Just because someone is rich does not imply that he is wise, or even knowledgeable or intelligent. They could have become wealthy by stealing or through other nefarious tactics such as most politicians and their cronies do. But extreme wealth in a well-functioning free market economy signals extreme capability.
Simply because someone is rich does not mean that you should heed their advice. The converse does not hold either. Wisdom and wealthy are not correlated.
We can learn a lot from the successful. But we have to be smart enough to heed their advice. This is so in the case of Warren Buffet and Charlie Munger. As genius investors in the market, they became wealthy. Charlie Munger was the more plain-spoken of the duo. Thousands of smart people have learned a lot from Charlie.
I have an affinity for Charlie Munger. He was the greatest fan of Costco, and I was the second biggest fan. After Charlie’s passing, I claim that now I’m the biggest fan of Costco.
I’d like to share a bit of Charlie’s wisdom, for the record. Continue reading “Charlie Munger’s Wisdom”
