He will soon turn 100 and seems as enthusiastic as ever. He says:

1. Manage expectations. “The first rule of a happy life is low expectations. That’s one you can easily arrange. And if you have unrealistic expectations, you’re going to be miserable all your life.”

2. Avoid envy. Envy not only makes people miserable but turns them into lousy investors.

3. Eliminate resentment. Wallowing in resentment leads to more misery, and it’s better to think of things to be grateful for.

4. Stay cheerful despite adversity. Life does not follow a predetermined path. “Life will have terrible blows in it, horrible blows, unfair blows. It doesn’t matter. And some people recover and others don’t.”

5. Be reliable and surround yourself with reliable people. Reliability is about being predictable and reasonable but don’t spend too much time worrying about what other people do. “If you’re unreliable, it doesn’t matter what your virtues are. Doing what you’ve faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.”

6. Follow your natural drift towards something that excites you. “If you can’t somehow find yourself very interested in something, I don’t think you’ll succeed very much, even if you’re fairly smart.”

7. Read and study constantly. Learn from past mistakes and become as educated as possible.

Take Munger’s advice and look for rules that make you happy rather than worrying day and night about your investments. There’s no point spending your time trading and investing if it kills you.

The legendary investor says if you don’t relish managing your own investments, leave it to others and find something else to enjoy.