Munger's 9 Great Investment Maxims Worth Reflecting On for Every Brother:
1. Making big money relies on waiting, not trading.
2. There are three ways to go bankrupt: alcoholism, womanizing, and gambling.
3. If you can't accept a 50% drawdown, you are doomed to accept mediocre investment performance.
4. Buying great companies at a reasonable price is far better than buying mediocre companies at a cheap price.
5. Always remind yourself that the long-term returns from not doing foolish things far outweigh the returns from clever tricks.
6. The thing I want to know most is where I will die, and then I will resolutely not go there.
7. Being in cash requires immense courage. I did not achieve today's success by chasing mediocre opportunities.
8. Maintain contrarian thinking; look at problems from a different angle.
9. Getting rich is like rolling a snowball; the best strategy is to stand in a long snow path and keep rolling for a long time.