CHARLIE MUNGER 00:00
Another thing that I found is an intense interest of the subject is indispensable if you are really going to excel on it. I could force myself to be fairly good in a lot of things, but I couldn’t be really good in anything where I didn’t have an intense interest.
So, to some extent, you’re going to have to follow me in – If at all feasible you want to drift into doing something in which you have a natural interest.
Another thing you have to do, of course, is have a lot of assiduity. I like that word because it means “sit down in your ass until you do it.”
I once – I’ve had marvellous partners all my life. I think I got them partly because I tried to deserve them and, partly, because I was wise enough to select them and, partly, maybe it was some luck.
But two partners that I chose for one little phase of my life had the following rule and they created a little design-build construction team. And they sat down and said, “Two-man partnership. Divide everything equally. Here’s the rule: Whenever we're behind in our commitments to other people, we will both work 14 hours a day until we're caught up.”
Needless to say, that firm didn’t fail! The people died rich. It’s such a simple idea. It’s such a simple idea.