Video Link: https://youtu.be/cj75fE7fN5I
In this episode, Charlie Munger was asked what advice would he give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle? And does he has any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time?
In this episode, you’ll learn:
Charlie Munger advice on adaptation.
How to remove ignorance?
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JULIA LA ROCHE 00:00
Okay, [Inaudible] asked, what advice would you give to someone who is trying to stay within their circle of competence but finding that the pace of technical technological innovation is rapidly reducing that circle?
CHARLIE MUNGER 00:18
Well, of course, if they bring in a brand new technology you don’t understand at all, you’re at something of a disadvantage.
And my advice would be if you have a fixable disadvantage, remove it. And if it’s unfixable, learn to live without it. What else can you do? You fix what you can fit, and what you can’t fix, you endure.
JULIA LA ROCHE 00:49
Frank Wong from Houston. You are one of the oldest and greatest thinkers of our time. Any tips for someone who wants to work on and improve their ability to hold two opposing views at the same time? Any tips on how to generate insight in these types of situations?
CHARLIE MUNGER 01:14
Well, I do have a tip. At times in my life, I have put myself to a standard that I think has helped me: I think I’m not really equipped to comment on this subject until I can state the arguments against my conclusion better than the people on the other side.
If you do that all the time; if you’re looking for disconfirming evidence and putting yourself on a grill, that’s a good way to help remove ignorance. What happens is that every human being tends to believe way more than he should in what he’s worked hard to find out or where he’s announced publicly that he already believes.
In other words, when we shout our knowledge out, we’re really pounding it in. We’re not enlarging it. And, I was always aware of that and so I’ve accepted these damned annual meetings. I’ve been pretty quiet.