In a compelling YouTube video titled “Charlie Munger’s Life Advice Will Leave You Speechless,” viewers are treated to a snippet of wisdom from the late Charlie Munger, captured during a CNBC interview with Becky Quick in February 2023, at following the Daily Journal’s annual shareholder meeting. .
Munger, a personality famous for his quick wit and deep insight, left an indelible mark on the world with his life and investing advice. Even after his death, Munger’s legacy continues to inspire and educate through his countless contributions to the fields of personal and business finance.
During the interview, Quick asked Munger a pertinent question, inquiring about essential lessons for undergraduate students in finance courses that would provide them with a solid foundation for making future financial decisions. With his characteristic frankness, Munger emphasized the importance of judgment in navigating the complexities of personal and business finance.
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He posited that good judgment is not an innate gift but a skill forged by experience, often acquired through trial and error of poor decisions.
“You get good judgment gradually over time, in part by making bad judgments and having them work poorly,” Munger said, emphasizing the importance of continuous self-improvement.
According to him, striving to improve one’s abilities and judgment throughout life offers significant chances of success, while failing to do so significantly diminishes the prospects.
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“So to get the idiocy out of the way, I’m 100% flawed in talent,” he said, emphasizing his perceived inability to meaningfully alter the fundamental understanding of those far behind. “I would teach the people who can learn, and the people who can’t keep up, to hell with it. What cannot be improved cannot be improved. This view highlights a controversial aspect of education: the practice of advancing promising students while struggling to accommodate those who are significantly behind.
Reflecting on the competitive nature of academia, Munger shared his admiration for the exceptional people at the top of educational institutions, attributing their success not only to the educational process but also to their inherent abilities.
“One of the reasons they produce such good people is because they welcome such good people. That’s their secret,” he said, recognizing the limitations of education in fundamentally transforming someone’s abilities.
The video concluded with Munger’s final thoughts on the subject. “There’s an old saying that stupidity is eternal.”
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This article “Dumb Is Forever” — Charlie Munger insisted that some people are just hopeless: “Teaching the People Who Can Learn and Those Who Can’t Keep Up, the Hell with Them” was originally published on Benzinga.com
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