What is Charlie Munger's core advice for young people?

Here is the translation:

Answer: Sure, no problem. If I had to distill Charlie Munger's mountain of wisdom into a few core pieces of advice for young people, I'd summarize it plainly as follows. This isn't just about investing; it's about the "operating system" for living a good life.

Munger's Core Advice for Young People: Don't Focus on Being Smart, Focus on Not Being Stupid

Many people hear "Munger" and think of profound investment philosophy, but his core advice for young people boils down to one thing: Be a reliable, rational person capable of continuous improvement. It sounds simple, but achieving it is incredibly difficult. Specifically, it can be broken down into the following "mental disciplines."

1. Invert, Always Invert

This is Munger's core way of thinking and the one he considers most useful.

Ordinary Approach: How can I succeed? How can I make money? How can I get people to like me?
Munger's Approach: What will cause me to fail utterly? What will bankrupt me? What will make everyone abandon me?

Figure out those "surefire failure" factors, then resolutely and systematically avoid them. For example:

Want good health? First, think about what destroys health: staying up late, smoking, excessive drinking, lack of exercise, eating junk food. Simply avoid all these, and health becomes a natural result.
Want to invest well? First, think about what will make you lose everything: chasing market trends (buying high, selling low), borrowing money to trade stocks, acting on rumors, investing in things you don't understand at all. Eliminate these "landmines," and it becomes very hard for your investments to lose big money.

Summary in one sentence: Instead of pursuing excellence, first systematically avoid stupidity.

2. Build Your Own "Toolbox" – Multiple Mental Models

Munger often said: "To a man with a hammer, everything looks like a nail." Meaning, if you only understand knowledge from one field, you'll try to solve every problem with that single approach, which is bound to cause problems.

His advice is to be a "generalist." Learn the most core, fundamental "big ideas" (which he calls "mental models") from various key disciplines, then combine them to form a "toolbox."

For example:
- From Physics, learn "Newton's Third Law" (action and reaction), and you'll understand that in business competition, every action you take against an opponent will provoke a counter-reaction.
- From Biology, learn "Evolution," and you'll understand that the business world is also about survival of the fittest; companies must constantly adapt to environmental changes.
- From Psychology, learn "Incentives," and you'll understand why some company systems motivate employees to work hard while others encourage slacking off.
- From Mathematics, learn "Compound Interest," and you'll understand the immense power of time and patience.

You don't need to become an expert in every field, but you need to understand these most basic "rules of the game." This way, you'll see problems more comprehensively and closer to their essence.

3. Stay Within Your "Circle of Competence"

This concept is simple: Make decisions only in areas you truly understand.

Be honest with yourself: Clearly know what you understand and, more importantly, what you don't understand. The reason Buffett and Munger are so successful isn't because they know everything, but because they resolutely avoid things they don't understand.
Expand slowly: Your circle of competence isn't fixed. You can consciously and gradually expand its boundaries through continuous learning. But never "gamble" outside the circle.

This applies not just to investing but also to career choices. Doing what you're good at and passionate about significantly increases your chances of success.

4. Be a "Learning Machine" – Lifelong Reading

Munger himself is a living example; he's nearly 100 and still constantly reading. He said: "In my whole life, I have known no wise people who didn't read all the time – none, zero."

More than just books: Reading is the fastest way to acquire knowledge, but "learning" takes many forms. Maintain curiosity about the world, engage with people better than you, think deeply, and review your experiences.
The goal isn't to show off: The purpose of learning is to better understand the world and make more rational decisions, not to brag at dinner parties.

5. Patience is the Highest-Level Virtue

This is especially crucial in today's era of seeking "instant gratification."

In investing: Find a great company and then "sit on your ass waiting." Great opportunities aren't common; you need immense patience to wait for that "fat pitch," not swing at every pitch.
In life: Acquiring anything valuable – skills, wealth, reputation, trust – requires time and accumulation. Don't expect to get rich overnight or achieve things instantly. Go slow; it's faster in the long run.

Summarizing Munger's Life "Operating System"

If we package this advice into a "life operating system" for young people, it would look something like this:

Core Logic: Use inversion to first avoid all known "pitfalls."
Central Processor: Use the multiple mental models "toolbox" to analyze and understand the world.
Operating Range: Strictly confine actions within your circle of competence.
System Updates: Continuously patch and expand the system's capabilities through lifelong learning and reading.
Operating Mode: Maintain extreme patience, wait for the best opportunities, and let compound interest work its magic.

Ultimately, Munger's advice isn't mystical. He's simply telling us: Understand the world and yourself in the most honest, rational way possible, then align your knowledge with action and persist long-term. This path seems the slowest, but it's actually the fastest and steadiest route to wisdom and happiness.