Charlie Munger's Thoughts on the World

7/30/2019 Charlie Munger's Thoughts on the World

1/9

Caorjfb Hulibr)s ]aùiats l tab Y rjm ?

Caorjfb Hulibr)s ]aùiats `l tab Y`rjm

H`st `d yù kl`w bxoctjy waot F taflk ogùt bvbry sugnbct* gut yù stfjj c`hb olywoy, Ft)s o mohl cujt,'

` gbiol tafs ybor)s olluoj hbbtfli wfta Gbrksafrb Aotaowoy)s 19(ybor(`jm vfcb(caofrholCaorjfb Hulibr fl J`s Olibjbs, Ft wos* somjy* tab jost wb)jj sbb `d tabsb iotabrflis (( d`rhojjy

tab Ybsc` Dflolcfoj olluoj hbbtfli* olm tafs ybor* sfhpjy jogbjbm 'O H`rlfli Yfta Caorjfb,'

'Vù lbbm o lbw cujt abr`*' Hulibr sofm, 'F)h m`fli yù ojj o dov`r gy l`t aovfli ol`tabr `lb `d

tabsb hbbtflis,'

'Yb)jj gb tojkfli ogùt o j`t t`moy*' ab t`jm tab cr`wm `d 255, 'S`hb `d ft fs ocombhfc, S`hb

pafj`s`pafcoj, Olm s`hb wfjj gb ogùt flvbsthblts gbcousb F kl`w y u)rb ojj o gulca `d irbbmy

gostorms,'

Abrb)s Uort ? `d hy l`tbs fl Hulibr)s `wl w`rms* jfiatjy bmftbm olm c`lmblsbm d`r cjorfty,@l tab Yojj Strbbt hbjtm`wl> Ft ojj stortbm wfta ol osflflb guggjb, ]ab cousb wos o c`hgflotf`l

`d hbioj`holfo* stupfmfty* flsolfty* olm F wùjm soy bvfj l tab port d golkbrs olm h`rtioib

gr`kbrs,

Olm ft wos wfmbsprbom, Ojol Irbblspol wos o short iuy* gut ab t`tojjy vbrm`sbm l Oyl Wolm

wabl ab wos yùli, Vù col)t ifvb golkbrs tab drbbm`h t` crbotb iohgjfli iohbs, ]aot)s waot ft

wos, Yojj Strbbt wos o iohgjfli aùsb* olm tab aùsb)s `mms wbrb gbttbr taol o Tbios cosfl`,

Olm rboj cosfl` `pbrot`rs aovb t` gufjm porkfli j`ts* djy fl bltbrtoflbrs* poy d`r gors olm

rbstourolts, Ft)s bxpblsfvb, Yojj Strbbt wos jfkb o cosfl` wfta l` `vbrabom, Ft wos aì abovbl d`rtabh, Gut ft crbotbm vost mohoib wfta tbrrfgjb c`lsbqublcbs t` cfvfjfzotf`l,

L`lb `d us saùjm dojj d`r tab fmbo taot tafs wos c`lstructfvb copftojfsh, Fl tab ?675s taby cojjbm ft

guckbt sa`ps (( nust tab lohb tbjjs yù ft)s gom (( olm taby bvbltuojjy homb ft fjjbioj* olm rfiatjy s`,

]aby saùjm m` tab sohb tafs tfhb,

@l pp`rtulfty> Uotfblcb c`hgflbm wfta pp`rtulfty fs o irbot tafli t` aovb, Hy irolmdotabr

touiat hb taot pp`rtulfty fs fldrbqublt olm lb aos t` gb rbomy wabl ft strfkbs, ]aot)s waot

Gbrksafrb fs, Ft)s ohozfli a`w dost Gbrksafrb octs wabl wb dflm `pp`rtulfty, Vù col)t gb tfhfm ((

olm taot oppjfbs t` ojj `d jfdb, Vù col)t gb tfhfm fl horrfoib wabl yù dflm tab rfiat spùsb, Ft

hfiat gb yùr `ljy `pp`rtulfty t` gb aoppy fl jfdb, ]`` holy pb`pjb m`l)t oct wabl taby saùjm,

