Tom Schmidt

the kind of people who are, at best, loved by a handful and tolerated by the rest.

Here are my top 10 favorite “bits of wisdom” from Charlie Munger so far:

1. “You don't have to attend every argument you're invited to.”


2. "If crooks knew how much money they could make being honest, they’d behave differently."


3. "Smart men go broke 3 ways - liquor, ladies, and leverage."


4. "Try to be consistently not stupid, rather than trying to be very

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There's a difference between feeling tired and feeling empty. One probably needs sleep. The other may need purpose.

Are you low on rest or low on meaning?

• Embrace failure as discovery, foster insatiable curiosity, and iterate relentlessly


• The core principle: break things, test repeatedly, and view each failure as eliminating one wrong approach


• If you can dream it, you can build it through iterative experimentation.

Naive Optimism + Strategic Execution

• Turn ideas into action by combining an optimistic

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“The customer is the only one who lives the problem. Everyone else is just commentating from the sidelines.”

Edmund Wilson regrets that it is impossible for him...

...without compensation to:

read manuscripts

contribute to books or periodicals

do editorial work

judge literary contests

deliver lectures

address meetings

make after-dinner speeches

broadcast.

...under any circumstances to:

contribute to or take part in symposiums

take part in chain-poems or... See more

"Stress and worry tend to be higher before you act.

Without action, all you can do is worry.

Once you begin, fear shrinks as you start to influence the outcome."

"The person who experiences the consequences should make the decision."

"When we engage in what we are naturally suited to do, our work takes on the quality of play and it is play that stimulates creativity."