How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability.
Interpretation
The quote emphasizes the importance of reliability and diligence over mere virtue.
Charlie Munger highlights the significance of being dependable and hardworking in one's endeavors. He suggests that qualities like sloth and unreliability can overshadow any virtues one may have; if you fail to follow through on commitments, it can lead to failure, regardless of your innate goodness. Therefore, cultivating reliable behaviors and a strong work ethic is essential for success.
In practice
In a motivational speech to employees about the importance of work ethic.
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
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.
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.
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.
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.
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.
Love your rage, not your cage.
I'm attracted to subjects who overcome tremendous suffering and learn to cope emotionally with it
Deep and simple are far, far more important than shallow and complicated and fancy.
It is important for you to know who you are and who you may become. It is more important than what you do, even as vital as your work is and will be.
A child-like man is not a man whose development has been arrested; on the contrary, he is a man who has given himself a chance of continuing to develop long after most adults have muffled themselves in the cocoon of middle-aged habit and convention.
We do not have to be ashamed of what we are. As sentient beings we have wonderful backgrounds. These backgrounds may not be particularly enlightened or peaceful or intelligent. Nevertheless, we have soil good enough to cultivate; we can plant anything in it.
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