]aot)s way aojd `d ojj horrfoibs m`l)t w`rk ùt,

@l Gbrksafrb)s vojuotf`l> Gbrksafrb)s st`ck fs ot o p`flt Guddbtt olm F lbvbr oltfcfpotbm ft wùjm i`

t`, Uort `d tafs fs mub t` wbotabr [flsurolcb j`ssbsX* port `d ft fs Bur`pb gbfli wbjc`hbm flt` waot F

cojj omujt jfdb,

S


2/9

Caorjfb Hulibr)s ]aùiats l tab Y rjm 7

@l tab duturb `d Gbrksafrb> Flvbst`rs wlfli Gbrksafrb ot currblt prfcbs wfjj m` quftb ojj rfiat nust

sfttfli `l tabfr rbor blms,

@l golks> Gbrlfb Hom`dd bxprbssbm s`rr`w fl cùrt t` ibt o jfiatbr sbltblcb* gut ft wos ojj dojsb, Fl

prfs`l ab t`jm o iuy taot ab corrfbm afs cjfblts d`r 72 ybors* olm l`w ab)s sbrvfli ?25 ybors, Ab

m`bsl)t taflk ft)s dofr,

Holy pb`pjb m`l)t, F gbt Wfcaorm Dujm [d`rhbr CB@ d Jbahol Gr`tabrsX m`bsl)t aovb ol ùlcb d

c`ltrftf`l, Ft)s nust hbioj`holfo, Yabl ft)s jfkb taot* yù lbbm rujbs t` prbvblt cotostr`pab, Yabl

golks orb g`rr`wfli tab i`vbrlhblt)s crbmft rotfli [DMFC flsurolcb* btc,X* yù lbbm rujbs t`

prbvblt stupfm taflis,

Cjbvbr mbrfvotfvbs gr`kb m`zbls d c`hpolfbs, Ft kfjjbm tabh, Golkrupt, Yb m`l)t lbbm tabsb kflms

`d fll`votf`l fl dflolcb, Ft)s @K t` gb g`rfli fl dflolcb, Yaot wb wolt fs fll`votf`l fl wfmibts,

@l tab p`wbr `d Gbrksafrb> Ub`pjb hokb c`ltrocts wfta Gbrksafrb ojj tab tfhb nust gbcousb taby

trust us t` m` wbjj, ]aby trust us t` gbaovb gbcousb taby kl`w `tabrs w`l)t, Ft)s o w`lmbrduj

p`sftf`l t` gb fl, Olm os tab soyfli i`bs* 'A`w lfcb ft fs t` aovb o tyrolt)s strblita* gut a`w

wr`li ft fs t` usb ft jfkb o tyrolt,'

@l jfdbtfhb jborlfli> Yabl wb gùiat Sbb)s Colmfbs* wb mfml)t kl`w tab p`wbr `d o i``m grolm,

@vbr tfhb wb nust mfsc`vbrbm taot wb cùjm rofsb prfcbs ?5" o ybor olm l` `lb corbm, Jborlfli

taot caolibm Gbrksafrb, Ft wos rbojjy fhp`rtolt,

Vù aovb t` gb o jfdbj`li jborlbr t` opprbcfotb tafs studd, Yb taflk `d ft os o h`roj muty, Flcrbosfli

rotf`lojfty olm fhpr`vfli os huca os yù col l` hottbr yùr oib `r bxpbrfblcb fs o h`roj muty,

]`` holy pb`pjb iromuotb dr`h Yaort`l t`moy olm taflk taby kl`w a`w t` m` bvbrytafli, Ft)s o

c`lsfmbrogjb hfstokb,

H`st `d Gbrksafrb)s succbss irbw dr`h stupfmfty olm dofjurb taot wb jborlbm dr`h, F a`pb taot

hokbs yù dbbj gbttbr ogùt yùr `wl jfdb,

@l occùltolts> Golks sa`wbm flc`hb olm ossbts d`r taflis taot wbrb lbftabrl`r* olm tab

occùltolts wbrb t`tojjy dflb wfta ft, Yaot kflm `d pr`dbssf`l octs tafs woy0 ]ab hbmfcoj

pr`dbssf`l wolts t` bromfcotb bpfmbhfcs, Occùltolts dbbj l` sfhfjor rbsp`lsfgfjfty t`worm tabfr

dfbjm, ]aby dbbj l` bhgorrosshblt ogùt ft, ]aby nust wolt t` ibt tab n`g m`lb, Ft)s c`ltbhptfgjb

gbaovf`r, Ot tab t`p `d ol fmf`t g``h* o golk)s ojj`wolcb d`r gom mbgt i`bs t` zbr`, ]aot)s tab

occùltfli rujb, Yaot kflm `d holfoc taflks tafs fs i``m0 O cbrtfdfbm pugjfc occùltolt* taot)s wa`,

@l dflolcfoj c`jjopsb> ]ab w`rjm jborlbm waot aoppblbm odtbr Y`rjm Yor F wabl wb mbholmbm

taot Ibrholy rbpoy, Ft wos cao`s olm aypbrfldjotf l, ]ab rbsujt* d cùrsb* wos tab rfsb d Aftjbr,

Olm Aftjbr cùjm aovb gbbl h`rb succbssduj taol ab wos; afs kfms `r dohfjy hbhgbrs cùjm stfjj gb


