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
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.
In practice
This quote can be used in a speech about pursuing one's passions despite formal qualifications.
How could economics not be behavioral? If it isn't behavioral, what the hell is it?
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.
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.
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.
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.
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.
By the age of forty, a man is responsible for his face. And his fate.
...it is so silly of people to fancy that old age means crookedness and witheredness and feebleness and sticks and spectacles and rheumatism and forgetfulness! It is so silly! Old age has nothing whatever to do with all that. The right old age means strength and beauty and mirth and courage and clear eyes and strong painless limbs.
You have discovered the spiritual universe. Many others have discovered this same world, but each must make the discovery for himself. You are going to have a lot of joy sailing around this world of yours. Don't fight the opinions of others, or waste your time arguing over these things. Follow the inward gleam of your consciousness and you will arrive.
The mind of one who practises doesn't run away anywhere, it stays right there. Good, evil, happiness and unhappiness, right and wrong arise, and he knows them all. The meditator simply knows them, they don't enter his mind. That is, he has no clinging. He is simply the experiencer.
We’re all imperfect and we all have needs. The weak usually do not ask for help, so they stay weak. If we recognize that we are imperfect, we will ask for help and we will pray for the guidance necessary to bring positive results to whatever we are doing.
Only make decisions that support your self-image, self-esteem, and self-worth.
Subscribe for the occasional hand-picked quote. No noise.