CategoryBusiness

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Frederick Taylor Gates – Uncommon Common Sense

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Gates was born in New York in 1853 and grew up neither poor nor rich. The son of a Baptist minister, he followed in his father's footsteps, completing seminary at Rochester University in 1880. From the ages of 27 to 34, he served as a pastor in Minneapolis, Minnesota, to a small congregation of “those made to feel unwelcome” at the larger churches of the city.

He was a hard-working and earnest man - known for his work ethic as much as for his devoted adherence to Baptist teachings. Innately, he was also an uncommonly curious individual, spending his free time reading about education, economics, finance, political science, and medicine through self-directed study. Thus, his small Baptist congregation was fortunate to have a well-educated, good-natured head of the church.

People noticed and would seek his advice from time to time. George Pillsbury - the patriarch of a wealthy local family - came to him with a rather large problem. Pillsbury was dying, and it had always been his intention to set up a Baptist institution of higher learning. He had just written into his will a gift of $200,000 (late-1800’s dollars) for such purposes, but he feared that the endowment would be misused and wasted. Could Gates think of a way to structure the gift to ensure success?

Simple Sabotage Field Manual – How to Destroy Your Organizations

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Sabotage varies from highly technical coup de main acts that require detailed planning and the use of specially trained operatives, to innumnerable simple acts which the ordinary individual citizen-saboteur can perform. This paper is primarily concerned with the latter type….

Simple sabotage requires no destructive tools whatsoever and produces physical damage, if any, by highly indirect means. It is based on universal opportunities to make faulty decisions, to adopt a non-cooperative attitude, and to induce others to follow suit. Making a faulty decision may be simply a matter of placing tools in one spot instead of another. A non-cooperative attitude may involve nothing more than creating an unpleasant situation among one’s fellow workers, engaging in bickerings, or displaying surliness and stupidity.

This type of activity, sometimes referred to as the “human element," is frequently responsible for accidents, delays, and general obstruction even under normal conditions. The potential saboteur should discover what types of faulty decisions and cooperation are normally found in this kind of work and should then devise his sabotage so as to enlarge that “margin for error."

Charlie Munger: Practical Thought About Practical Thought

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In a long career, I have assimilated various ultra-simple general notions that I find helpful in solving problems. Five of these helpful notions I will now describe. After that, I will present to you a problem of extreme scale. Indeed, the problem will involve turning start-up capital of $2 million into $2 trillion, a sum large enough to represent a practical achievement. Then I will try to solve the problem, assisted by my helpful general notions.  Following that, I will suggest that there are important educational implications in my demonstration. I will so finish because my objective is educational, my game today being a search for better methods of thought. 

Charlie Munger: A Lesson on Elementary Worldly Wisdom As It Relates To Investment Management & Business

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I’m going to play a minor trick on you today because the subject of my talk is the art of stock picking as a subdivision of the art of worldly wisdom. That enables me to start talking about worldly wisdom—a much broader topic that interests me because I think all too little of it is delivered by modern educational systems, at least in an effective way.

And therefore, the talk is sort of along the lines that some behaviorist psychologists call Grandma’s rule after the wisdom of Grandma when she said that you have to eat the carrots before you get the dessert.

The carrot part of this talk is about the general subject of worldly wisdom which is a pretty good way to start. After all, the theory of modern education is that you need a general education before you specialize. And I think, to some extent, before you’re going to be a great stock picker, you need some general education.