3/9


fl p`wbr t`moy aom taflis i`lb nust o jfttjb mfddbrbltjy, Vù m`l)t bvbr wolt t` m` olytafli t` pusa

ol bc`l`hy t` c`jjopsb, ]brrfgjb taflis rbsujt,

L`w taflk ogùt tafs, Murfli Y`rjm Yor FF* Nopol t`rturbm ùr s`jmfbrs t` mbota, ]aby horcabm

tabh orùlm, ]ab Ibrhols put pb`pjb fl `vbls, Nust owduj, Olm waot mfm wb m` odtbr tab wor0

Yb iovb tabh h`lby t` rbgufjm, Yb sofm* 'Jbt gyi`lbs gb gyi`lbs,' ]ab rbsujt wos o hoilfdfcblt

ij`goj bc`l`hfc systbh olm o wfl d`r auhol rfiats,

Ya` mbsbrvbs tab h`st crbmft d`r tafs0 ]aot wùjm gb Nàl Hoylorm Kbylbs olm afs g``k]ab

Bc`l`hfc C`lsbqublcbs d tab Ubocb, Ub`pjb dfiurbm ùt ab wos rfiat* olm taby nust mfm ft,

@l ùr dflolcfoj crfsfs vs, Nopol)s j`st mbcomb> ]abrb wos ol `rta`m`xy `d tab w`rjm taot

Kbylbsfol trfcks wùjm i``sb ol bc`l`hy olm s`jvb olm ohbjf`rotb rbcbssf`ls, Bc`l`hfsts wbrb

s` surb ft wùjm w`rk taot IMU wùjm irflm oabom, ]aby taùiat ft wos o jow* jfkb tab jows `d

paysfcs,

Gut tabl cohb Nopol, Nopol)s crosa wos cousbm gy doct`rs sfhfjor t` ùrs (( ol fmf`t g``h taot

gurst, ]aby trfbm bvbry Kbylbsfol trfck taby cùjm taflk `d* olm tab rbsujt wos stosfs, Olm F hbol

taby trfbm bvbrytafli, F `lcb l`tbm taot yù coll`t dflm o pfbcb `d iorgoib `l o Nopolbsb

hùltofl, ]aby afrbm os holy pb`pjb os p`ssfgjb t` cjbol ft up, Vbt tab rbsujt wos stfjj stosfs,

]wblty ybors `d stosfs/ Olm taflk* tafs cùjml)t aovb aoppblbm t` o gbttbr irùp `d pb`pjb taol

tab Nopolbsb, ]aby)rb ulfqubjy copogjb d aolmjfli troibmy, ]aby)rb p`jftb* rbspbctduj, ]ab

ùtc`hb `d 75 ybors `d stosfs fl tab Rlftbm Stotbs wùjm l`t gb lborjy os i``m,

Gut ft)s h`rb c`hpjfcotbm taol nust j``kfli ot [Kbylbsfol p`jfcfbsX, ]abrb orb tabr bxpjolotf`ls,

Nopol aos ol bxp`rt(mrfvbl bc`l`hy* olm ut d l`wabrb taby summbljy docbm auib olm crbmfgjb

c`hpbtftf`l dr`h Caflo olm K`rbo, @d cùrsb taot wfjj cousb sj`wbr ir`wta, Ft wos o gom ùtc`hb

ojj orùlm,

@l l`t nuhpfli t` c`lcjusf`ls> Hott Wfmjby wr`tb tab tbrrfdfc G``k ]ab Wotf`loj @ptfhfst((olm

taot rbojjy fs o i``m g``k, F)vb rbom ft sbvbroj tfhbs, Gut bvbl s`hb`lb os short os afh fs t`` qufck

t` nuhp t` c`lcjusf`ls olm o sflijb bxpjolotf`l, Afs bxpjolotf`l d`r tab succbss d h`mbrl

copftojfsh fs Omoh Shfta)s mfvfsf`l d jog`r, Ab rbpbots ft vbr olm vbr oiofl,

Gut tafs fs o t`tojjy flombquotb olswbr, N`sbpa Stojfl col ocafbvb mfvfsf`l d jog`r olm tabrb wùjm

gb gblbdfts, ]aot m`bsl)t hbol fts copftojfsh,

]ab hon`r succbss `d copftojfsh fs fts ogfjfty t` mrblca gusflbss `wlbrs fl dbbmgock olm ojj`cotb

tojblt bddfcfbltjy, Fd yù aovb ol orbo wfta 75 rbstourolts* olm summbljy ?1 orb ùt `d gusflbss* tab

rbhoflfli tw` orb fl i``m* copogjb aolms, Gusflbss `wlbrs orb c`lstoltjy gbfli rbhflmbm `d

gblbdfts olm pulfsahblts, ]aot)s psyca`jìy bxpjoflfli bc`l`hfcs,


4/9

Caorjfb Hulibr)s ]aùiats l tab Y rjm =

@l toxbs> Murfli tab Uulfc Yors* tw`(tafrms d wor mbgt wos rbpofm gbd`rb tab wor wos bvbl vbr,

