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Richard Feynman & The Feynman Technique: How to Learn Anything Well


It is 1941 and you have a problem. While you haven’t yet gotten around to defining quantum electrodynamics or even started your work helping design the atomic bomb, you are nearing the end of your second year of graduate school. This means you have an exam soon.

That’s OK though. You know what to do. After all, you have made it this far already. You just do what you always do - you pull out a notebook. And not just any notebook, but one especially well-prepared for the task at hand. Namely, a blank one.

A fitting title is needed for the first page. You think for a moment, smiling to yourself as you creatively run through all the options you could pick. But, alas, none of them seem right. You opt for the tried-and-true but never worn out choice. You write it down.

You are Richard P. Feynman, arguably the brightest young physics mind in the United States at the time, and you have just written “Notebook Of Things I Don’t Know About” on the title page.

Stand Up Straight with Your Shoulders Back


That same brutal principle of unequal distribution applies outside the financial domain—indeed, anywhere that creative production is required. The majority of scientific papers are published by a very small group of scientists. A tiny proportion of musicians produces almost all the recorded commercial music. Just a handful of authors sell all the books. A million and a half separately titled books (!) sell each year in the US. However, only five hundred of these sell more than a hundred thousand copies. Similarly, just four classical composers (Bach, Beethoven, Mozart, and Tchaikovsky) wrote almost all the music played by modern orchestras. Bach, for his part, composed so prolifically that it would take decades of work merely to hand-copy his scores, yet only a small fraction of this prodigious output is commonly performed...

It also applies to the population of cities (a very small number have almost all the people), the mass of heavenly bodies (a very small number hoard all the matter), and the frequency of words in a language (90 percent of communication occurs using just 500 words), among many other things. Sometimes it is known as the Matthew Principle (Matthew 25:29), derived from what might be the harshest statement ever attributed to Christ: “to those who have everything, more will be given; from those who have nothing, everything will be taken.”

Charlie Munger: Practical Thought About Practical Thought


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: The Psychology of Human Misjudgment


Fairly late in life, I stumbled into this book, Influence, by a psychologist named Bob Cialdini, who became a super tenured hotshot on a 2,000 person faculty at a very young age. And he wrote this book, which has now sold 300 odd thousand copies, which is remarkable for somebody. Well, it’s an academic book aimed at a popular audience that filled in a lot of holes in my crude system. When those holes had filled in, I thought I had a system that was a good working tool, and I’d like to share that one with you.

And I came here because of behavioral economics. How could economics not be behavioral? If it isn’t behavioral, what the hell is it? And I think it’s fairly clear that all reality has to respect all other reality. If you come to inconsistencies, they have to be resolved, and so if there’s anything valid in psychology, economics has to recognize it, and vice versa. So I think the people that are working on this fringe between economics and psychology are absolutely right to be there, and I think there’s been plenty wrong over the years.

A Stoic Philosopher in a Hanoi Prison


The flight in September 1965 was part of his third combat tour of North Vietnam, serving as Wing Commander of the aircraft carrier Oriskany. Despite his misgivings about the purpose of him being in Vietnam, he was a competent and skilled career fighter pilot. Nothing suggested he shouldn’t expect to make it back home that day - let alone that decade.

But sometimes life deals you a lousy hand, and it dealt Stockdale quite an unfair one.

While trying to aid trapped American soldiers on the ground, he was suddenly falling out of the sky and hurtling towards a small Vietnamese village. His plane was on fire, the control system shot out by North Vietnamese who had used the grounded soldiers as bait, and he didn’t have much choice beyond punching out of the plane.

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


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.

Don’t Feel Like a Victim | Facing Adversity with Charlie Munger


In 1953, Charlie was 29 years old when he and his wife divorced. He had been married since he was 21. Charlie lost everything in the divorce, his wife keeping the family home in South Pasadena. Munger moved into “dreadful” conditions at the University Club…

Shortly after the divorce, Charlie learned that his son, Teddy, had leukemia. In those days, there was no health insurance, you just paid everything out of pocket and the death rate was near 100% since there was nothing doctors could do. Rick Guerin, Charlie’s friend, said Munger would go into the hospital, hold his young son, and then walk the streets of Pasadena crying.

One year after the diagnosis, in 1955, Teddy Munger died. Charlie was 31 years old, divorced, broke, and burying his 9 year old son.

On Old Age with Cicero


I think, my friends, that you marvel at a thing really far from difficult. For to those who have not the means within themselves of a virtuous and happy life every age is burdensome; and, on the other hand, to those who seek all good from themselves nothing can seem evil that the laws of nature inevitably impose. To this class old age especially belongs, which all men wish to attain and yet reproach when attained; such is the inconsistency and perversity of Folly!

They say that it stole upon them faster than they had expected. In the first place, who has forced them to form a mistaken judgement? For how much more rapidly does old age steal upon youth than youth upon childhood? And again, how much less burdensome would old age be to them if they were in their eight hundredth rather than in their eightieth year? In fact, no lapse of time, however long, once it had slipped away, could solace or soothe a foolish old age.

Knowing History and Knowing Who We Are


Harry Truman once said the only new thing in the world is the history you don’t know. Lord Bolingbroke, who was an 18th century political philosopher, said that history is philosophy taught with examples. An old friend, the late Daniel Boorstin, who was a very good historian and Librarian of Congress, said that trying to plan for the future without a sense of the past is like trying to plant cut flowers. We’re raising a lot of cut flowers and trying to plant them, and that’s much of what I want to talk about tonight…

We have to do several things. First of all we have to get across the idea that we have to know who we were if we’re to know who we are and where we’re headed. This is essential. We have to value what our forebears—and not just in the 18th century, but our own parents and grandparents—did for us, or we’re not going to take it very seriously, and it can slip away. If you don’t care about it—if you’ve inherited some great work of art that is worth a fortune and you don’t know that it’s worth a fortune, you don’t even know that it’s a great work of art and you’re not interested in it—you’re going to lose it.

Perseverance is Great, But Don’t Forget to Prepare


After numerous terrorism incidents in the 1970s, the United States realized its armed forces had a blind spot when it came to counterterrorism. Green Beret  Colonel Charlie Beckwith, who had served alongside the British Army's counter-terrorism unit the Special Air Service (also known as " SAS ") in Malaysia, had been pushing for such a group since the 1960s. Now that the opportunity to be proactive had passed, the U.S. Army decided it was a good time to commission its own SAS-like force - namely,  Delta Force.

That brings us to Eric Haney. Haney had a successful start to his career, joining the army straight out of high school and progressing to platoon sergeant in the Army Rangers. In 1977, he was fretting that he would wind up as an instructor given his combat experience could be put to use training subsequent Ranger generations. After jumping out of an airplane as part of a drill, he stumbled into the opportunity to try out for one of the first Delta Force squadrons.