rsodhi Posted May 9, 2014 Share Posted May 9, 2014 It seems as though this applies to everyone but Warren Buffett and Charlie Munger. It certainly applies to me. They have achieved success at all levels while remaining focused, rational, and completely down to earth. As a student of investing I have been looking for an antidote for this vicious poison, and have tried to develop a frame of mind where it is possible to remain completely level-headed despite achieving success. Charlie Munger said a very powerful thing earlier this month at the Berkshire Hathaway annual meeting. This allowed me to tap in to their intellectual framework and understand their approach to achieving consistent success. Munger, who is often referred to as the reincarnation of Benjamin Franklin referred to the accumulation of knowledge as the removal of ignorance. It is easy to say, “I’m smarter now than I was last year”. But this approach brings a certain air of arrogance. Instead, Munger would say, “I’m a lot less ignorant than I was last year.” This implies that ignorance is something that we should strive to remove, and that we always can remove with hard work. The exact quote reads, “In buying See’s Candies, the main contribution to Berkshire’s success was the removal of ignorance. If it weren’t for fact that we weren’t so good at removing ignorance, we’d be nothing today. We were pretty damn stupid when we bought See’s - just a little less stupid enough to buy it. The best thing about Berkshire is that we have removed a lot of ignorance. The nice thing is we still have a lot more ignorance left.” Link to comment Share on other sites More sharing options...
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