more\" title=\"FULL STORY\" href=\"https:\/\/riverbend.objectivebrand.com\/?p=10067\">Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":10068,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[333,334,331,332],"class_list":{"0":"post-10067","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finger-financial-five","8":"tag-growth","9":"tag-inspiration","10":"tag-principles","11":"tag-wisdom","12":"entry"},"acf":[],"_links":{"self":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10067","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10067"}],"version-history":[{"count":13,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10067\/revisions"}],"predecessor-version":[{"id":10237,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10067\/revisions\/10237"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/media\/10068"}],"wp:attachment":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10067"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10067"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10067"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}