In his own words · Learning

“The idea of rubbing one's nose on purpose is very good for civilization.”

— Charlie Munger · Outstanding Investor Digest, 1991 Wesco Financial annual meeting excerpts (original scan: theoraclesclassroom.com/wp-content/uploads/2020/10/OID-Wesco-1991-Meeting.pdf), OCR'd directly; corroborated by Kingswell "Another Munger Masterclass: The 1991 Wesco Financial AGM" (kingswell.io/p/another-munger-masterclass-the-1991), which draws from the same OID coverage. · 1991

As recalled from Outstanding Investor Digest, 1991 Wesco Financial annual meeting excerpts (original scan: theoraclesclassroom.com/wp-content/uploads/2020/10/OID-Wesco-1991-Meeting.pdf), OCR'd directly; corroborated by Kingswell "Another Munger Masterclass: The 1991 Wesco Financial AGM" (kingswell.io/p/another-munger-masterclass-the-1991), which draws from the same OID coverage. · 1991 — the sense is right but the wording is not verbatim.

Prompted by Johnson & Johnson's habit of post-morteming its own acquisitions — 'rubbing one's nose' means confronting your own decisions. The '[in your own mistakes]' often added online is not in his actual words.

More Munger on Learning

“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up, and boy, does that help, particularly when you have a long run ahead of you.”

2007 USC Law School commencement address · 2007 · where he said it ↗

“Spend each day trying to be a little wiser than you were when you woke up.”

2007 USC Law School commencement address · 2007 · where he said it ↗

“You've got to have models in your head, and you've got to array your experience — both vicarious and direct — on this latticework of models.”

A Lesson on Elementary, Worldly Wisdom (1994 USC Marshall talk), Poor Charlie's Almanack · 1994 · where he said it ↗

“You may say, 'My God, this is already getting way too tough.' But, fortunately, it isn't that tough — because 80 or 90 important models will carry about 90% of the freight in making you a worldly-wise person.”

A Lesson on Elementary, Worldly Wisdom (1994 USC Marshall talk), Poor Charlie's Almanack · 1994 · where he said it ↗

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