This is a summary of my notes, listening to Charlie Munger’s speech at USC, available on Youtube. I believe this is a very important talk and learned a lot from it.
The talk is organized through ideas
- We need to be lifetime learners
- Warren Buffet is always learning. He spent over half of his time reading and other times on one on one conversations with experts.
- A doctor spent 1 year, 17 hours per day, 7 days a week to write a textbook to pass on his medical knowledge.
- Confucius said, “it is one’s moral duty to acquire wisdom”.
- It is important to learn the methods for learning, “learning methods”
- Ideas and practice
- If you don’t practice your ideas, you lose them
- A man who doesn’t know what happened to him before he was born goes through life as a child.
- We need to really absorb some of the ideas and not just go through the exams, but really understand and master them, use them in practice.
- The important qualities of life, “hardworking” and “reliable” (the biggest things you want to avoid in life is “sloth” and “unreliability”)
- Don’t drift into ideology because it restricts your mind.
- Be ware of the self serving bias.
- In the same way, you need to appeal to people’s interest in order to get over other people’s self serving bias.
- Self-pity is a dangerous path. Self-pity is not going to change the situation and if you can control it, you have an edge over others who can’t get over it.
- Work under people you admire.
- Objectivity Maintenance.
- Darwin always pay special attention to disconfirming evidence during his research.
- Check routine
- There are two kinds of knowledge in the world
- Technical: The scientists, engineers
- Words: Verbal, talk but don’t work much
- Assiduity: constant or close attention to what one is doing
- A company’s partners worked for 14 hours a day if they are behind on their work
- Always anticipate trouble, all the time, be ready to perform when trouble came
- Civilization should evolve to a stage when everyone is honest.
- You want to live in a seamless web of deserved trust