How did Munger become the sage that he was? Being a voracious reader played a significant role. Munger viewed reading as necessary for developing wisdom: “In...
Given Berkshire Hathaway’s great success, you’d think that Munger and Buffett had an uncanny ability to predict the future. The opposite is true: A pillar of...
Munger cautioned against having an opinion unless you are fully educated on all sides of the issue, which is a specific application of the concept of...
“Invert, always invert.” – Carl Jacobi, 19th century mathematician A compelling mental model Munger espoused is inversion, based on Jacobi’s belief that a powerful way to...
“When I elongate the relationship that I have had personally with Dennis and Patrick, and when I think about the relationship that these two gentlemen have...
For Hylton, the payday was the fulfillment of a promise Lee Chin made to him in 2001 when he was headhunted to run the institution. “But...
“I recall being told by many people that it is a bad idea to leave Citibank to join NCB. And in spite of what I was...
“The path of least resistance would be to just take a job in someone’s company and start enjoying the (comparatively) soft life again. Nothing in this...
Munger pioneered the concept of mental models, which are conceptual structures that help us understand how the world works. They are bits of knowledge or wisdom...
“Generous” pensions, which were offered by companies as far back as four decades ago when it was affordable, some of those benefits may now have to...
