Warren Buffet's partner Charlie Munger drops just as much wisdom as Buffet. Joe Koster has accumulated many of Munger's pearls on his Value Investing blog (link above), but here's some of the best bits:
"You are not going to get very far in life based on what you already know. You’re going to advance in life by what you learn after you leave here."
"I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and that is: I say that I’m not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people who support it. I think only when I’ve reached that state am I qualified to speak."
The article is also worthwhile for the Max Planck chauffeur story, which I won't reproduce here, but is in the linked article.
Wednesday, July 11, 2007
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With my new friends on the Great Wall of China
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