How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
If you're unhappy with what you've had over the last 50 years, you have an unfortunate misappraisal of life. It's as good as it gets, and it's very likely to get worse.
Interpretation
What this quote means
Life is inherently unpredictable and often challenging; accepting this is essential for happiness.
Charlie Munger's quote suggests that a negative perspective on life, especially after many years, indicates a misunderstanding of its nature. It emphasizes that life has its ups and downs and encourages a more realistic appraisal of one's experiences, implying acceptance of the present and the potential for adversity in the future.
Themes
LifeHappinessPerspectiveAcceptanceAttitude
In practice
Example use cases
During a motivational speech about overcoming adversity.
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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