How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
The harder you work, the more confidence you get. But you may be working hard on something that is false.
Interpretation
What this quote means
Working hard can build confidence, but it's important to ensure your efforts are directed towards the right goals.
This quote by Charlie Munger highlights a dual aspect of hard work; while dedication and effort can foster a sense of confidence and achievement, one must be cautious about the direction of that effort. If you are investing your time and energy into a pursuit that is ultimately misguided or 'false,' the confidence gained may be misplaced, leading to potential setbacks or frustration.
Themes
Hard WorkConfidenceEffortFalse GoalsDedication
In practice
Example use cases
This quote could be used in a motivational speech to encourage students to focus their hard work effectively.
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.
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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.
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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.
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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
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