How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
In my whole life, I have known no wise people (over a broad subject matter area) who didn't read all the time - none, zero. You'd be amazed at how much Warren reads - at how much I read. My children laugh at me. They think I'm a book with a couple of legs sticking out.
Interpretation
What this quote means
Continuous reading fosters wisdom and knowledge.
Charlie Munger emphasizes the importance of reading in acquiring wisdom and knowledge. He notes that truly wise individuals are often voracious readers, highlighting how essential lifelong learning and intellectual curiosity are to personal growth and understanding.
Themes
ReadingWisdomKnowledgeEducationLifelong Learning
In practice
Example use cases
In a lecture on personal development, you might say, 'As Charlie Munger pointed out, continuous reading is crucial for wisdom.'
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
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The knowledge we now consider knowledge proves itself in action. What we now mean by knowledge is information effective in action, information focused on results. Results are outside the person, in society and economy, or in the advancement of knowledge itself. To accomplish anything this knowledge has to be highly specialized.
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My Head of House said I lacked certain necessary qualities...like the ability to behave myself.
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It is not the task of the University to offer what society asks for, but to give what society needs.
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Over the past five years, I've met several presidents, several secretaries of education ... and there is no plan. If you want to save your children, you're going to have to do it yourself. It's just us.
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By education I mean that training in excellence from youth upward which makes a man passionately desire to be a perfect citizen, and teaches him to rule, and to obey, with justice. This is the only education which deserves the name.
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We are in a great school, and we should be diligent to learn, and continue to store up the knowledge of heaven and of earth, and read good books, although I cannot say that I would recommend the reading of all books, for it is not all books which are good. Read good books, and extract from them wisdom and understanding as much as you possibly can, aided by the Spirit of God. (JD 12:124)
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