Hi Mr. Munger, you highlighted this idea of ‘deferred gratification’ a lot today. I just want to get your thoughts on what areas and aspect of life is it most valuable? And where should you not be applying when you should enjoy things now versus you should just grind away and invest in the future? Thanks.
Well, I don’t think you should use up your body by being stupid in handling it. And I don’t think you should be stupid in handling your money either.
And I think there are a lot of things where the only way to win is to work a long time towards a goal that doesn’t come easily.
Imagine becoming a doctor. That is a long grind. All those night shifts in the hospital and so and so on. It’s deferred gratification. But it’s a very honorable activity being a doctor. By and large our doctors are very nice people and they’ve been through a lot.
So I tend to admire the life of a doctor more than I admire the life of a derivatives trader. And I hope all of you do too. And I think deferred gratification in the way our doctors behave is a very good thing for all the rest of us.
"I think there are a lot of things where the only way to win is to work a long time towards a goal that doesn’t come easily." ~Charlie Munger