Charlie Munger has been called “one of the great minds of the 20th century.”He is Warren Buffet’s partner and co-chairman of Berkshire Hathaway.
Charlie describes himself as a “multidisciplinary thinker.” The Farnam Street blog notes that Charlie draws “heavily from the study of psychology, economics, physics, biology, and history, among other disciplines, in developing his system of ‘multiple mental models’ to cut through difficult problems in complex social systems. It … continue reading
“The basic axiom of clinical psychology reads, ‘If you could see the world the way I see it, you’d understand why I behave the way I do,’” says Peter Kaufman, the editor of Poor Charlie’s Almanack, the Wit and Wisdom of Charlie Munger.
This week we are looking at some of Peter’s wisdom.
“Now there’s two corollaries to that axiom,” he continues. “They’re logical extensions. They’re undeniable.”
Corollary … continue reading
“The three hallmarks of a great investment are superior returns, low risk, and long duration,” Peter Kaufman observes.
“The whole world concentrates on category one. But if you’re a leader of any merit at all, you should be treating these three as what?” asks Peter.
Co-priorities.
“How do you get low risk and long duration?”
Win-win.
“This is the biggest blind spot in business. People are actually proud of a … continue reading
There a simple, two-word description that describes how everything in the world works, Peter Kaufman tells us.
Mirrored reciprocity.
“Your entire life… Every interaction you have with another human being is merely mirrored reciprocation,” Peter observes.
“You’re going to get back whatever you put out there,” Peter comments.
We get what we give.
Yesterday, we looked at Peter’s 98-2 principle, which he calls “the elevator model.” Upon entering an elevator … continue reading
“Go positive. Go first. Be patient.” – Peter D. Kaufman… continue reading
“You’re standing in front of an elevator. The doors open. And inside the elevator is one solitary stranger. You’ve never met this person before in your whole life,” reflects Peter Kaufman, editor of Poor Charlie’s Almanack: The Wit and Wisdom of Charlie Munger.
“You have three choices for how you’re going to behave as you walk into this elevator,” Peter observes.
Option one is to smile and say, “Good … continue reading
When ego takes over, bad behavior typically ensues, writes Cy Wakeman in her book No Ego.
Ego argues with reality. Ego wants to be seen as “right” at all costs. It doubts, suspects, rages, gossips, and keeps score.
When we act from ego, we become self-righteous. We judge others. Ego overrides compassion: “My suffering is worse than your suffering.”
Or, we’re misunderstood, helpless, and a victim of circumstances.
There is a better way, … continue reading
Cy Wakeman believes leadership is not about motivating people or solving their problems or ordering people around.
Leadership, Cy believes, is about inquiry. We are at our best when we ask ourselves and our colleagues thoughtful questions, which lead to self-reflection and ultimately to action.
Today we examine the power of self-reflection. Self-reflection is the path to insight. It is how we become true experts in our own lives.
It is also … continue reading
In many organizations, leaders are expected to motivate people. To keep associates happy and engaged. To improve the morale of their team.
Our concept of leadership is flawed, Cy Wakeman writes in her book No Ego.
Leaders can’t motivate people, Cy observes. People make their own choices about motivation, accountability, commitment, and happiness.
Great leaders don’t solve the problems for their colleagues.
They also don’t tell, direct, or order people … continue reading
Lisa was nervous. She was a brand new hire on Cy Wakeman‘s team. The next day she was scheduled to train a group of union workers, people she wasn’t accustomed to working with.
She asked Cy for advice.
“I’d suggest you ask for feedback when the training is over,” Cy shares in her book No Ego.
The day after the session Lisa was back in Cy’s office, this … continue reading
