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What are Munger's Idiot list criteria?

Guest longinvestor

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Guest longinvestor

To not become one or to get off that list, a list would be in order. I'd like to compile one as folks chime in. Please keep it brief. Here we go,


Belief in EMH.

Not buying enough.





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Gives me a chance to review my random meeting notes.


From BRK 2004:

-Not thinking about the consequences of the consequences.

-Not remembering the trite stuff:  Don't try to outrun a train; don't use cocaine; don't engage in behavior that will get you HIV.

-Not staying away from evil and irrational people, particularly if they're an attractive member of the opposite sex.


From Wesco 2004:

-We don't think about beta.


From Wesco 2005:

-To say "I want more, and therefore I have to get more" is how you get into trouble.

-Not figuring out how best to deal with the hand that life has dealt you, and trying to get a higher return than the next fellow - it's an insane way to live.  Better to lower your expenses and your expectations.


From Wesco 2007:

-Not avoiding certain streaks of nuttiness, especially envy, jealousy, self-pity (e.g., Mozart).

-Nothing more nutty than to feel entitled, that life is unfair.  Well, if your child dies of cancer, that is NOT unfair.

-The excessive self-regard tendency:  a lot of it is self-conscious, and all humans have it (e.g., Wolfowitz making stupid mistakes).

-Not having the right wife (Ben Franklin's worst regret/failure).


From "A Morning with Charlie" 2011:

-Envy is the worst of all the sins.  There's always someone better at something than you are.  Envy is not only a sin:  it's stupid because there's no fun in it.


A reminder from the recent WisdomTree Investments thread:

-Comparing apples to elephants in projecting long-term trends.  Jeremy Siegel going all the way back to 1802 to project future stock returns - he's demented, a nut case.

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