1: Billionaire Charlie Munger was once asked: What should a young person look for in a career?

“I have three basic rules—meeting all three is nearly impossible, but you should try anyway,” he writes in  Poor Charlie’s Almanack: The Wit and Wisdom of Charlie Munger.

Rule #1: Don’t sell anything you wouldn’t buy yourself.

Rule #2: Don’t work for anyone you don’t respect and admire.

Rule #3:… continue reading

1: Salomon Brothers CEO John Gutfreund was about to get fired.

The year was 1991. A major scandal had rocked the prestigious Wall Street investment bank.

And, it was all so unnecessary, Charlie Munger writes in Poor Charlie’s Almanack.

Charlie should know. He had a front-row seat to all the action as Vice Chairman of Berkshire Hathaway, then Salomon’s largest shareholder.

2: The scandal happened when Salomon’s traders submitted … continue reading