Charlie Munger:

The greatest pain in life is to be rich once and then lose everything, having to start over.

But 99% of people never have the chance to be rich twice; once they go up and fall down, they basically can't get back up.

Truly smart people have already found their own path of talent. If the direction is wrong, no matter how hard you try, you'll just be spinning in place.

I prefer to invest a large amount of funds in those places where no further decisions are needed.

To put it simply, it's about finding those simple, stable, good businesses that can continuously make money on their own, and then investing heavily, lying back and collecting money.

Instead of struggling with complex opportunities, it's better to see through the essence and put money into assets that can run on their own.

This is the truly worry-free and profitable smart strategy.