Ub`pjb wa` pofm toxbs taùiat ft wos tab rfiat tafli t` m`, ]aby aom o sblsb `d muty olm

potrf`tfsh, F m`l)t jfkb tab fmbo taot wb col)t omm lbw toxbs t`moy wabl docbm wfta suca pr`gjbhs,

Ot tab sohb tfhb* pb`pjb orb rbsp`lmfli t` rboj drustrotf`l, Ft)s aorm t` gb `ptfhfstfc wfta currblt

p`jftfcfols, ]aby nust aotb boca tabr s` huca, Ft)s ojj sùlm gftbs mbsfilbm t` pjbosb tabfr

c`lstftublts, S`hb d yù hfiat bln`y tafs, F m`l)t,

@l blvy> ]abrb fs l`tafli h`rb cùltbrpr`muctfvb taol blvy, S`hb`lb fl tab w`rjm wfjj ojwoys

gb gbttbr taol yù, @d ojj tab sfls* blvy fs bosfjy tab w`rst gbcousb yù col)t bvbl aovb oly dul

wfta ft, Ft)s o t`toj lbt j`ss,

@l c`lsuhbr crbmft> Golks m`l)t ddbr drbb cabckfli occùlts gbcousb taby m`l)t wolt t` hokb

h`lby, ]aby m` ft gbcousb `vbrmrodts iblbrotb gfi dbbs, Golks aom c`hputbr prìrohs t` rolk

tab joribst wftamrowoj s` os t` iblbrotb tab irbotbst luhgbr `d `vbrmrodt caoribs, ]abrb)s l`w o

cjoss octf`l suft oioflst tafs* os tabrb saùjm gb,

F m`l)t wolt t` sbjj crbmft t` pb`pjb wa` orb i`fli t` aurt tabhsbjvbs wfta ft, Vù saùjm `ljy sbjj

pr`mucts taot orb i``m d`r tab pb`pjb wa` usb tabh, S`hb mfsoirbb wfta tafs* gut F kl`w F)h

rfiat, ]aot fs t` soy* yù)rb tojkfli t` o Wbpugjfcol wa` omhfrbs Bjfzogbta Yorrbl,

@l tab flvbstfli cjfhotb> Ft)s o vbry mfddbrblt w`rjm t`moy, Gfjj Ir`ss `d UFHC@ aos o vbry i``m

c`lcbpt cojjbm 'tab lbw l`rhoj,' G`lm yfbjms orb s` j`w* olm prfcbs wfjj* `d cùrsb* dojj wabl

fltbrbst rotbs rfsb, Olm tabrb)s s` huca `tabr trùgjb fl tab w`rjm, Ft cùjm hbol vbry h`mbst

rbturls d`r s`hb tfhb t` c`hb,

@l afia(spbbm trombrs> Dolcy c`hputbrs orb blioifli fl jbiojfzbm dr`lt(rullfli, ]ab pr`dfts orb

cjborjy c`hfli dr`h tab rbst `d us (( ùr c`jjbib blm`whblts olm ùr pblsf`ls, Yay fs tafs jbioj0

Yaot tab abjj fs tab i`vbrlhblt taflkfli0 Ft)s jfkb jbttfli rots flt` o rbstourolt,

@l tbca st`cks wfta j`w U/B rotf`s> F m`l)t kl`w huca ogùt tabh, Gut ft)s aorm t`

fhoiflbI`ìjb l`t aovfli o str`li p`sftf`l fl tab duturb, F m`l)t kl`w a`w yù col rbpjocb

I`ìjb, D`r `tabr tbca c`hpolfbs* `d cùrsb tabrb orb vbry rboj tarbots,

@l waot afs dov`rftb c`hpoly fs ùtsfmb Gbrksafrb> ]aot)s bosy, Ft)s C`stc`, C`stc` fs o mfddbrblt

kflm d pjocb, Ft)s `lb d tab h`st omhfrogjb copftojfstfc flstftutf`ls fl tab w`rjm, Olm fts CB@* Nfh

Sflbioj* fs `lb `d tab h`st omhfrogjb rbtofjbrs t` bvbr jfvb `l tafs pjolbt,

C`stc` wfjj c`ltflub hokfli auib c`ltrfgutf`ls t` s`cfbty, Ft aos o droltfc mbsfrb t` sbrvb

cust`hbrs o jfttjb gbttbr bvbry ybor, Yabl `tabr c`hpolfbs dflm woys t` sovb h`lby* taby turl ft

flt` pr`dft, Sflbioj possbs ft l t` cust`hbrs, Ft)s ojh`st o rbjfifùs muty, Ab)s socrfdfcfli sa`rt(

tbrh pr`dfts d`r j`li(tbrh succbss, H`rb d yù saùjm j``k ot C`stc`,


5/9


@l porojjbjs gbtwbbl W`hb olm Ohbrfco> @d cùrsb tabrb orb porojjbjs, Bvbry irbot bhpfrb possbs

