This popular aphorism is widely attributed to Charlie Munger and reflects his principle of "incentive-caused bias", but I have not been able to locate a primary source (speech or publication) in which he states it in exactly this form.
The saying might be a paraphrase of either (1) this verified quote or (2) this verified quote.
This quote is commonly attributed to Charlie Munger, but I have not been able to locate a primary source. Use with caution in academic or professional contexts.
“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“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 source“If anything, I now believe even more strongly that reliability is essential for progress in life and while quantum mechanics is unlearnable for a vast majority, reliability can be learned to great advantage by almost anyone.”
— Charlie Munger Primary source“Invert, always invert”
— Charlie Munger Primary sourceMore quotes by Charlie Munger →
Incentives Results Outcome Motivation Money Change