Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger
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Poor Charlie’s Almanack: The Essential Wit and Wisdom of Charles T. Munger

The correct persuasive technique in situations like that was given by Ben Franklin. He said, “If you would persuade, appeal to interest, not to reason.” The self-serving bias of man is extreme, and should have been used in attaining the correct outcome. So the general counsel should have said, “Look, this is likely to erupt into something that will
... See moreRemember that reputation and integrity are your most valuable assets—and can be lost in a heartbeat.
Moreover, they had noticed that people were used to four doors in a comfortable five-passenger car and that biological creatures ordinarily prefer effort minimization in routine activities and don’t like removals of long-enjoyed benefits.
You can also learn when you’re playing the game of persuasion—for a reputable reason—to combine these forces in a way that makes you more effective. Let me give you an example of that—of wise psychology of yore. In Captain [James] Cook’s40 day, he took these long voyages. At the time, scurvy was the dread of the long voyage. In scurvy, your living
... See moreYou can say, “Is this a nice way to behave?” Well, capitalism is a pretty brutal place. But I personally think that the world is better for having Walmart. I mean, you can idealize small town life, but I’ve spent a fair amount of time in small towns. And let me tell you—you shouldn’t get too idealistic about all those businesses he destroyed. Plus,
... See more‘No man’s life should be accounted a happy one until it is over.’”
When you don’t know and you don’t have any special competence, don’t be afraid to say so.
Enjoy the process along with the proceeds, because the process is where you live.
“I wish I knew where I was going to die, and then I’d never go there.”