How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
If it is wisdom you're after, you're going to spend a lot of time on your ass reading.
Interpretation
What this quote means
Gaining wisdom requires dedication and time spent in learning.
Charlie Munger emphasizes that acquiring wisdom is not an easy or quick process; it necessitates a commitment to reading and reflecting. The metaphor of spending time 'on your ass' highlights the importance of patience and diligence in the pursuit of knowledge, implying that one must be willing to invest effort and time to truly understand and gain wisdom.
Themes
WisdomLearningReadingKnowledgeDedication
In practice
Example use cases
This quote can be used during a lecture on the importance of lifelong learning.
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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