Kelford Labs Daily: “The best of what other people have figured out.”
Lessons from Charlie Munger
“I believe in the discipline of mastering the best of what other people have figured out.” — Charlie Munger
It was Charlie Munger who once wrote, “You’ve got to hang experience on a latticework of models in your head,” which, upon reading, inspired me to dig deeper into mental models, frameworks, and systems.
And that effort changed my life and the trajectory of my career.
So much of what I do I do because of, and by means of, my love of mental models.
And so much of that love I owe to Charlie Munger.
This is my favorite lesson of his, which I’ll leave you with today:
“To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.
I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle.
I asked him, ‘My God, they’re purple and green. Do fish really take these lures?’
And he said, ‘Mister, I don’t sell to fish.’”
