⚡ Over the years, I have developed a fixed habit: at the beginning of each year, I reread Charlie Munger—

I believe that when people are doing well, they are most prone to distorted judgment.

So, at the clearest and most flag-raising time of the year, I must repeatedly remind myself—

I must deliberately stay away from the roots of long-term failure.

Munger summarizes it well:

Debt, drama, and fools—avoid these three, and you are already ahead of 90% of humanity!

1️⃣ Debt is the lever that accelerates your destruction.

The truly cruel aspect of the market is:

Losses occur much faster than you expect, while recovery takes much longer than you imagine.

If you lose 50% of your capital, you need a 100% return to break even;

If you lose 75%, you need a 300% return;

If you lose 90%, you need a 900% return.

And debt will accelerate the development of this wrong direction.

Those without debt are the ones who have truly escaped the nature of slavery and will not easily head towards self-destruction.

2️⃣ Drama, the silent wealth killer.

Any conflict, entanglement, or chaos that consumes your time and energy without generating value belongs to drama, and must be avoided!

Bad partnerships, toxic relationships, lawsuits, family discord, office politics, etc., are all the same thing.

The most dangerous aspect of drama is not the time wasted, but that it systematically destroys your judgment.

Whether in trading or relationships, if you constantly need to manage and resolve conflicts, you must swiftly, thoroughly, and decisively end them, and focus on things that can generate compound interest.

3️⃣ Associating with fools will stifle your life.

You must distance yourself from the following people—

Those who are irrational, arrogant, and dishonest.

Those who make bad decisions and still hope you will save them.

Those who do not learn from their mistakes.

Those who mistake being busy for progress.

Most people are driven by self-fear, jealousy, and greed.

They make decisions based on emotions and then use logic to justify them. If you stay with these people for too long, you will start doing the same.

And this is often the starting point of everything going out of control!

Read often and stay fresh; the alarm must keep ringing!

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