Charlie Munger’s biggest business mistake, and what it tells us about wisdom.
My grandmother died two weeks ago, exactly to the day. She was 92 years old. One of the things I’ve been thinking about in the days since her passing is the nature of wisdom.
There’s this quote from the chemist Frank Westheimer that goes, ‘a month in the laboratory can often save an hour in the library.’ The business version of this is ‘a decade of business experience can often save a few months of biography reading.’
One definition of wisdom is not burning N years to learn something that could have been picked up from sitting with your grandmother, listening to her stories, or from reading a book.
I want to tell you a story about Charlie Munger today, to illustrate what I mean.
Originally published , last updated .
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