Charlie Munger is not only a tremendous investor, he is also one of the wisest people on this planet.
In 2007, he gave the USC Law Commencement Speech, and it contains tons of wisdom.
Here are 8 Lessons he views as most important for a Successful Life ๐
In 2007, he gave the USC Law Commencement Speech, and it contains tons of wisdom.
Here are 8 Lessons he views as most important for a Successful Life ๐
1. Self-Pity
Self-pity has never improved any situation.
It's a destructive mode to be in and very hard to get out of once you enter.
Life can come at you in unexpected ways that might feel unfair to you.
But self-pity is never the right answer.
Self-pity has never improved any situation.
It's a destructive mode to be in and very hard to get out of once you enter.
Life can come at you in unexpected ways that might feel unfair to you.
But self-pity is never the right answer.
2. The Golden Rule
"You want to deliver to the world what you would buy if you were on the other end."
This idea is close to the golden rule known in questions of ethics and morals:
โTreat others as you would like to be treated.โ
"You want to deliver to the world what you would buy if you were on the other end."
This idea is close to the golden rule known in questions of ethics and morals:
โTreat others as you would like to be treated.โ
3. Acquiring Wisdom
The easiest and simultaneously hardest way to get ahead in life is lifelong learning.
The good thing is that learning can be very easy when you follow your curiosity.
You'll always outperform the person that stopped learning new things.
The easiest and simultaneously hardest way to get ahead in life is lifelong learning.
The good thing is that learning can be very easy when you follow your curiosity.
You'll always outperform the person that stopped learning new things.
4. Multidisciplinary Ideas
Munger is famous for his multidisciplinary approach.
He wants to be a Swiss army knife equipped with the most important concepts of the biggest fields.
Your thinking improves dramatically when you can look at problems from different angles.
Munger is famous for his multidisciplinary approach.
He wants to be a Swiss army knife equipped with the most important concepts of the biggest fields.
Your thinking improves dramatically when you can look at problems from different angles.
5. Intense Ideologies
Aristotle's virtue of ethics is about finding the right balance between extremes.
Munger preaches the same.
A dangerous road is to get into an extreme and pound it in more and more through confirmation and commitment biases.
Aristotle's virtue of ethics is about finding the right balance between extremes.
Munger preaches the same.
A dangerous road is to get into an extreme and pound it in more and more through confirmation and commitment biases.
6. Perverse Incentives
Incentives are a very powerful tool and one must be careful not to be part of a system with perverse incentives.
There are hundreds of examples of such systems.
One you might be aware of is Wall Street.
Incentives are a very powerful tool and one must be careful not to be part of a system with perverse incentives.
There are hundreds of examples of such systems.
One you might be aware of is Wall Street.
7. Objectivity
Objectivity will serve you well in life and even more in investing.
But remaining objectivity is a lot harder than it seems.
Biases and an unprecedented amount of daily news cloud our view.
Checklists are Charlie's miracle weapon against these problems.
Objectivity will serve you well in life and even more in investing.
But remaining objectivity is a lot harder than it seems.
Biases and an unprecedented amount of daily news cloud our view.
Checklists are Charlie's miracle weapon against these problems.
8. Interest and Success
"You'll be most successful where you're most intensely interested."
I talked about curiosity before.
It's the foundation for learning and learning is the foundation for success.
"You'll be most successful where you're most intensely interested."
I talked about curiosity before.
It's the foundation for learning and learning is the foundation for success.
Charlie Munger's speeches are always a gem.
Here are two other speeches that you need to know and internalize:
- Harvard Speech โThe Psychology of Human Misjudgmentโ
- โThe Art of Stock Pickingโ
You can find both PDFs for free on my Website:
danielmnke.com
Here are two other speeches that you need to know and internalize:
- Harvard Speech โThe Psychology of Human Misjudgmentโ
- โThe Art of Stock Pickingโ
You can find both PDFs for free on my Website:
danielmnke.com
That's it for today!
If you enjoyed it, please Like and Retweet this Thread so more people can see it!
Follow me @MnkeDaniel to learn more about Investing.
Have a great day!
If you enjoyed it, please Like and Retweet this Thread so more people can see it!
Follow me @MnkeDaniel to learn more about Investing.
Have a great day!
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