Munger on Humility

“Here's an area where we have a perfect record that extends over many decades. We have been demonstrably foolish in almost every operation that had to do with real estate we've ever touched. That housing tract that I developed because I didn't want to let the zoning authorities rob me the way they wanted to — I wish I had let them. We have a certified record of failure in this deal.”

“I don't mind not having caught Amazon early. The guy is kind of a miracle worker. It's very peculiar. I give myself a pass on that. But I feel like a horse's ass for not identifying Google better.”

On missing Google despite GEICO's ad-spend evidence; wording varies slightly by transcript.

“We live in a world of sin, sorrow, and misdecision.”

“Well, all human successes are successes so far. And this is a success so far, and we don't know for sure what the ultimate consequences would be.”

“A careful survey in Sweden showed that ninety percent of automobile drivers considered themselves above average. And people who are successfully selling something, as investment counselors do, make Swedish drivers sound like depressives.”

The underlying study (Svenson) is usually cited near 70–80%; the 'ninety percent' is Munger's framing.

“Every human being tends to believe way more than he should in what he's worked hard to find out or what he's announced publicly that he already believes. While we shout our knowledge out, we're really pounding it in; we're not enlarging it.”

“Our current problems are quite confusing. In fact, if you aren't confused, I don't think you understand it very well.”

“The best antidote to folly from an excess of self-regard is to force yourself to be more objective when you are thinking about yourself, your family and friends, your property, and the value of your past and future activity.”