How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never took a course in economics. And with this striking lack of credentials, you may wonder why I have the chutzpah to be up here giving this talk. The answer is I have a black belt in chutzpah. I was born with it.
Interpretation
What this quote means
One can succeed despite lacking formal qualifications by having confidence and insight.
Charlie Munger highlights the importance of self-belief and the audacity to engage in discussions about topics one may not have formal qualifications in. His use of the phrase 'black belt in chutzpah' suggests that confidence and boldness in one's abilities can be more valuable than traditional credentials, encouraging others to pursue their interests and share their insights regardless of their formal background.
Themes
StrengthsWeaknessesEconomicsChutzpahConfidence
In practice
Example use cases
This quote can be used in a speech about pursuing one's passions despite formal qualifications.
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
Teach him a certain refinement in sorting out and selecting his arguments, with an affection for relevance and so for brevity. Above all let him be taught to throw down his arms and surrender to truth as soon as he perceives it, whether the truth is born at his rival's doing or within himself from some change in his ideas.
Michel De MontaigneRead
If the lecture is good, then everything is too smooth. That's the same in music: if the performance is too good, you really don't enjoy it, because it just goes by, and you can never penetrate into the heart of it. Sometimes a poor performance is better for enjoyment, because you can look at those things that were wrong and analyze them.
Werner HeisenbergRead
Temperance and labor are the two real physicians of man.
Jean-Jacques RousseauRead
A well adjusted person is one who makes the same mistake twice without getting nervous.
Alexander HamiltonRead
Balance in large measure is knowing the things that can be changed, putting them in proper perspective, and recognizing the things that will not change."
Albert EinsteinRead
When we let loose our feelings, we waste so much energy, shatter our nerves, disturb our minds, and accomplish very little work.
Swami VivekanandaRead