How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.
Interpretation
What this quote means
Winners make careful and selective decisions in life, which seems clear to the speaker but not to others.
Charlie Munger suggests that success comes from making thoughtful and selective choices rather than hasty or indiscriminate ones. This insight reflects his belief that many people overlook the importance of discernment in achieving their goals, which he sees as a critical component of winning in life and business.
Themes
WinningDecisionsSelectivitySuccessDiscernment
In practice
Example use cases
During a motivational speech on decision-making, one might use this quote to emphasize the importance of selective choices.
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.
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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.
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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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