Charlie Munger’s 3 Rules for Career Satisfaction

During their latest episode of the VALUE: After Hours Podcast, Taylor, Carlisle, and Clapham discussed Charlie Munger’s 3 Rules for Career Satisfaction. Here’s an excerpt from the episode:

Jake: Yeah. So, this was something that he’d written relatively recently, and it’s called His Three Basic Rules, which great. Like, three basic rules. I love that. This is for career satisfaction. This is really targeted for young people especially. So if you’re making a career decision, maybe this is a mental model to use. So number one, don’t sell anything you wouldn’t buy yourself. He’s made lots of comments during the AGMs that, he’s very thankful that he’s never had to be in a position where he had to compromise and pretend like he cared about something that he was selling that he didn’t actually care about. I think there’s a lot to be said for that, “Of being able to look yourself in the mirror then and not feel like you’re cheating anybody.”

Number two, don’t work for anyone you don’t respect and admire. Obviously, it’s very dangerous to– You’re going to emulate people who especially if they often have some authority figure, that’s just the human operating system. So always trying to find people that you admire and work with them. And then the last one is, work only with people you enjoy. I think that’s what Munger’s– He didn’t care about being rich particularly. He cared about the independence that wealth brought and being able to do whatever he wanted on any given day.

And of course, he tried to be deserving of great partners by being a good partner himself. He said that he had incredible fortune in his life when it came to these three basic rules. “And with Warren Buffett, I had all three.” And so there’s some career advice from Charlie that hopefully maybe if you have someone younger in your life that you might be able to pass on and would be helpful for them.

Tobias: Yeah, that’s good advice. Steve, how are we going to get this back on track now?

Jake: [laughs]

Tobias: How do we segue?

Steve: There’s just been so many people writing about Munger. I think it’s just very difficult to add anything because he’s obviously a hero. I think we should just celebrate the fact that the guy was still giving advice, age 99. And that interview with CNBC, I just saw clips of it. I don’t know, if it’s been aired in the US. Obviously, I don’t think we get it here. Just amazing that he could be so alive at that age. Physically, still in reasonably good shape. So I think we’ve got a huge amount to be thankful for. I now have to decide, do I come to the AGM next year?

Jake: Yeah. It’d be very interesting to see what the vibe is next May.

Steve: Well, I imagine that a lot of people will want to go because they want this to carry on beyond Munger and Buffett, and beyond Buffett now. I think I had really good fun. And so the only issue is, what do I have to give up in order to go? Because my wife treats this as a boy’s weekend.

[laughter]

Steve: It’s not work.

Jake: It’s work, honey.

Steve: I think it’s a legitimate business trip. My accountant thinks it’s a legitimate business trip.

Jake: [laughs]

Steve: My wife has more difficult standards. So I’m just working round to that.

Jake: Yeah. Got to get paroled for–

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