tab got`l, ]ab dofjurb rotb `d bhpfrbs fs ?55",

Gut fl `lb sblsb* tab irbotlbss `d tab post stoys wfta us, Yaot wos irbot ogùt tab Otabls `d tab

post fs stfjj wfta us, Vù col gb ?55" cbrtofl Ohbrfco wfjj poss tab got`l* gut ùr gbst vojubs wfjj

i` wfta taot got`l, ]ab h`st fhp`rtolt pb`pjb fl Osfo stumfbm ot Ohbrfcol ulfvbrsftfbs olm jborl

dr`h Ohbrfco jfkb sp`libs, H`st d waot fs ocafbvbm l`w wfjj lbvbr mfb,

Wbsp`lmfli t` o c`hhblt ogùt tab m`jjor mbprbcfotfli 62" fl post aojd(cbltury> Fd yù taflk

tab post aojd(cbltury wos gom* yù wfjj aovb sbrfùs pr`gjbhs fl jfdb,

Mbspftb fldjotf`l* wb)vb gbbl o auib succbss, Wboj IMU aos ir`wl 7" pbr ybor pbr copfto, ]aot)s

doltostfc, ]ab pbrf`m yù mbscrfgb os hfsbrogjb wos o trbhblmùs tfhb d`r tab Ohbrfcol

bc`l`hy, Vù)vb mbscrfgbm succbss,

@l ayp`crfsy `d rfppfli `l `tabr dflolcfbrs> ]` tab bxtblt taot ojj F)vb m`lb fs pfck st`cks taot

aovb i`lb up* olm sot `l hy oss os hy dohfjy i`t rfcabr* F aovbl)t jbdt huca c`ltrfgutf`l t`

s`cfbty, F iubss ft)s o j`t jfkb Yojj Strbbt, ]ab mfddbrblcb fs* F dbbj osaohbm `d ft, F try t` hokb up d`r

ft wfta pafjoltar`py olm hbbtflis jfkb tafs `lb t`moy, ]afs hbbtfli fs l`t ùt `d kflmlbss, ]afs fs

ot`lbhblt,

@l potfblcb> Gjub Cafp Stohps wos m``hbm o j`li tfhb oi`, Gut ft aom ojj tafs djòt* nust jfkb ol

flsurolcb c`hpoly, Yb aom t` m` s`hbtafli fltbjjfiblt wfta taot djòt, @vbr mbcombs* wb `ljy

dùlm tarbb taflis t` m` wfta ft> Guy Sbb)s Colmy* tab Guddoj` Bvblfli Lbws* olm Ybsc`, ]aot)s ft ((

nust tarbb fmbos `vbr tab cùrsb d mbcombs/ ]aot fs vbry fltbrbstfli* fsl)t ft0 H`st taflk ft)s bosy t`

i` ùt olm guy s`hbtafli, Olm ft fs, Gut h`st wa` m` ft wfjj m` s` t` tab mbtrfhblt `d tabfr

saorba`jmbrs, Stumy odtbr stumy sa`ws saorba`jmbrs j`sb wabl holoibhblt ocqufrbs gusflbssbs,

@urs mfml)t, Ft wos ojj gbcousb `d potfblcb,

@l d`jj`wfli afs jbom> H`st pb`pjb wa` try hy woy wfjj blm up ulp`pujor olm ulsuccbssduj, ]abrb

orb cbrtofl pbcujforftfbs `d hy pbrs`lojfty taot F wùjm l`t rbc`hhblm, Hy frrbvbrblcb, Hy

flsfstblcb, ]absb taflis wfjj ibt h`st pb`pjb flt` trùgjb, ,,, Gosfc h`rojfty w`rks d`r bvbry`lb,

Mfscfpjflb w`rks d`r bvbry`lb, @gnbctfvfty w`rks d`r bvbry`lb, ]aot)s waot yù saùjm d`cus l,

@l pblsf`l dulms> Uugjfc pblsf`ls orb quftb mfsa`l`rogjb, O p`jfcb `ddfcbr wa` borls -25*555 o

ybor col w`rk ojj tafs `vbrtfhb fl afs jost ybor olm* gbcousb `d ft* c`jjbct o -?55*555 pblsf`l d`r

jfdb, @d cùrsb* pb`pjb taflk ft)s @K gbcousb ab)s ol a`l`rogjb p`jfcb ddfcbr, Gut ft)s bvfj olm

`vbroiirbssfvb, Ft)s wr`li t` aovb pb`pjb gbaovfli jfkb taot,

@l Gbrksafrb ocqufrfli Ybsc`> F vfbw hysbjd os o coptofl `d o safp, ]aot safp)s cori` (( Ybsc` (( fs

joribr taol oly`lb bxpbctbm, Gut wb)rb l`w ot tab p`rt wb ojwoys woltbm t` rboca* ot Gbrksafrb,

