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In this episode we pay tribute to the teachings of Charlie Munger (1924 - 2023), Warren Buffett's great partner. And I do it together with Pablo Martínez Bernal, with whom I already recorded episodes 6 and 7 of the podcast. Pablo is Head of Sales for Iberia at the French asset manager Amiral Gestión. In the chat we review Munger's stoicism, the inspiration of Benjamin Franklin, the danger of leverage, the importance of the negative path, the power of incentives and the importance of integrity and reputation, among many other topics. ▶️ Support this podcast by visiting the sponsors: Interactive Brokers: https://www.rankia.com/redirections/1... Indexa Capital: Save commissions by signing up with my code: https://www.rankia.com/redirections/1... EVO Smart Account: https://www.rankia.com/redirections/2... TOPICS 0:00 Introduction 1:07 Update on the last 5 years since I recorded with Pablo 7:27 The importance of intellectual openness 13:31 The architect of Berkshire Hathaway 19:39 Snowball effect in investing 20:46 Costs of emotional decisions 25:33 Charlie Munger the polymath 28:00 Stoicism in Munger's life 30:35 Influence of Benjamin Franklin 39:28 Munger as an investor 42:40 Importance of scalable income 48:24 Risks of leverage in investing 55:10 Munger and Buffett's Relationship 57:14 Error Tolerance and Optionality 59:30 Investing in Problems and How to Avoid Failure 1:02:50 Mental Models for Decision Making 1:04:07 The Power of Incentives 1:10:05 Importance of Integrity and Reputation 1:15:50 Long-Term Vision Versus Short-Term Gains 1:17:15 Earning Profitability by Embracing Price Volatility 1:20:35 Munger's Generosity 1:23:29 Austrian School of Economics 1:27:30 Visions on Gold 1:34:20 Importance of Lifelong Intellectual Curiosity 1:43:13 Berkshire's Shareholders Meetings in Omaha 1:59:00 The Difficult Balance Between Professional and Family Life 2:05:40 Recommended Books on Munger 2:10:52 Learning English is a great way to learn the basics of business. key More info with links to the content discussed on my blog at Rankia: https://www.rankia.com/blog/such/6631... 📑 Subscribe to my Blog on Rankia to find out all the news: https://www.rankia.com/blog/such ▶️ You can also listen to me and follow me on your favorite podcast platform: 🔊 Ivoox: https://bit.ly/3gLyMcG 🔊 Spotify: https://spoti.fi/33KijBO 🔊 Apple Podcasts: https://apple.co/33MW3Y2 🔊 Podcast Addict: https://bit.ly/3iwsIW1 🔊 Castbox: https://bit.ly/2K8HBlh ▶️ Social networks TikTok / unavidainvirtiendo Instagram / unavidainvirtiendo.rankia