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 βThe 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
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