Charlie Munger, who passed away in 2023 at the age of 99, shared his final reflections on life and career, offering profound insights into his journey to success.

What Happened: Munger, a Harvard Law graduate, initially embarked on his career in a prestigious California firm. Despite his success, he sought more than what a senior law partner could earn, leading him to explore investments in stocks, businesses, and property development, and eventually founding a law firm with colleagues.

Munger’s three basic rules for career satisfaction included striving to deserve what you want, working under people you admire, and having intense interest in your work. He emphasized the importance of reputation and integrity, and the joy derived from earning deserved trust.

“I have three basic rules for career satisfaction that have always helped me, and I believe they can help any young person evaluating a career decision. While meeting all three is nearly impossible, you should try anyway,” Munger wrote for CNBC.

First, he advised never to sell anything one wouldn't buy for oneself. He believed the best approach to achieving what one wants is to focus on deserving it, a notion rooted in the golden rule.

“There is no ethos, in my opinion, that is better for any person to have. By and large, the people who have had this ethos win in life, and they don't win just money and honors — they win the respect and the deserved trust of the people they deal with,” he wrote.

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Second, Munger stressed the importance of working only for those one respects and admires. He warned against working under individuals one does not admire, noting the risks posed by authority figures who exert influence, especially through rewards.

Munger further wrote, “Generally, your outcome in life will be more satisfactory if you work under people whom you correctly admire.”

Finally, Munger encouraged working alongside people whose company one genuinely enjoys. He argued that excelling in any field requires a deep interest in the subject and enjoyment of the process. He advocated for aligning one’s work with personal interests and surrounding oneself with enjoyable colleagues.

“I've had marvelous partners, full of assiduity, all my life. I think I got them partly because I tried to deserve them, and partly because I was shrewd enough to select them, and partly because there was some luck,” he concluded.  

Why It Matters: Munger’s career and life philosophy have been a guiding light for many in the investment world. His emphasis on integrity, reputation, and passion for work, coupled with his successful partnership with Warren Buffett, have left an indelible mark on the industry.

His passing leaves a void that will be hard to fill, but his teachings and principles will continue to inspire and guide future generations of investors. His legacy is a testament to the power of perseverance, integrity, and passion in achieving success.

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