Charlie Munger: Tricks to Achieve Financial Success. | Redlands Forum 2020【C:C.M Ep.184】

YAPSS Archive
17 Sept 202207:28

Summary

TLDRThe speaker shares insights on achieving success through practical strategies rather than extraordinary talent. He emphasizes the importance of inverting problems to find solutions, as illustrated by his experience as a weather forecaster in the Air Corps. He also discusses the value of considering risks and vulnerabilities, drawing from his grandfather's advice and applying it to various life situations. The speaker recounts a real estate appraisal story where thinking in three dimensions led to a better outcome, highlighting the power of fundamental insights and mental tricks in achieving significant results.

Takeaways

  • 🧠 The speaker attributes their financial success not to extreme intelligence, but to learning 'tricks' from mentors like their grandfather.
  • 🔄 They emphasize the importance of inverting problems to solve them, drawing a parallel to their experience as a weather forecaster in the Air Corps.
  • 🚫 The speaker's approach to forecasting was to consider the worst-case scenarios and avoid them, which they believe could have saved lives, including Kobe Bryant's.
  • 👴 They recount their grandfather's advice about staying near the shore while swimming as a metaphor for avoiding unnecessary risks.
  • 🤝 The speaker shares a story about using 'tricks' learned in the ROTC to solve practical problems, such as determining the size of something by overshooting and then adjusting.
  • 🏞️ In a legal case involving a client's land and an easement, the speaker highlights the importance of thinking in three dimensions rather than two, leading to a more favorable outcome.
  • 💡 The speaker advocates for a 'bag of tricks' approach to problem-solving, which includes inverting problems and considering vulnerabilities.
  • 📚 They mention that these tricks were not taught in formal education but were learned through life experiences and practical application.
  • 🤝 The speaker suggests that by understanding and applying fundamental principles, one can achieve 'prodigious results' even without being a prodigy.
  • 🧐 Lastly, the speaker implies that a deep, habitual engagement with problems and a willingness to revisit basics can lead to innovative and effective solutions.

Q & A

  • What was the key to the speaker's financial success?

    -The key to the speaker's financial success was not extreme mobility but rather a few basic tricks learned from people like his grandfather.

  • What was the speaker's approach to being a weather forecaster in the Air Corps?

    -The speaker approached his role as a weather forecaster by thinking in reverse, focusing on how to avoid causing harm to pilots rather than just making accurate forecasts.

  • What two hazards did the speaker focus on avoiding as a weather forecaster?

    -The speaker focused on avoiding icing and running out of fuel as the two main hazards that could harm pilots.

  • What advice did the speaker's grandfather give him about swimming?

    -The speaker's grandfather advised him to swim as long as he wanted but to stay near the shore.

  • How did the speaker apply the concept of inversion to problem-solving?

    -The speaker applied the concept of inversion to problem-solving by looking at what could go wrong and then avoiding it, which he likened to solving algebraic problems by reversing the approach.

  • What is one of the 'tricks' the speaker learned from the ROTC?

    -One of the tricks the speaker learned from the ROTC was the method of adjusting for over and under in artillery shelling, which he later applied to various aspects of his life.

  • How did the speaker help his client with the Edison Company easement issue?

    -The speaker helped his client by reevaluating the easement issue in three dimensions, considering the impact of the transmission line towers on the land's development, which led to a higher compensation.

  • What was the mistake the elderly appraiser made in the client's case?

    -The elderly appraiser made the mistake of evaluating the easement's impact in two dimensions instead of three, failing to account for the significant damage caused by freezing the grade of the land.

  • What does the speaker suggest is the reason for his ability to achieve prodigious results?

    -The speaker suggests that his ability to achieve prodigious results comes from having a 'bag of tricks' and a disciplined approach to looking at problems from different angles and fundamentals.

  • What is the speaker's view on the importance of understanding the basics in any field?

    -The speaker emphasizes the importance of understanding the basics in any field, suggesting that a deep grasp of fundamentals is essential for success and avoiding common mistakes.

Outlines

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Keywords

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Transcripts

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Связанные теги
Life LessonsRisk ManagementProblem SolvingInversion ThinkingPractical WisdomDecision MakingWeather ForecastingReal Estate AppraisalStrategic ThinkingSuccess Strategies
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