How could economics not be behavioral? If it isn't behavioral, what the hell is it?
Charlie MungerRead
If you're glued together right and honorable, you will succeed. Get in there and get rid of stupidities and avoid bad people. Try teaching that to your grandchildren. The best way is by example. Fix yourself.
Interpretation
What this quote means
Success comes from integrity and personal improvement, which you should exemplify to others, especially the younger generation.
This quote by Charlie Munger emphasizes the importance of being honorable and right in one's actions as a foundation for success. It encourages individuals to clean up their lives by removing negative influences and behaviors while also advocating the need to lead by example, particularly when teaching the younger generation the values of integrity and self-improvement.
Themes
SuccessIntegrityHonorExampleTeachingSelf-Improvement
In practice
Example use cases
A motivational speaker could share this quote at a conference about personal development.
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.
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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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