Self-Interest
The problem with economics (capitalism) is that it assumes that the man is pursuing self-interest (the rational man). The problem with communism (Marxism) is that it assumes that the man is not pursuing self-interest.
Obituary: Charles T. Munger
My hero, Charlie Munger , passed away on November 28th, 2023. He was 99 years old. I met Munger in 2007 at my first Berkshire Hathaway shareholder meeting . It was admiration at first few words. I liked his depth of understanding in multiple domains, his honesty, and his willingness to share his wisdom. Since then I have read all his available writings and seen him many times in Omaha or Los Angeles at various shareholder meetings. He profoundly influenced Warren Buffett and the entire investing and business world. The world has lost a great leader, thinker, and teacher. Munger's response to my letter Since meeting Munger, I continue to learn from him and share what I am learning. Following are a few Munger teachings that have become my habits: 1. Inversion: When you want to solve a problem, start with inverting the problem. For example, if you have to figure out how to keep the airplanes safe, work on figuring out how they can crash. 2. Multi-disciplinary thinking:
