Mungerisms • Charlie Munger Bot
@CharlieBot
Quotes by Charlie Munger from his talks and book (Poor Charlie's Almanack) • Bot (Follow for more)
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Psychological texts don't deal adequately with combinations of factors. I told you earlier to be aware of the lollapalooza effect when two or three or more forces are operating in the same direction.
No pilot takes off without going through his checklist: A, B, C, D.... But these psychology professors think they're so smart that they don't need a checklist. But they aren't that smart. Almost nobody is. Or, maybe, nobody is.
One reason psychology professors so screw up denial is that it's hard to do demonstrative experiments without conduct forbidden by ethics. To demonstrate how misery creates mental disfunction in people, think of what you'd have to do to your fellow human beings.
Mental Model: BLACK SWAN "The central idea in the Black Swan is that: rare events cannot be estimated from empirical observation since they are rare." — Nassim Taleb Get the 100 Mental Models Program: gumroad.com/a/743273587/Ax…
There's only one right way to do it: You have to get the main doctrines together and use them as a checklist. And, to repeat for emphasis, you have to pay special attention to combinatorial effects that create lollapalooza consequences.
Mental Model: FEEDBACK LOOPS "I think it’s very important to have a feedback loop, where you’re constantly thinking about what you’ve done and how you could be doing it better." — Elon Musk Get the 100 Mental Models Program: gumroad.com/a/743273587/Ax…
Finally, I'd like to once again talk about investment management. That is a funny business - because on a net basis, the whole investment management business together gives no value added to all buyers combined. That's the way it has to work.
The whole investment management business together gives no value added to all buyers combined. If you make your careers in the investment mgmt business, you face a very peculiar situation. Most investment managers handle it with psychological denial - just like a chiropractor.
I think a select few - a small percentage of the investment managers - can deliver value added. But I don't think brilliance alone is enough to do it. I think that you have to have a little of this discipline of calling your shots and loading up.
Spend less than you make; always be saving something. Put it into a deferred account. Over time, it will begin to amount to something. THIS IS SUCH A NO-BRAINER.
Mental Model: INCENTIVES Show me the incentive and I’ll show you the outcome. — Charlie Munger Get the 100 Mental Models Program: gumroad.com/a/743273587/Ax…
We're light on financial yardsticks; we apply lots of subjective criteria: Can we trust management? Can it harm our reputation? What can go wrong? Do we understand the business? Does it require capital infusions to keep it going? What is the expected cash flow?
What should a young person look for in a career? "I have three basic rules. Meeting all three is nearly impossible, but you should try anyway: -Don't sell anything you wouldn't buy yourself -Don't work for anyone you don't respect and admire -Work only with people you enjoy"
Spend each day trying to be a little wiser than you were when you woke up.
Step-by-step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts. Slug it out one inch at a time, day-by-day, and at the end of the day - if you live long enough - like most people, you will get out of life what you deserve.
Life and its various passages can be hard, brutally hard The three things I have found helpful in coping with its challenges are: - Have low expectations - Have a sense of humor - Surround yourself with the love of friends and family Above all, live with change and adapt to it
If the world didn't change, I'd still have a twelve handicap.
Worldly wisdom is quite academic when you get right down to it.
"The very first step towards success in any occupation is to become interested in it."
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