In a compelling YouTube video titled “Charlie Munger’s Life Advice Will Leave You Speechless,” viewers are treated to a snippet of wisdom from the late Charlie Munger, captured during a CNBC interview with Becky Quick in February 2023, following the Daily Journal annual shareholders meeting.
Munger, a figure celebrated for his sharp wit and profound insights, left an indelible mark on the world through his guidance on life and investment. Even after his death, Munger’s legacy continues to inspire and educate through his myriad contributions to the fields of personal and corporate finance.
During the interview, Quick posed a pertinent question to Munger, inquiring about the essential teachings for undergraduate students in finance classes that would provide them with a solid foundation for future financial decision-making. With his characteristic candor, Munger highlighted the importance of judgment in navigating the complexities of both personal and corporate finance.
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He posited that good judgment is not an innate gift but a skill forged through experience, often learned through the trial and error of poor decisions.
“You get good judgment gradually over time partly by making bad judgments and having them work out poorly,” Munger said, stressing the importance of continuous self-improvement.
According to him, striving to enhance one’s abilities and judgment throughout life offers a significant chance of success, whereas failure to do so greatly diminishes one’s prospects.
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“So in removing idiocy, I have a 100% failing talent,” he said, highlighting his perceived inability to significantly alter the foundational understanding of those far behind. “I would teach to the people who can learn, and the others who couldn’t keep up, the hell with them. What can’t be improved can’t be improved.” This viewpoint underscores a contentious aspect of education: the practice of advancing students who show promise while struggling to accommodate those who lag significantly.
Reflecting on the competitive nature of academia, Munger shared his admiration for the exceptional people at the pinnacle of educational institutions, attributing their success not just to the educational process but also to their inherent capabilities.
“One of the reasons that they turn out such good people is they take in such good people. That’s their secret,” he said, acknowledging the limitations of education in fundamentally transforming someone’s capabilities.
The video concluded with Munger’s final thoughts on the topic. “There is an old saying, dumb is forever.”
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This article ‘Dumb Is Forever’ — Charlie Munger Insisted Some People Are Just Hopeless: ‘Teach To The People Who Can Learn, And The Others Who Couldn’t Keep Up, The Hell With Them’ originally appeared on Benzinga.com
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