Yb)vb woltbm tafs d`r s` j`li* gut tab prfcb wos lbvbr rfiat, Ft wos lbvbr rbojjy dbosfgjb ultfj l`w,


6/9


F)h ijom wb woftbm, Gbrksafrb aos o afst`ry `d woftfli o j`li* j`li tfhb gbd`rb octfli, Ft)s o

mbsfrogjb utc`hb,

@l Irbbk bltftjbhblt olm gofjùts> ]ab Irbbks mbscrfgb dofjurb os o n`g taot c`lsuhbs bfiat

aùrs o moy olm dfvb moys o wbbk, @d cùrsb* yù)rb i`fli t` aovb pr`gjbhs wfta taot hbltojfty,

Occbptfli Irbbcb flt` tab Bur`pbol Rlf`l wos o auib hfstokb,

Vù col)t jbt tabfr gfi golks dofj, Gut wabl F aborm `d Irbbcb)s gofjùt* hy dfrst taùiat wos*

']a`sb p``r cafjmrbl,' ]aby)jj gb poyfli d`r ft, Ot s`hb p`flt* yù aovb t` mrow tab jflb, Yb mfm, F

taflk Jbahol Gr`tabrs wos o i``m pjocb t` mrow tab jflb,

C`kb t`moy vs, post>C`co(C`jo fs l`t os i``m t`moy os ft usbm t` gb, Ft)s nust s` gfi, Jfkb Gbrksafrb*

ft)s aorm t` hokb tab bjbpaolt h`vb vbry dost,

Gut ft)s stfjj lb `d ur dov`rftbs, ]ab trùgjb wfta sbjjfli ol bxpblsfvb pr`muct fs taot ft ifvbs

pb`pjb tab flcbltfvb t` kl`ck yù `dd, C`kb fsl)t jfkb taot, Grolmbm c`hpolfbs taot sbjj cabop

pr`mucts* olm j`ts `d tabh* fs o doltostfc gusflbss h`mbj t` aovb,

@l Gbrksafrb poyfli o mfvfmblm> S`hb `d yù wfjj jfvb t` sbb ft, F a`pb F m`l)t, Ft wfjj `ljy aoppbl

wabl wb m`l)t taflk wb col ibt -? `d vojub d`r boca -? `d rbtoflbm borlflis, F a`pb taot lbvbr

aoppbls,

@l ol bosy jfdb> Ossuhb jfdb wfjj gb rbojjy tùia* olm tabl osk fd yù col aolmjb ft, Fd tab olswbr fs

ybs* yù)vb w`l,

Oskbm fd afs cafjmrbl aovb gblbdftbm dr`h afs wbojta> @d cùrsb taby aovb, Yabl rfca porblts

hokb tabfr kfms sbjj lbwspopbrs `l tab sfmbwojk* tab rbsujt fs ojwoys tab sohb> Ft grbbms aotb, Ft)s

l` mfddbrblt taol fd o hol flmujibs afhsbjd wafjb jbovfli afs wfdb fl o shojj c`rlbr fl tab kftcabl,

]aot m`bsl)t hbol yù col)t aovb i``m* c`lstructfvb cafjmrbl, ]aby nust w`l)t gb os h`tfvotbm os

`lbs wa` stort ùt aojd(storvfli, Ft)s o auib omvoltoib t` stort dr`h l`tafli [gut gb ifvbl ol

`pp`rtulftyX, @d cùrsb* yù sfhpjy w`l)t dflm taot fl tab W`ckbdbjjbr mbscblmolts, Ft)s t`` mohl

gom fd yù)vb ir`wl s` rfca taot yùr kfms m`l)t aovb taot kflm `d h`tfvotf`l t` succbbm,

@l caojjblib> H`st mbltfsts olm m`ct`rs kl`w waot taby)rb m`fli, ]aby mboj wfta pr`gjbhs taby

kl`w taby col dfx, F m`l)t wolt taot, Ft)s fl hy loturb t` h`vb t`worm tab rbojjy aorm pr`gjbhs

taot aovbl)t ybt gbbl s`jvbm,

@l ulbhpj`yhblt> F wùjm gb djoggbriostbm fd n`gs gùlcb gock, Rlbhpj`yhblt wfjj gb o

c`lsfmbrogjb pr`gjbh d`r o c`lsfmbrogjb ohùlt `d tfhb, Gut ft m`bsl)t aovb t` rufl yùr jfdb, F wos

rofsbm murfli tab Mbprbssf`l* olm pb`pjb mbojt wfta ft, Ub`pjb wfta iuhptf`l t`moy wfjj mboj wfta

ft,


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Fl o sblsb* ùr n`gs pr`gjbh fs tab sohb pr`gjbh Nopol aos docbm `vbr tab post 75 ybors> Auib

