How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
I'm used to people with very high IQs knowing how to recognize reality, but there's a huge human tendency where it may be instructive to think that whatever you're doing to succeed is all right.
Interpretation
What this quote means
Success can lead to a distorted perception of reality, where individuals may mistakenly believe that their methods are always correct.
In this quote, Charlie Munger highlights the tendency of intelligent individuals to become complacent in their approach to success. He warns that just because one achieves success does not mean that the methods used are necessarily valid or ethical. This realization is important to recognize, as it serves as a reminder to continuously question our assumptions and approaches, rather than accepting them as absolute truths.
Themes
SuccessPerceptionWisdomRealityIntelligence
In practice
Example use cases
In a motivational speech to business students about the importance of ethics in success.
More from Charlie Munger
All quotes →The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting on the corner waiting for a little flame.
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I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.
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Economics is in many respects the queen of the soft sciences. It's expected to be better than the rest. It's my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it's also my view that it's still lousy.
Charlie MungerRead
Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading.
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Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
Charlie MungerRead
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