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This quote from Charlie Munger is advising that having fewer material possessions and needs can help protect against the effects of inflation. Munger is suggesting that by not constantly wanting or needing the latest goods, your cost of living will not rise as quickly when prices increase.
Having a more minimal lifestyle focused on essentials rather than excess will make your expenses less vulnerable to inflation. The “great defense” Munger refers to is maintaining a simple lifestyle with fewer material wants, as this insulates your spending from price increases across the economy.