c`hpbtftf`l dr`h Caflo, Uort `d tab pr`gjbh fs taot Osfols orb s` mohl short, D`r ybors taby wbrb

fl tafs Hojtausfol trop* stuck fl oirfcujturb, L`w taby)rb uljbosabm* olm auhol tojblt fs nust

owbs`hb wabl uljbosabm, ]aby)rb d`rhfmogjb c`hpbtft`rs,

@l pfckfli o i``m flvbsthblt holoibr> Yb aovb rbcblt bxpbrfblcb pfckfli flvbsthblt

holoibrs* olm ft)s quftb auhgjfli, Ft)s rbojjy* rbojjy mfddfcujt, J`ts d pb`pjb c`hb t` us olm taby)rb

ojj afia(quojfty d`jks, Vù)m taflk ft)m gb jfkb sa``tfli dfsa fl o gorrbj* gut ft)s l`t, H`st `d tabh orb

i``m fl shojj lfcabs* gut taby col)t scojb, Yorrbl olm F cùjm scojb, Vù aom t` wfta Gbrksafrb,

@l succbss> Vù aovb t` j`vb waot yù m`, Hy wa`jb jfdb F)vb lbvbr gbbl i``m ot olytafli taot F

wosl)t fltbrbstbm fl, Orcaftbcturb fs o tbrrfgjb woy t` hokb o jfvfli* gut o drfblm `d hflb wa` fs ol

orcaftbct soys ab j`vbs ft s` huca taot ab lbvbr aos t` w`rk, ]aot)s o irbot woy t` jfvb, Bvbry`lb

saùjm try ft,

@l B]Ds> F lbvbr j``k ot tabh, Fl iblbroj* F oppr`vb d j`w(c`st flmbx dulms, H`st flvbst`rs wfjj m`

gbttbr wfta tabh (( olm taot i`bs d`r g`ta flmfvfmuoj olm pr`dbssf`loj flvbst`rs, Gut F m`l)t tùca

tabh, F prbdbr t` m` gbttbr taol ovbroib,

@l vojuotf`l> Yabl wb guy gusflbssbs* wb dtbl poy jfgbroj prfcbs, S`hbtfhbs tafs c`hbs ot o

irbot c`st, Mbxtbr Sa`b* d`r bxohpjb* wafca wb gùiat wfta st`ck, Yb uttbrjy dofjbm `l taot `lb,

Gut wb rorbjy ibt cabop gusflbssbs, Fd yù ovbroib ft ùt* taùia* F jfkb ft taot woy* gbcousb wb

blm up wfta i``mgusflbssbs, [Vù ibt waot yù poy d`rX,

@l omvbrsfty> _ufttfli ulmbr omvbrsfty `r wafjb gbfli drfiatblbm nust grflis c`ltbhpt, Jfvfli wfta

omvbrsfty fs tab gbst caolcb d`r `pp`rtulfty,

]abrb wfjj ojwoys gb polfcky pb`pjb, Fd s`hb`lb bjsb polfcs olm yù)rb cojh* pb`pjb wfjj

rbhbhgbr tab cojh lb, ]aflk ogùt wabl G`ggy Kbllbmy wos grofl mbom olm myfli, Nockfb wos

tab `ljy pbrs`l fl tab dohfjy wa` cùjm soy* 'Ft)s `vbr, Uujj tab pjui,' Sab wos tab `ljy cojh `lb,

Olm wa` m` pb`pjb rbhbhgbr dr`h taot dohfjy0 Nockfb,

@l flvbstfli fl golks> O drfblm `d hflb w`l)t tùca golks, Afs ottftumb fs taot s``lbr `r jotbr tab

gostorms wfjj i` crozy, F taflk taot)s frrotf`loj, Vù aovb t` gb ogjb t` rbcìlfzb tab `lbs taot stfck

ùt, Ybjjs Dori` olm RS Golc`rp ov`fm stupfmfty gbttbr taol h`st, Olm Ybjjs omhfts taot ft aom fts

abom up fts oss wabl ft homb s`hb `d fts h`rtioib jòls, ]aby kl`w ft wosl)t tabfr dflbst

h`hblt, F)h c`hd`rtogjb wfta pb`pjb jfkb taot,

@l auhfjfty> F jfkb pb`pjb omhfttfli taby wbrb c`hpjbtb stupfm a`rsbs) ossbs, F kl`w F)jj pbrd`rh

gbttbr fd F rug hy l`sb fl hy hfstokbs, ]afs fs o w`lmbrduj trfck t` jborl,


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@l mfvbrsb jborlfli> Bc`l`hfsts aovb j`li gbbl mfvfmbm gy o sfhpjb pr`gjbh, Yabl yù i` t` tab

h`vfb tabotbr* s`mo olm p`pc`rl c`sts o t`tojjy uldofr prfcb c`hporbm wfta tabr j`cotf`ls, ]afs

nust t`rturbs bc`l`hfsts, Ot jbost ? hfjjf`l hol(aùrs aovb i`lb flt tryfli t s`jvb tafs pr`gjbh,

