Money and Finance
From Poor Charlie's Almanack:
- Regaining And Clarity Of Mind After Making A Mistake...
From Josh Waitzkin in The Art of Learning: One idea I taught was the importance of regaining presence and clarity of mind after making a serious error. This is a hard lesson for all competitors and performers. The first mistake rarely proves...
- Charlie Munger On How Warren Buffett And Berkshire Hathaway Became So Unusually Successful
Via Whitney Tilson’s notes from the 2007 Wesco Annual Meeting:I want to do something I haven’t done before. I feel obligated because so many of you came from such great distances, so I’ll talk about a question I’ve chosen, one that ought to interest...
- Charlie Munger On Continuous Learning
From my notes on his 2007 USC Law School Commencement Speech:Wisdom acquisition is a moral duty. It’s not something you do just to advance in life. As a corollary to that proposition which is very important, it means that you are hooked for lifetime...
- John Wooden Quotes
Below is a pasted article from ESPN. I think there is great wisdom is these quotes, although I like to keep Malcolm Gladwell's definition of talent (talent = desire to practice) in mind when reading through them. The life lessons taught by John Wooden...
- Charlie Munger - Usc Law School Commencement - May 13, 2007
Here are my notes from Charlie Munger's keynote address. I didn't originally intend for it to be a semi-transcript but I had to take Charlie's advice: "Deliver to the world what you would buy if you were on the other end." And so that's...
Money and Finance
Maximizing the experience of the people who have the most aptitude and the most determination as learning machines...
From Poor Charlie's Almanack:
Another idea that I found important is that maximizing non-egality will often work wonders. What do I mean? Well, John Wooden of UCLA presented an instructive example when he was the number one basketball coach in the world. He said to the bottom 5 players, "You don't get to play - you are practice partners." The top seven did almost all the playing. Well, the top seven learned more--remember the importance of the learning machine--because they were doing all the playing. And when he adopted that non-egalitarian system, Wooden won more games than he had won before. I think the game of competitive life often requires maximizing the experience of the people who have the most aptitude and the most determination as learning machines. And if you want the very highest reaches of human achievement, that's where you have to go. You do not want to choose a brain surgeon for your child by drawing straws to select one of fifty applicants, all of whom take turns doing procedures. You don't want your airplanes designed in too egalitarian a fashion. You don't want your Berkshire Hathaways run that way either. You want to provide a lot of playing time for your best players.
- Regaining And Clarity Of Mind After Making A Mistake...
From Josh Waitzkin in The Art of Learning: One idea I taught was the importance of regaining presence and clarity of mind after making a serious error. This is a hard lesson for all competitors and performers. The first mistake rarely proves...
- Charlie Munger On How Warren Buffett And Berkshire Hathaway Became So Unusually Successful
Via Whitney Tilson’s notes from the 2007 Wesco Annual Meeting:I want to do something I haven’t done before. I feel obligated because so many of you came from such great distances, so I’ll talk about a question I’ve chosen, one that ought to interest...
- Charlie Munger On Continuous Learning
From my notes on his 2007 USC Law School Commencement Speech:Wisdom acquisition is a moral duty. It’s not something you do just to advance in life. As a corollary to that proposition which is very important, it means that you are hooked for lifetime...
- John Wooden Quotes
Below is a pasted article from ESPN. I think there is great wisdom is these quotes, although I like to keep Malcolm Gladwell's definition of talent (talent = desire to practice) in mind when reading through them. The life lessons taught by John Wooden...
- Charlie Munger - Usc Law School Commencement - May 13, 2007
Here are my notes from Charlie Munger's keynote address. I didn't originally intend for it to be a semi-transcript but I had to take Charlie's advice: "Deliver to the world what you would buy if you were on the other end." And so that's...