Quote for the Week
Being able to recognize when you’re wrong is a godsend… A good bit of the Munger fortune came from liquidating things we originally purchased because we were wrong. Of course, you have to learn to change your mind when you’re wrong. And I actually work at trying to discard beliefs. And most people try and cherish whatever idiotic notion they already have, because they think if it’s their notion, it must be good. And I think, of course you want to be re-examining what you previously thought, particularly when disconfirming evidence comes through. And there’s hardly anything more important than being rational and objective. Just think of all the dumb things you can do in life. Think of the brilliant people who are just utterly brilliant, who’s doing some of the dumbest things. You won’t have any trouble thinking of examples. Most of us can think about our own actions in the last year or two, and we can all pull up an example or two. It’s hard to be rational. — Charlie Munger (source)
From the Archives
Last Call
- The Beautiful Chart That Busts 3 Stock Market Myths – J. Ptak
- Does the Rise of Index Funds make Managers Myopic? – Klement on Investing
- Super Bowl Ads as a Bubble Warning – Owenomics
- A Bloodbath in the Cloud – T. Lamade
- What Does a Thief Need to Access Your Financial Accounts? Less Than You Think – Oblivious Investor
- Tokenization: Real, Important, and Not for You – D. Nadig
- How to Find Your False Beliefs (Without Creating a Paradox) – Clearer Thinking
- AI and the Economics of the Human Touch – Agglomerations
- The Hidden Bias in Language That Turned Left-Handedness into a Bad Thing –