How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
Interpretation
What this quote means
Learning from others' successes is essential for personal growth.
In this quote, Charlie Munger emphasizes the importance of leveraging the knowledge and achievements of others rather than attempting to create everything on our own. He highlights that no one person can come up with all the solutions and that mastering what has already been discovered by others can lead to greater success and efficiency in one's pursuits.
Themes
LearningKnowledgeMasteryDisciplineGrowth
In practice
Example use cases
In a motivational speech addressing students about the importance of continuous learning.
More from Charlie Munger
All quotes →The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
Charlie MungerRead
Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
Charlie MungerRead
Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading.
Charlie MungerRead
Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
Charlie MungerRead
As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.
Charlie MungerRead
Similar quotes
How little we know of what there is to know. I wish that I were going to live a long time instead of going to die today because I have learned much about life in these four days; more, I think than in all other time. I'd like to be an old man to really know. I wonder if you keep on learning or if there is only a certain amount each man can understand. I thought I knew so many things that I know nothing of. I wish there was more time.
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People often ask me what is the most effective technique for transforming their life. It is a little embarrassing that after years and years of research and experimentation, I have to say that the best answer is - just be a little kinder.
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Savings represent much more than mere money value. They are the proof that the saver is worth something in himself. Any fool can waste; any fool can muddle; but it takes something more of a man to save and the more he saves the more of a man he makes of himself. Waste and extravagance unsettle a man's mind for every crisis; thrift, which means some form of self-restraint, steadies it.
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If you would stop, really stop, damning yourself, others, and unkind conditions, you would find it almost impossible to upset yourself emotionally - about anything. Yes, anything.
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Faith is like radar that sees through the fog -- the reality of things at a distance that the human eye cannot see.
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Only the suppressed word is dangerous.
Ludwig BorneRead