A Twitter thread by Tren Griffin.

1/ Charlie Munger's second tweetstorm, but this time for new business school graduates.

"We get these questions a lot from the enterprising young. It’s a very intelligent question: You look at some old guy who’s rich and you ask, ‘How can I become like you, except faster?’"

2/ "If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then, we had just come out of a depression. Capitalism was a bad word. There had been abuses in the 1920s." Charlie Munger

3/ "A joke going around then was the guy who said, ‘I bought stock for my old age and it worked — in six months, I feel like an old man!’

It’s tougher for you, but that doesn’t mean you won’t do well — it just may take more time. But what the heck, you may live longer.” Munger

4/ "Ben Graham could run his Geiger counter over this detritus from the collapse of the 1930s and find things selling below their working capital per share. But he was operating when the world was in shell shock from the 1930s,which was the worst contraction in about 600 years."

5/ "The world wised up and those real obvious bargains disappeared. You could run a Geiger counter over the rubble and it wouldn’t click. We responded by changing calibration of our Geiger counters. In effect, we started defining a bargain in a different way based on quality."

6/ "If the gap between value and price is not attractive I go on to something else. I can’t reduce investing to a formula. If you want a formula, you should go back to graduate school. They will give you a lot of formulas that don’t work.” Charlie Munger

7/ "There isn’t a single formula. You need to know a lot about business and human nature and numbers. It is unreasonable to expect that there is a magic system that will do it for you. I can never make it easy by saying, ‘Here are three things.’ You have to derive it yourself."

8/ "If investing was easy, everyone would be rich. Investing is not supposed to be easy. Anyone who finds it easy is stupid.”

The Dean of the business school then panicked and called for an emergency intermission. Charlie Munger's graduation tweetstorm will continue later today!

9/ Charlie Munger's second graduation tweetstorm continues:

"The reason professors teach such nonsense is: what would they teach the rest of the semester? Teaching people formulas that don’t really work in real life is a disaster for the world.”

[Business school dean faints].

10/ "It’s amazing how wrongheaded the teaching is. There is fatal disconnectedness. You have these squirrelly people in each department who don’t see the big picture. They're truffle hounds — animals bred and trained for one narrow purpose, but not much good at anything else."

11/ "Common stock investors can make money by predicting outcomes of practice evolution. You can’t derive this by fundamental analysis — you must think biologically. I find it quite useful to think of a partly free market economy—as sort of the equivalent of an ecosystem."

12/ “It is undeniably true that the human brain must work in models. The trick is to have your brain work better than the other person’s brain because it understands the most fundamental models: ones that will do most work per unit.”

13/ "You have to do this routinely in life just as if you want to become a golfer, you can’t use the natural swing that broad evolution gave you. You must learn to have a certain grip and swing in a different way to realize your full potential.”

14/ "For example’ people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that’s a trained response. Ordinary people, subconsciously affected by their inborn tendencies."