Collection: Charlie Munger - #173 'Seamless Web of Deserved Trust'



[Transcript]

CHARLIE MUNGER 00:00

The last idea that I want to give you, as you go out into a profession that frequently puts a lot of procedure, and a lot of precautions, and a lot of mumbo-jumbo into what it does, this is not the highest form which civilization can reach.


The highest form that civilization can reach is a seamless web of deserved trust. Not much procedure, just totally reliable people correctly trusting one another.


That's the way an operating room works at the Mayo Clinic. If a bunch of lawyers were to introduce a lot of process, the patients would all die. So never forget, when you're a lawyer, that you may be (rewarded) for selling this stuff, but you don't have to buy it. You may be rewarded for selling it, you don't have to buy it.


In your own life, what you want is a seamless web of deserved trust. And if your proposed marriage contract has forty-seven pages, my suggestion is you not enter. (Laughter)


Well, that’s enough for one graduation. I hope these ruminations of an old man are useful to you. In the end, I’m like the Old Valiant-for-Truth in The Pilgrim’s Progress: “My sword I leave to him who can wear it." (Applause)


(Source: https://youtu.be/jY1eNlL6NKs)

 

[YAPSS Takeaway]