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.
Blind commitment to a theory is not an intellectual virtue: it is an intellectual crime.
Be patient with everyone, but above all with yourself. I mean do not be disheartened by your imperfections, but always rise up with fresh courage
No matter what happens, it is within my power to turn it to my advantage.
To boast of a performance which I cannot beat is merely stupid vanity. And if I can beat it that means there is nothing special about it. What has passed is already finished with. What I find more interesting is what is still to come.
Data isn't information. ... Information, unlike data, is useful. While there's a gulf between data and information, there's a wide ocean between information and knowledge. What turns the gears in our brains isn't information, but ideas, inventions, and inspiration. Knowledge-not information-implies understanding. And beyond knowledge lies what we should be seeking: wisdom.
The difference between Talent and Genius is that Talent says things which he has never heard but once, and Genius things which he has never heard.
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