Avoiding mistakes in business and life comes down a few simple things, according to billionaire investor Charlie Munger, who died last week at age 99: good financial habits, integrity and "avoiding toxic people and toxic activities."
Munger shared the advice during a Q&A session at Berkshire Hathaway's annual shareholders meeting in May.
As for avoiding toxic people, look out for those "who are trying to fool you or lie to you or aren't reliable in meeting their commitments," Munger said.
At the shareholders meeting in May, Buffett shared his own thoughts on the topic.
To him, most major mistakes in life can be avoided by simply being a good person who acts with integrity.
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