Charlie Munger USC Laws Commencement Speech – Would possibly perhaps well 2007

Key Takeaways

•  The most come by arrangement to ranking what you’d like to possess is to make your mind up out a seek at and deserve what you’d like to possess
  • Bring to the area what that that you just can perhaps tackle shut might perhaps well perhaps possess to you were on the quite a bit of aspect
    • Even as you occur to compose this, you’ll build respect, believe, and fancy from others
• Blueprint novel wisdom on each day basis
  • Strive to be a lifelong learner, most efficient then will you be a success in life
    • “You are no longer going to ranking very a long way in life in accordance with what you realize” – Charlie Munger
• Blueprint history
  • Be responsive to what took place sooner than you were alive to ranking a approach of the place issues are now
• Dwell beneath your manner
  • Mozart spent more cash than he made and lived a wretched life thanks to i
• Steer determined of working beneath of us that you just don’t fancy or deserve to be fancy
  • You wish to work beneath folks you fancy so that you just apply into their footsteps
• Include a checklist routine
  • If there’s a job or job you develop regularly, possess a checklist of every step to place faraway from errors
• Even as you occur to deserve to must turn into a success in a explicit area, it is valuable to possess an intense hobby in that region
  • The finest arrangement to be the truth is staunch in one thing is to be it
    • “An intense hobby of the topic is important might perhaps well perhaps possess to you’re the truth is going to excel” – Charlie Munger
• Dwell a life whereby your heroes would be cushty along with your actions

Intro   

• Charlie Munger is the vice-chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett
  • That is a graduation speech given by Charlie in Would possibly perhaps well of 2007 to the graduating class of USC Laws

Existence Advice From Charlie

• The most come by arrangement to ranking what you’d like to possess is to make your mind up out a seek at and deserve what you’d like to possess
  • Bring to the area what that that you just can perhaps tackle shut might perhaps well perhaps possess to you were on the quite a bit of aspect
    • Even as you occur to compose this, you’ll build respect, believe, and fancy from others
• Blueprint novel wisdom on each day basis
  • Strive to be a lifelong learner, most efficient then will you be a success in life
    • “You are no longer going to ranking very a long way in life in accordance with what you realize” – Charlie Munger
      • Warren Buffett is a success on chronicle of he’s a studying machine and spends about half of his day reading
• Blueprint history
  • Be responsive to what took place sooner than you were alive to ranking a approach of the place issues are now
    • Cicero is neatly-known for saying, “A man who doesn’t know what took place sooner than he turned into born goes by life fancy a shrimp one.”
• Learn the monumental tips to your area and numerous disciplines
  • Then interweave them in a psychological latticework so that you just furthermore mght can utilize them in each day eventualities
• Dwell beneath your manner
  • Mozart spent more cash than he made and lived a wretched life thanks to it
• Charm to hobby, no longer to motive
  • Even as you occur to deserve to must steer any individual, charm to their pursuits
• Steer determined of working beneath of us that you just don’t fancy or deserve to be fancy
  • You wish to work beneath folks you fancy so that you just apply into their footsteps
• Include a checklist routine
  • If there’s a job or job you develop regularly, possess a checklist of every step to place faraway from errors
• There are 2 kinds of facts: 
  • Planck knowledge: of us that the truth is realize the topic 
  • Chauffeur knowledge: of us that might perhaps well perhaps factual repeat what they’ve heard
    • A range of politicians possess chauffeur knowledge
• Even as you occur to deserve to must turn into a success in a explicit area, it is valuable to possess an intense hobby in that region
  • The finest arrangement to be the truth is staunch in one thing is to be it
    • “An intense hobby of the topic is important might perhaps well perhaps possess to you’re the truth is going to excel” – Charlie Munger
• Include quite a bit of assiduity
  • Take a seat down to your ass till you terminate what you’re region out to compose
    • Detect for partners which possess an assiduity mindset
• Glimpse every mischance as a chance to behave neatly and study one thing
  • “Your duty turned into no longer to be submerged in self-pity, however to operate the many of the monstrous blow in a optimistic vogue” – Charlie Munger
• Dwell a life whereby your heroes would be cushty along with your actions
• Wade by life awaiting pain and be ready to develop adequately when it arrives 
• Be a individual folks can believe

Mental Models

• Inversion: Reverse the principle that or job to ranking a novel point of view on it
  • To illustrate, it’s onerous to respond to the seek facts from “what does it select to attain success in life?” on the choice hand it’s straightforward to respond to the seek facts from “what does it select to fail in life?”
• Iron prescription: Steer determined of coarse ideologies and don’t be entitled to possess an opinion on a topic unless you furthermore mght can declare the arguments towards your location greater than the oldsters compose who are supporting it
• Steer determined of self-serving bias: That you just might perhaps perhaps possess to no longer deem that you just are entitled to compose regardless of you’d like to must compose
• Steer determined of self-pity: Self-pit is disastrous behavior and might perhaps well perhaps be refrained from
• Steer determined of perverse incentives machine: Building your incentives extremely fastidiously or you are going to ranking undesired outcomes
• Steer determined of perverse associations: Don’t work for folks you don’t fancy
  • We’re all topic to the retain watch over of authority figures so are trying to figure out straightforward techniques to work beneath folks you the truth is fancy

Individuals Most though-provoking : charlie munger, graduation speech, life, life suggestion, standard, wisdom

Notes By Alex Wiec