“Develop into a lifelong self-learner through voracious reading; cultivate curiosity and strive to become a little wiser every day. More important than the will to win is the will to prepare. Develop fluency in mental models from the major academic disciplines. If you want to get smart, the question you have to keep asking is “Why, why, why?” Intellectual humility Acknowledging what you don’t know is the dawning of wisdom. Stay within a well-defined circle of competence. Identify and reconcile disconfirming evidence. Resist the craving for false precision, false certainties, etc. Above all, never fool yourself, and remember that you are the easiest person to fool. Analytic rigor Use of the scientific method and effective checklists minimizes errors and omissions. Determine value apart from price, progress apart from activity, wealth apart from size. It is better to remember the obvious than to grasp the esoteric. Be a business analyst, not a market, macroeconomic, or security analyst. Consider the totality of risk and effect; look always at potential second-order and higher-level impacts. Think forward and backward: Invert, always invert.”
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Charles T. Munger,
Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger