Charlie Munger's final warning before his death: Why is the start of an interest rate cut cycle the most dangerous moment? "I've lived for 99 years and experienced over a dozen interest rate cut cycles. What really left an impression on me wasn't those who made money during these cycles, but those who lost everything." Whenever the Fed hints at rate cuts, the market is always filled with cheers. Everyone shouts: "The bull market is here! Liquidity is coming! The chance for financial freedom is here!" But if Charlie Munger were still alive, he'd coldly tell you: Rate cuts aren't the beginning of a feast, but the start of an illusion...