The Munger Way

Dear Reader, this post is the essence of 2 talks by an IT manager and a customer manager of ING-DiBa. I will describe the key points of the IT Talk (my techy heart ;) Strategic goals: best quality/price ratio products (Sub goals: cost-efficient, convenient, few high quality products, trust & high quality customer relation) Direct banking: the website is the branch bank few product: fewer processes which could be optimized as much as possible (its like assembly line production) Flexible information system architecture Have a Life Cycle Process for big IT changes, small changes via change-requests. Low Time-to-Market for Features (6 Month) 1 Production System,  7 Testing Systems 7 Testing System: Development for different software releases IT Security on all stages of the development (from source code check to black box penetrating) Quality Management: Before the new software becomes public the implemented features are tested multiple times through the development...

Dear Reader, the video below is a must see for every person who seeks financial independence. Its not a complete guide for getting rich easily or how to do value investing, BUT it contains the basics of the basics about investing in general. My recommendation: Invest the 45 minutes of your life time - you get high quality information at a huge margin of safety!