Bc`l`hfsts ulmbrstolm taot o dfrst(cjoss tfckbt `l ol ofrpjolb c`sts h`rb taol còca, ]aby ibt taot

`lb, Ft)s horifloj utfjfty, Gut taby col)t dfiurb ùt tab h`vfb tabotbr t` sovb tabfr jfvbs,

Abrb)s tab Hulibr oppròca t` tab pr`gjbh, Fl tab out` w`rjm* o cor holudocturbr wfjj sbjj o cor

d`r -=5*555* olm caorib -755 d`r tab bxtro ifzh`, L` `lb corbs ogùt tab bxtro -755 wabl yù)rb

ojrbomy spblmfli -=5*555, Ft)s flsfilfdfcolt, ]ab h`vfb tabotbr fs gosfcojjy tab sohb tafli, Ub`pjb

orb @K poyfli taot huca d`r o s`mo odtbr taby)vb pofm s` huca d`r ol omhfssf`l tfckbt,

L`w* psyca`jìfsts col bxpjofl tafs cjborjy, Bc`l`hfsts col)t d`r tab jfdb d tabh, Ft)s s` sfhpjb

waot aoppbls wabl yù taflk gby`lm yùr troflbm dfbjm, Ft)s ohusfli t` sbb s`hb`lb spblm ?

hfjjf`l hol(aùrs `l s`hbtafli F col s`jvb wfta hy jbdt aolm,

@l tab succbss `d Fscor> Dofjurb fsl)t ol ptf`l fl Fsrobj, Vù)rb surrùlmbm gy blbhfbs olm yù

aovb l` aymr`corg`ls,

@l blbriy> Ft)s jfkb taby soy> Ft)s tab gbst `d tfhbs olm tab w`rst `d tfhbs,

Ft)s tab w`rst wfta taflis jfkb c`rl olm btaol`j, ]afs wos tab h`st osflflb fmbo fl ojj `d auhol

afst`ry, Ub`pjb orb nust l`w stortfli t` dfiurb tafs ùt,

Gut ft)s tab gbst fl taflis jfkb rblbwogjb blbriy dr`h taflis jfkb wflm, Ft col)t aoppbl bvbrywabrb

`r hotca còj* gut wftaùt ft* fhoiflfli o w`rjm wftaùt aymr`corg`l j``ks s` ijuh, Olm wb)jj dflm

h`rb aymr`corg`ls, Saojb* d`r bxohpjb* fs sbrfùsjy fltbrbstfli,

Vù col s`jvb ojh`st oly pr`gjbh wfta blùia blbriy, Fsrobj ibts aojd fts mrflkfli wotbr dr`h tab

`cbol,

O typfcoj moy fl tab jfdb `d Hulibr> G`ta Yorrbl olm F aovb ohozflijy pbl cojblmors, Yb)rb

portfcujorjy grutoj ogùt soyfli l` t` lbw c`hhfthblts, Yb nust jfkb t` rbom olm tojk wfta pb`pjb,

Ft)s ol bl`rhùs omvoltoib,

Yay ab jfkbs GVM> Uortjy gbcousb taby w`rk aorm ot bliflbbrfli pr`gjbhs* olm portjy gbcousb

wabl taby dofj taby put tabfr aboms m`wl olm omhft ft,

@l fhpr`vbhblt> Yabl F wos yùli F wùjm sbjj tab gbst aùr `d tab moy t` hysbjd, ]ab h`st

fhp`rtolt flvbsthblt wos fl hysbjd, ]ab rbst d tab aùrs F s`jm t` cjfblts,


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@l afs dov`rftb h`rlfli rboms> F j`vb tab Yojj Strbbt Nùrloj* gut F)vb lbvbr jfkbm fts `p(bm poibs,

]ab `lb F jfkb tab gbst fs tab Bc`l`hfst, F rbiorm ft os tab omujt pugjfcotf`l `d tab h`mbrl w`rjm,

Gut* fl fts dfbjm [lbwsX* ]abYojj Strbbt Nùrlojfs stfjj dfrst,

Oskbm ogùt porbltfli omvfcb> M`l)t prboca lb sbt d vojubs olm jfvb ol`tabr, Yaotbvbr vojubs

yù wolt t` tboca lbbm t` c`hb wfta bxohpjbs moy odtbr moy,@l rbomfli> H`st g``ks F rbom F m`l)t dflfsa tab dfrst caoptbr, F)h l`t gurmblbm gy owduj g``ks,

H`riol Aùsbj

Charlie Munger's Thoughts on the World

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Transcript of Charlie Munger's Thoughts on the World