A Quote by Charlie Munger
The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of its principals that must have averaged 160. Smart people aren't exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.
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I've nothing against Goldman Sachs. But Goldman Sachs isn't an investment bank. Goldman Sachs is a hedge fund. It's bigger than any hedge fund. It's more leveraged, to the power of three or five, than any hedge fund.
I have been teaching you all the methods of meditation. You can choose any method that suits you. There are only one hundred and twelve methods; there is no possibility of adding more. It is exhaustive. All the methods possible have been explored. The simplest is witnessing.
It means that we must abandon the method of civil disobedience, non-cooperation and satyagraha. When there was no way left for constitutional methods for achieving economic and social objectives, there was a great deal of justification for unconstitutional methods. But where constitutional methods are open, there can be no justification for these unconstitutional methods. These methods are nothing but the Grammar of Anarchy and the sooner they are abandoned, the better for us.
Sometimes its difficult to accept, to recognise ones own mistakes, but one must do it. I was guilty of overconfidence and arrogance, and I was punished for that.
Sometimes it's difficult to accept, to recognise one's own mistakes, but one must do it. I was guilty of overconfidence and arrogance, and I was punished for that.
Our people have made the mistake of confusing the methods with the objectives. As long as we agree on objectives, we should never fall out with each other just because we believe in different methods, or tactics, or strategy. We have to keep in mind at all times that we are not fighting for separation. We are fighting for recognition as free humans in this society.
The Anti-Vivisector does not deny that physiologists must make experiments and even take chances with new methods. He says that they must not seek knowledge by criminal methods, just as they must not make money by criminal methods. He does not object to Galileo dropping cannon balls from the top of the leaning tower of Pisa; but he would object to shoving off two dogs or American tourists.
I think there are probably too many hedge fund managers in the world, as well as active fund managers. The hedge fund industry is very efficient. We see a lot of hedge funds open and a lot close. It's very binary. You either succeed or fail in the hedge fund world. If you succeed, the amount the managers make it beyond most people's wildest dreams of wealth.
It's definitely much harder to run a hedge fund today than it used to be, in my opinion. That's because there are more hedge funds to compete with.
Project management is not hard in the same way that theoretical physics is hard - there are tried and trusted methods that a lot of people without exceptional talents can use - yet we can't embed it in government.
If overconfidence can cause the Roman Empire to fall, I ought to be able to get a ground ball.
Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.
Self esteem is not the same as being self centered, self absorbed or selfish. Self esteem is also not complacency or overconfidence, both of which and set us up for failure. Self esteem is a strong motivator to work hard. Self esteem is related to mental health and happiness.
The most self-disciplined people in the world aren't born with it, but at one point they start to think differently about self discipline. Easy, short-term choices lead to different long-term consequences. Difficult short-term choices lead to easy long-term consequences. What we thought was the easy way led to a much more difficult life. I think that motivation is sort of like a unicorn that people chance like a magic pill that will make them suddenly want to work hard. It's not out there.
Insider trading by hedge funds has a long and distinguished history, dating to the days when people didn't know that there was such a thing as a hedge fund.
Forget the methods or the differences in methods. As long as we agree that the thing that the Afro-American wants and needs is recognition and respect as a human being.
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