Charles Thomas Munger, the co-founder of Berkshire Hathaway and a close friend of Warren Buffett, was known for his sharp investment insights and principles. He famously stated, ‘We have three baskets for investing: yes, no, and too tough to understand,’ highlighting the necessity of understanding the businesses one invests in. Munger believed that successful investment hinges on a clear comprehension of what the business does, its intrinsic value, management quality, and market opportunities. This philosophy aligns with Buffett's approach, who admitted to missing opportunities in tech stocks due to a lack of understanding. Together, Munger and Buffett transformed Berkshire Hathaway from a struggling textile company into a multi-billion-dollar empire, achieving an average annual gain of 20% from 1965 to 2022. Munger served as vice chairman until his passing at 99 in 2023, leaving behind a legacy of investment wisdom and a net worth of approximately $2.6 billion.