My Brain Food This Week...

Dec 01, 2023

(Jason Zweig)

Key takeaways:

Humility in Success: Charlie Munger, the late investing billionaire, emphasised that success, whether personal or in business, is a mix of intelligence, hard work, and a significant element of luck. Munger's own life, marked by wealth and achievements, was shaped by a profound understanding of his limitations and the role of chance.
Moral Exemplar and Continuous Learning: Beyond financial success, Munger is remembered as a moral exemplar who advocated clear thinking, fair dealings, and a full life. His philosophy included "the circle of competence," stressing the importance of knowing one's limits. Despite his reputation for being outspoken, Munger valued humility and constantly sought to expand his understanding.
Long-Term Thinking and Epistemic Humility: Munger's legacy includes his commitment to long-term thinking, both in investments and life decisions. He maintained a voracious appetite for knowledge, reading extensively even into his later years. His mantra, "I tried to be useful," reflects not just accomplishment but a continuous effort to contribute, coupled with a genuine acknowledgment of his own efforts rather than an assumption of success.

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