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Munger DJM Quotes


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“Warren got disenchanted with Wells Fargo,”

 

“I don’t think it’s required we be the same on everything,” “We have different tax considerations.”

 

“There’s no question about the fact Wells Fargo has disappointed long-term investors like Berkshire,” said Munger. The 97-year-old billionaire blamed the “old management,” but said they were not “consciously malevolent or thieving but had terrible judgment in creating a culture of cross-selling.”

 

“I think I’m a little more lenient,” Munger said, comparing himself to Buffett. “I expect less out of bankers than he does.”

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Humility and Honesty. When Charlie said he was probably not the best person to give marital advice due to a past failed marriage I thought this spoke tremendously to his Humility. He also was not obligated to bring up his past failed marriage which I believe spoke to his high degree of honesty. I hope Charlie is able to give many more talks like this. It made my day.

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"The first secret to a happy life is low expectations."

I lived when he said this. It was interesting how he also said people seem to be born with a certain personal level of happiness. These statements are somewhat opposing.

Not necessarily.

What if the genetic traits to be happy include a natural and spontaneous inclination to set low expectations?

This is a controversial and ‘soft’ topic but twin studies reveal interesting findings (to help define what is genetic, first and second order, and what is not). It appears genetic traits explain a lot about the level of one’s happiness but also the environment and one’s conscious efforts do contribute significantly. Consciously aiming for low or appropriate expectations may help?

A difficult part, let’s say one starts with a 2/10 score on genetic traits, may be to settle for a maximum 4/10 level of happiness. :)

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Happiness ... Interesting topic, very important.  Here is the best guideline I've encountered -- a quote from Bertrand Russell:

 

"The secret of happiness is this: let your interests be as wide as possible, and let your reactions to the things and persons that interest you be as far as possible friendly rather than hostile."

 

Meaningful enough for me, that I printed it out and keep it in my "desktop to-do folder" where I re-read it about once a week.  I haven't always managed such lofty behaviour, but I recognize the merits of Russell's advice.

 

So how did I encounter that:  A guy who goes by the nickname of KrazyDad has an online puzzle website, and when one solves a puzzle, up pops a neat saying.

 

Cheers,

ws

 

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