The Motley Fool’s Morgan Housel recently highlighted some words of wisdom from Charles Munger, Warren Buffett’s right-hand man at Berkshire Hathaway. Taken from Munger’s book Poor Charlie’s Almanack, the 10-point list represents Munger’s “investing principles checklist”. Much like Buffett’s advice, Munger’s is timeless in nature. Here are the ten points; for more detail, click here:

1. Measure risk
All investment evaluations should begin by measuring risk, especially reputational.

2. Be independent
Only in fairy tales are emperors told they’re naked.

3. Prepare ahead
The only way to win is to work, work, work, and hope to have a few insights.

4. Have intellectual humility
Acknowledging what you don’t know is the dawning of wisdom.

5. Analyze rigorously
Use effective checklists to minimize errors and omissions.

6. Allocate assets wisely
Proper allocation of capital is an investor’s No. 1 job.

7. Have patience
Resist the natural human bias to act.

8. Be decisive
When proper circumstances present themselves, act with decisiveness and conviction.

9. Be ready for change
Live with change and accept unremovable complexity.

10. Stay focused
Keep it simple and remember what you set out to do.