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Charlie Munger, Chairman of Wesco Financial Corp, gave a speech about ideas that helped him at a early age, at the USC School of Law Commencement in May 2007. Charlie is a modern-day Benjamin Franklin, This speech is a very good introduction to Mungerism, it touches of the following topics, like:

* Importance of Life-long learning, we should strive for "Planck" knowledge and not chauffeur knowledge.

* Applying multi-disciplinary techniques like "Inversion" found in algebra to solve problems. Example of an inversion. "What will really fail in life, What do we want to Avoid in Life ?"

* The dangers of Extreme Ideology and Self-Serving Bias.

* Self-destructive behaviour like Envy, Resentment, Revenge, and Self-Pity.

* An example of why Appealing to Interests works better than appealing to moral duty.

* Objectivity Maintenance. like a mental checklist. Anticipate troubles and deal with it.

* A quote: "I think the game of life in many respects is getting alot of practice into the hands of the people that have the most aptitude to learn and the most tendency to be learning machines"

* The highest form of human cilvilzation is a semless web of deserved trust.

You can read the semi-transcript by Joe Koster
( http://valueinvestingworld.blogspot.com/2007/05/charlie-munger-usc-law-school.html )
, and watch the video here (starts around 45mins and lasts about 40 mins):

http://lawmedia.usc.edu/LawMedia4/Viewer/Viewers/Viewer320TR.aspx?mode=Default&peid=9fbec034-0c5a-45f7-bde5-c65e3caef827&pid=4f6df1cd-b2eb-4ddf-9890-9c2846944cf5&playerType=WM7#

raytoei
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