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A startup can use the key topics covered in "Invested" to grow by following the principles of value investing as advocated by Warren Buffett. This involves investing in businesses that the startup understands and is passionate about. It also means investing in industries where the startup spends and makes money. By understanding these industries, the startup can make informed decisions that will contribute to its growth.
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Do you long for the day when you can work less and travel more? Do you fear that you’ll never have enough money to be able to retire? By following War...
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To reiterate, Charlie Munger's first principle is to put your money into a business that you are capable of understanding. Note, this is not the same as saying you have to understand it right now, just that it is something you are capable of understanding in the future after putting in some work. That means, pick an industry that is easy for you to understand: what are you passionate about (like healthy eating, cars, snowboarding, etc.); where do you actually spend your money (which stores and services do you use on a regular basis); and where do you make your money (which industry are you involved in). Where these three things overlap is where you will find the industries that are the easiest for you to understand.
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