Week 243
Positive post Sunday, October 17, 2021- Week 243.
I’m sure I’m dating myself, but some of you may remember the old Smith Barney commercials. The ones that noted the importance of hard work and making money the old-fashioned way, by EARNING it!
I was reminded of these commercials when I read the September 26th edition of FS Farman Street Brain Food titled “Brain Food: Reading, Hunger, And Cultivating People”. This edition had a link to an article on a speech by Charlie Munger, past Vice Chairman of the world’s greatest compound interest machine: Berkshire Hathaway, titled, “How to live a life that really works”. This was his commencement address at USC Law School. Here’s the link: https://click.convertkit-mail4.com/n4ukq8mdg6svh7x8ddf0/08hwh9hm2o7kdxfl/aHR0cHM6Ly9mcy5ibG9nLzIwMTYvMDQvbXVuZ2VyLW9wZXJhdGluZy1zeXN0ZW0v
The speech lists 17 of Munger’s core ideas and is considered to represent the Munger Operating System for life. I encourage you to read the full speech. Here are the Top 10 of his ideas that resonated most with me:
- To get what you want, deserve what you want. Trust, success, and admiration are EARNED.
- Acquiring wisdom is a moral duty as well as a practical one.
- Be reliable. Unreliability can cancel out the other virtues.
- Avoid intense ideologies. Always consider the other side as carefully as your own.
- Get rid of self-serving bias, envy, resentment, and self-pity.
- Work with and under people you admire, and avoid the inverse when at all possible.
- Learn to maintain your objectivity, especially when it’s hardest.
- You’ll be most successful where you’re most intensely interested.
- Use setbacks in life as an opportunity to become a bigger and better person. Don’t wallow.
- The highest reach of civilization is a seamless system of trust among all parties concerned.
Are you, “living a life that really works”?
Are you achieving success the old-fashioned way, by EARNING it?