The late vice chairman of Berkshire Hathaway, Charlie Munger, was commemorated at an event that highlighted his investment philosophy and guiding principles last week.

What Happened: The Museum of American Finance and the Gabelli School of Business at Fordham University hosted the tribute.

Munger, who died last November at 99 years old, was honored by his close associates, including Tom Gayner, CEO of Markel Group, Don Graham, former publisher of the Washington Post, and Ron Olson, a partner at Munger, Tolles & Olson and a Berkshire director, reported MarketWatch.

The panelists reflected on Munger’s enduring principles, investment philosophy and legacy. They discussed Munger’s advice on inverting, addressing biases, creating a circle of competence, the power of reading and learning, practicing long-term thinking and weighing capital allocation against opportunity cost.

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Munger’s famous lesson, “Invert, always invert,” suggests that complex problems are often best solved by first considering what not to do. Munger emphasized understanding one’s own limitations and expanding one’s knowledge base. Reading and continuous learning were central to his life, they said. Olson summarized Munger’s legacy with the phrase, “Read. Learn. Give.”

Gayner also shared how Munger emphasized the need to address biases that cloud judgment, highlighting curiosity and considering alternative viewpoints as ways to mitigate these biases. Graham shared how his company typically revisits significant capital expenditures three years later to compare expectations with outcomes, a practice that tackles the “most dangerous psychological tendency: denial.”

According to Gayner, Munger always stressed the importance of recognizing one’s limitations while encouraging the expansion of knowledge within a defined “circle of competence.”

He also said that Munger valued continuous learning and reading across various disciplines, which contributed to his sharp intellect. The panelists all emphasized the benefits of learning from diverse fields such as chemistry, physics, psychology and history.

Munger advocated for long-term thinking in investing, the panelists noted. Olson highlighted the necessity of patience, while Gayner noted the difficulty of short-term strategies. Both Gayner and Graham discussed their efforts to endow student investment funds that prohibit stock sales for 25 years to teach long-term investment values.

Why It Matters: Munger’s wisdom has been a guiding light for many. Last year, Munger advised getting toxic people out of one’s life quickly. He also shared a key investment advice amid a turbulent economy, emphasizing the power of a minimalist lifestyle and the importance of reading.

Munger’s principles align with those of his long-time business partner, Berkshire CEO Warren Buffett. Buffett once shared that his mantra on success is “The amount you are loved is the ultimate measure of success in life.”

The tribute event served as a reminder of Munger’s wisdom and the impact of his principles on the world of investment.

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This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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