Value cultural literacy.
They mastered value, deliberate practice, and ran one of the most successful businesses in history. Don't value him because he was rich but because he was wise.
Munger was one of the great modern thinkers, with special focus on using Mental Models.
Coaches and players with higher basketball IQ have an edge; sport is about edges - technical, tactical, physical, psychological.
Here are a few mental models to think about:
1. Circle of Competence... the more we understand, the larger our circle. It's not only "know that" but "know how" that enters into the equation.
2. Sample size. Be cautious about making sweeping generalizations base on a small amount of data. The first time I saw Jayson Tatum play for Duke he committed a huge amount of turnovers.
3. Self-interest. Do not underestimate the influence of self-interest in decision making. Professor Adam Grant explores this in one of his books, "Give and Take." He describes givers, matchers, and takers. The most successful people are 'ambitious givers'.
Lagniappe. For those who want in-depth looks at Munger's style and substance, here's a classic video.
Lagniappe 2. Find confidence components.
Lagniappe 3. Quotes from Munger's "Poor Charlie's Almanack"
"And then all that is required is a willingness to bet heavily when the odds are extremely favorable, using resources available as a result of prudence and patience in the past."
"The best armor of old age is a well-spent life preceding it."
“Those of us who have been fortunate have a duty to give back. Whether one gives a lot as one goes along as I do, or a little and then a lot (when one dies) as Warren does, is a matter of personal preference.”