Billionaire Charlie Munger, the vice chairman of investment firm Berkshire Hathaway, has long been regarded as a source of wisdom. In 1986, a then 62-year-old Munger was selected to speak at Harvard-Westlake, a private Los-Angeles based secondary school where he has been a longtime trustee.
To determine what he would say in his speech, Munger asked himself which of the previous commencement speeches he wished were longer. The Omaha-native settled on a prior speech given by late night television host Johnny Carson, which specified his "prescriptions" for guaranteed misery in life.
"I therefore decided to repeat Carson's speech but in expanded form with some added prescriptions of my own," Munger told the graduating class of 1986.
Here are five things to avoid that Munger said "guarantee" a miserable life: