Charlie Munger on the Iron Rule of Life. | University of Michigan 2010【C:C.M Ep.198】
[Transcript]
CHARLIE MUNGER: I think part of enjoying life is to just see it like it is, face it like it is and adapt to the reality as it is whether you like it or not.
And the reality as it is, is that Michigan is not going to dominate the world in Autos the way it once did. Baton has been passed. Athens is never again going to be the leader of all civilization. Nor is Rome, nor is London, the baton passes.
The iron rule of life in an historical sense is that if you are lucky enough to be a leadership position, eventually you have to pass the baton. That's the rule of human systems.
Biologically, we all have to die and a successful systems we eventually have to pass the baton. Those are the rules. If you don't like them, you're on the wrong Earth.
