“The great defect of scale, of course, which makes the game interesting, so that the big people don’t always win—is that as you get big, you get the bureaucracy.”
Charlie Munger
Poor Charlie’s Almanack (Primary source)
In the tradition of Benjamin Franklin’s own almanack, Poor Charlie’s Almanack stands as a remarkable distillation of one man’s lifelong pursuit of what he termed elementary worldly wisdom. Compiled with evident devotion by Peter Kaufman and first published in 2005, this volume represents the most comprehensive gathering of Charles Munger’s speeches, insights, and philosophical observations spanning two decades of public discourse.
More about “Poor Charlie’s Almanack” →
“The great defect of scale, of course, which makes the game interesting, so that the big people don’t always win—is that as you get big, you get the bureaucracy. And with the bureaucracy comes the territoriality, which is again grounded in human nature. And the incentives are perverse. For example, if you worked for AT&T in my day, it was a great bureaucracy. Who in the hell was really thinking about the shareholder or anything else? And in a bureaucracy, you think the work is done when it goes out of your in-basket into somebody else’s in-basket. But, of course, it isn’t. It’s not done until AT&T delivers what it’s supposed to deliver. So you get big, fat, dumb, unmotivated bureaucracies.”
Charlie Munger
“I think a life properly lived is just learn, learn, learn all the time.”
— Charlie Munger Primary source“So you have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don’t, you’re going to lose. And that’s as close to certain as any prediction you can make. You have to figure out where you’ve got an edge. And you’ve got to play within your own circle of competence.”
— Charlie Munger Primary source“Invert, always invert”
— Charlie Munger Primary source“In my whole life, I have known no wise people (over a broad subject matter) who didn’t read all the time—none, zero. You’d be amazed how much Warren reads—and at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”
— Charlie Munger Primary sourceMore quotes by Charlie Munger →
“Your time is limited, so don’t waste it living someone else’s life.”
— Steve Jobs Primary sourceThis case isn’t ripe yet. Until it is, our policy with Mr Big is “live and let live”.
Bond looked quizzically at Captain Dexter.
“In my job,” he said, “when I come up against a man like this one, I have another motto. It’s ‘live and let die’.”
“I’m a very big believer in equal opportunity as opposed to equal outcome. I don’t believe in equal outcome because unfortunately life’s not like that. It would be a pretty boring place if it was. But I really believe in equal opportunity. Equal opportunity to me more than anything means a great education.”
— Steve Jobs Primary source“You have no responsibility to live up to what other people think you ought to accomplish. I have no responsibility to be like they expect me to be. It’s their mistake, not my failing.”
— Richard Feynman Primary source