{"id":4359,"date":"2012-02-23T08:40:36","date_gmt":"2012-02-23T14:40:36","guid":{"rendered":"http:\/\/www.zmetro.com\/?p=4359"},"modified":"2012-02-23T08:40:36","modified_gmt":"2012-02-23T14:40:36","slug":"a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business","status":"publish","type":"post","link":"http:\/\/www.zmetro.com\/?p=4359","title":{"rendered":"A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &#038; Business"},"content":{"rendered":"<p><a href=\"http:\/\/www.ritholtz.com\/blog\/2012\/02\/a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business\/\">Charles Munger (1994):<\/a><\/p>\n<blockquote><p><i>I\u2019m going to play a minor trick on you today because the subject of my talk is the art of stock picking as a subdivision of the art of worldly wisdom. That enables me to start talking about worldly wisdom\u2014a much broader topic that interests me because I think all too little of it is delivered by modern educational systems, at least in an effective way.<br \/>\n<br \/><Br><br \/>\nAnd therefore, the talk is sort of along the lines that some behaviorist psychologists call Grandma\u2019s rule after the wisdom of Grandma when she said that you have to eat the carrots before you get the dessert.<br \/>\n<br \/><Br><br \/>\nThe carrot part of this talk is about the general subject of worldly wisdom which is a pretty good way to start. After all, the theory of modern education is that you need a general education before you specialize. And I think to some extent, before you\u2019re going to be a great stock picker, you need some general education.<br \/>\n<br \/><Br><br \/>\nSo, emphasizing what I sometimes waggishly call remedial worldly wisdom, I\u2019m going to start by waltzing you through a few basic notions.<br \/>\n<br \/><Br><br \/>\nWhat is elementary, worldly wisdom? Well, the first rule is that you can\u2019t really know anything if you just remember isolated facts and try and bang \u2018em back. If the facts don\u2019t hang together on a latticework of theory, you don\u2019t have them in a usable form.<\/i><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Charles Munger (1994): I\u2019m going to play a minor trick on you today because the subject of my talk is the art of stock picking as a subdivision of the art of worldly wisdom. That enables me to start talking about worldly wisdom\u2014a much broader topic that interests me because I think all too little [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4359"}],"collection":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4359"}],"version-history":[{"count":1,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4359\/revisions"}],"predecessor-version":[{"id":4360,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=\/wp\/v2\/posts\/4359\/revisions\/4360"}],"wp:attachment":[{"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4359"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4359"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.zmetro.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4359"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}