At the age of 31, Charlie Munger's life was almost at an end.\nHis son passed away, and as he stood by the hospital bed saying goodbye, he pondered where the medical expenses would come from.\nHis marriage was in shambles, his finances were a complete mess; even the term 'low point' didn't suffice to describe the emptiness he felt from life.\nThere was no moment of awakening, no declaration of rebirth.\nThe next day, he went to the law firm as usual, selling his time for a paycheck. It slowly dawned on him that this path would not lead him out of his predicament.\nSo he began to invest – in small real estate, private deals, willing to try anything that could make his capital work for him. Others advised him against taking risks, but having lost something far more important, he was no longer as sensitive to risk.\nHe found an answer: comfort doesn't heal pain; increasing one's capability does.\nHe began to read voraciously, from finance to physics, from psychology to evolution, breaking the world down into various 'models' to assess decisions, motivations, and errors.\nThis way of thinking led him to meet Buffett. At that dinner, he didn't go to showcase himself, but to let Buffett rethink investing –\nit wasn't about buying cheap companies, but about buying excellent companies. The time value of a good business far exceeds discounts. This concept changed Berkshire and also changed Buffett.\nFor decades afterward, he maintained his learning, almost proving two words with his life: rationality and curiosity.\nHe didn't 'overcome pain'; he viewed pain as a force pushing him to upgrade himself.\nLife only offered him two choices: to be crushed or to become stronger.\nThe truly important questions are always\nIs this your endpoint, or is it your new starting point?\nIs failure a wound or a lesson?\nYour second half of life depends on how you answer.