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
What this quote means
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.
Themes
ReliabilityDiligenceWork EthicCommitmentSloth
In practice
Example use cases
In a motivational speech to employees about the importance of work ethic.
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
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.
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
Similar quotes
I began to realize that thinking itself is nothing but the process of asking and answering questions.
Tony RobbinsRead
Try to acquire the virtues you believe lacking in your brothers. Then you will no longer see their defects, for you will no longer have them yourself.
Saint AugustineRead
Master your breath, let the self be in bliss, contemplate on the sublime within you.
Tirumalai KrishnamacharyaRead
Happy is the man who can endure the highest and lowest fortune. He who has endured such vicissitudes with equanimity has deprived misfortune of its power.
Seneca The YoungerRead
And how can you achieve such concentration? By recognizing that everything you do is important to God, and is one vital piece of the larger picture of your life.
Menachem Mendel SchneersonRead
Be patient, because the weaknesses of the body are given to us in this world by God for the salvation of the soul. So they are of great merit when they are borne patiently.
Francis Of AssisiRead