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12 SMT007 MAGAZINE I AUGUST 2022 our daily lives, not to mention the geopoliti- cal tensions, it is understandable and fitting to search for advice or wisdom. Notably, there was a recurring question cit- ing the current economic and political envi- ronments. Although the questions were artic- ulated in different ways, in essence, it was to ask for advice on where to invest and how to succeed in life in this day and age. oughts from Warren Buffett: • "Invest in yourself to reap rewards even when inflation bites." • "e abilities you have can't be taken away from you. ey can't actually be inflated away from you. e best investment, by far, is anything that helps develops yourself, and it's not taxed at all." oughts from Charlie Munger: • "e best thing you can do is to be exceptionally good at something." • "You want to be the best at what you do: Be the best engineer, the best doctor, the best dancer." "Investing in yourself " to relentlessly get better is truly enduring advice to all of us. Investment, Market Moves, and Cash Munger quipped, "Cash is oxygen!" Both Buffett and Munger believe one should always retain a certain amount of cash. In busi- ness, when the economy stumbles, an adequate level of cash sustains the business through the tough times, such as the major recent eco- nomic fallouts in 2000, 2008, and 2020. ey agreed that BH is holding too much cash lately ($146.2 billion as of January 2022, as opposed to their pre-set desired amount of $30 billion). Buffett attributed this large cash hold- ing to the lack of appealing and justifiable busi- nesses to acquire or to invest in. Buffett self- claims being a bargain-hunter. In his Annual Letter, he called himself "your bargain-hunt- ing chairman." Munger shared his sentiments: • "Investment does not take high IQ, just a good attitude." • "Market is crazy, but I made more money because of crazy gambling in the market." • "It's a gambling parlor." • "I find speculative bets obscene." • "I never made a decision (to buy or sell) by looking at the market moves, not timing the market." To the Aspiring A college student "won the lottery" by get- ting to ask a question. She introduced herself and stated this was her fih time attending the BH annual meeting. Buffett took it to heart, and heartily commended her. About 80 years ago, at the age of 11, he bought his first stock by using all his savings of $114. Aer her introduction, she asked for advice on how to achieve happiness and success. Buf- fett advised: • "Nobody can take away your talents." • "Find people you can trust." • "Keep learning." Munger's advice: "Find out what you are not good at and avoid all of them." Multidiscipline e statement, "If you only know one disci- pline, it's like a hammer looks at everything as a nail." To me, that tells it all. Life Munger amusingly said: "Easy to get wrong. Easy to over-do an idea." "You would be a better person in your second half of life than your first half, so I would like to be judged by the second half of my life." That Moment A voracious reader, Buffett mentioned he tried to read all the books in the library when he was a young man. One day, he picked up a