No. of Recommendations: 4
Munger three days ago:
"Some people get shrewder at adapting to their limitations and do pretty well. And so far I've had plenty of decline but I'm pretty shrewd about the way I handle it."
Based on Munger's DJCO 2023 comments, I would say 'shrewdm' gets the silver medal and 'rationalwalk' gets the gold medal!
=========================
What quality has helped you the most in life?
Well, that's easy, rationality. If you're just not crazy, you have a big advantage over 95% of the people because most people have all kinds of crazy patches. And if you just are consistently not crazy, you got a big advantage in life.
And here, patience and gratification deferred in addition to being not crazy. That's practically a cinch. And then if you're exceptionally good at satisfying your commitments to other people, then you've got ' you just automatically improved your resources and your chances in life enormously. And it's so simple. And why don't more people do it? It's an interesting question.
I don't think you can educate your children to do it automatically. I think if you have 10 children, you'll have some that are a lot better than others in doing this.
It is harder with success, age, wealth to hold on to rationality?
I think it's ' it's always hard when you get better other than if you get good at young and keep practicing. But it's never easy. If you had that question somebody asked, what one stock would you buy if you had to just rely on that one stock only? For your sole living expenses, you weren't allowed to have any income at all. You had to invest $1 million and live on that one stock. How many people would give an intelligent answer to that question in America? I don't think it's 1 in 100. They wouldn't even know how to begin.*
=========================
*present company excluded of course!
