Some great fundamental guidelines from Munger

Forbes has a very good article on the recent Daily Journal Annual Meeting with Charlie Munger.

You can read the article here.  To get the most out of it, I would suggest multiple rereading.

I have distilled the following fundamental guidelines insofar as relevant to investing, with the caveat that this is not exhaustive:

1.       Pick your spots;

2.       Know your limits;

3.    Easy does it;

4.       Be patient;

5.       Act decisively when the time comes.