How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
Forgetting your mistakes is a terrible error if you are trying to improve your cognition.
Interpretation
What this quote means
Learning from our mistakes is essential for intellectual growth.
Charlie Munger emphasizes the importance of remembering our mistakes as they are valuable lessons that contribute to our cognitive development. Forgetting these lessons hinders our ability to improve and grow intellectually, reinforcing the idea that reflection on past errors is crucial for personal and mental advancement.
Themes
MistakesLearningCognitionImprovementGrowth
In practice
Example use cases
During a workshop on self-improvement, one could use this quote to emphasize the process of learning from errors.
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
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.
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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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