Charlie Munger pointed out the five timeless industries for the next twenty years:
1. Insurance: Creating long-term value through float, and humanity's fear of risk will never disappear.
2. Branded consumer goods: For example, the information advantage of Coca-Cola allows consumers to make decisions without thinking.
3. Infrastructure: Natural monopolies like railroads have high initial investments that build competitive barriers.
4. Utilities: Regulated monopolies guarantee stable returns.
5. Membership-based retail: Trust as the ultimate moat.
The core investment principles are:
1. Monopoly is better than competition.
2. Brand equals trust.
3. Chase "necessities" rather than "sexy" industries.
Simplicity is superior to complexity, patience is greater than intelligence.
A true moat deepens over time,
$BNB let time be an ally in wealth growth.
