4 ms·

Charlie Munger on Getting Rich, Wisdom, Focus, Fake Knowledge and More

142 points by aml183 10y ago

james_niro 10y ago
Great words of wisdom in this article.
65827 10y ago
"We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side" This is probably the lost art of the century.
- conistonwater 10y ago
  The second half of that is worth quoting too: > “It’s bad to have an opinion you’re proud of if you can’t state the arguments for the other side better than your opponents. This is a great mental discipline.”
  - skookumchuck 10y ago
    It's why I don't much bother hanging out in groups where people agree with me. It's much more fun when they don't, because if you cannot deal with alternative views then you don't have a convincing foundation for your own.
    - conistonwater 10y ago
      So what happens to you if you get something right the first time?
  - thr0waway1239 10y ago
    I agree with the principle, but I wonder if there are actually certain issues which dominate the news today where simply collecting all the arguments for the other side turns into a really large, unmanageable endeavor because the new information never seems to end (e.g. climate change).
  - Taylor_OD 10y ago
    Fascinating. I find myself trying to bring people to the middle often so they can see the other side of the argument. Having people understand the other side enough to be able to argue it may be the window to understanding why the other side believes what they do.
    - saparri 10y ago
      you'll probably enjoy: https://www.farnamstreetblog.com/2013/04/the-work-required-to-have-an-opinion/ https://www.farnamstreetblog.com/2013/04/the-work-required-t...
pg314 10y ago
If you enjoyed that article, you might like the book 'Poor Charlie's Almanack, The Wit and Wisdom of Charles T. Munger': https://www.poorcharliesalmanack.com/ https://www.poorcharliesalmanack.com/.
- tedmiston 10y ago
  From the order form, you can get a personally signed copy for $150 (or $49 unsigned). Pretty sweet.
  - jdross 10y ago
    I have the signed copy, which has a very small signature on the 3rd or 4th page of the book. I would probably go for the unsigned copy. The book is phenomenal
vitohuang 10y ago
For those interested and this old piece is classic https://old.ycombinator.com/munger.html https://old.ycombinator.com/munger.html
ddebernardy 10y ago
From Mr "suck it in and cope"? I'm not even sure what to think of it... http://www.zerohedge.com/article/munger-tells-25-million-americans-suck-it-and-thank-god-bank-bailouts-brk-benefits-95-billio http://www.zerohedge.com/article/munger-tells-25-million-ame... Edit: To downvoter(s): Truth is, this is from a guy who told an audience of students and the media for good measure that they should be happy to be getting raped up their's with gravel. And he has billions to show for the privilege. If you're fine with that, then hey that's cool, there's not much I can do for you. Just remember: his tips aren't necessarily your friends.
- valuearb 10y ago
  Yea, That article isn't even close to accurate. BRK didn't remotely face bankruptcy, its bank investments were actually among the most solid, and people legitimately worried about a depression. I agree with Deurden that bank equity holders should have bern wiped out first (except banks like Wells Fargo that didn't need TARP and were forced to take it). But unlike you and Deurden I don't twist the words of those who disagree with me in order to demonize them. It's part of thinking clearly, as done by Charlie Munger.
  - ddebernardy 10y ago
    Meh, I merely cited the first of several Google result. Here's another: http://www.rollingstone.com/politics/news/billionaire-bailout-recipient-to-america-suck-it-in-and-cope-buddy-20100921 http://www.rollingstone.com/politics/news/billionaire-bailou...
- dang 10y ago
  Please don't rant like this here. It degrades the site and discredits your view.

142 points by aml183 10y ago

Great words of wisdom in this article.

65827 10y ago

"We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side" This is probably the lost art of the century.

conistonwater 10y ago
The second half of that is worth quoting too: > “It’s bad to have an opinion you’re proud of if you can’t state the arguments for the other side better than your opponents. This is a great mental discipline.”
- skookumchuck 10y ago
  It's why I don't much bother hanging out in groups where people agree with me. It's much more fun when they don't, because if you cannot deal with alternative views then you don't have a convincing foundation for your own.
  - conistonwater 10y ago
    So what happens to you if you get something right the first time?
- thr0waway1239 10y ago
  I agree with the principle, but I wonder if there are actually certain issues which dominate the news today where simply collecting all the arguments for the other side turns into a really large, unmanageable endeavor because the new information never seems to end (e.g. climate change).
- Taylor_OD 10y ago
  Fascinating. I find myself trying to bring people to the middle often so they can see the other side of the argument. Having people understand the other side enough to be able to argue it may be the window to understanding why the other side believes what they do.
  - saparri 10y ago
    you'll probably enjoy: https://www.farnamstreetblog.com/2013/04/the-work-required-to-have-an-opinion/ https://www.farnamstreetblog.com/2013/04/the-work-required-t...

pg314 10y ago

If you enjoyed that article, you might like the book 'Poor Charlie's Almanack, The Wit and Wisdom of Charles T. Munger': https://www.poorcharliesalmanack.com/ https://www.poorcharliesalmanack.com/.

tedmiston 10y ago
From the order form, you can get a personally signed copy for $150 (or $49 unsigned). Pretty sweet.
- jdross 10y ago
  I have the signed copy, which has a very small signature on the 3rd or 4th page of the book. I would probably go for the unsigned copy. The book is phenomenal

vitohuang 10y ago

For those interested and this old piece is classic https://old.ycombinator.com/munger.html https://old.ycombinator.com/munger.html

ddebernardy 10y ago

From Mr "suck it in and cope"? I'm not even sure what to think of it... http://www.zerohedge.com/article/munger-tells-25-million-americans-suck-it-and-thank-god-bank-bailouts-brk-benefits-95-billio http://www.zerohedge.com/article/munger-tells-25-million-ame... Edit: To downvoter(s): Truth is, this is from a guy who told an audience of students and the media for good measure that they should be happy to be getting raped up their's with gravel. And he has billions to show for the privilege. If you're fine with that, then hey that's cool, there's not much I can do for you. Just remember: his tips aren't necessarily your friends.

valuearb 10y ago
Yea, That article isn't even close to accurate. BRK didn't remotely face bankruptcy, its bank investments were actually among the most solid, and people legitimately worried about a depression. I agree with Deurden that bank equity holders should have bern wiped out first (except banks like Wells Fargo that didn't need TARP and were forced to take it). But unlike you and Deurden I don't twist the words of those who disagree with me in order to demonize them. It's part of thinking clearly, as done by Charlie Munger.
- ddebernardy 10y ago
  Meh, I merely cited the first of several Google result. Here's another: http://www.rollingstone.com/politics/news/billionaire-bailout-recipient-to-america-suck-it-in-and-cope-buddy-20100921 http://www.rollingstone.com/politics/news/billionaire-bailou...
dang 10y ago
Please don't rant like this here. It degrades the site and discredits your view.