Munger’s success was built on a system for decision-making—not a classical investment philosophy, but rather a mental discipline underpinning one. We outline four ideas strategists can learn from Munger to think more clearly in turbulent times.
"There is no theoretical reason why we can't live beyond our current natural limit of 120, although this would require major breakthroughs in aging research."
Sharing data with competitors might sound scary to executives, but only collaboration can solve some of industry’s biggest problems.
Noise—small, random deviations from regularities—is omnipresent. Instead of treating it as a nuisance that is to be eliminated, businesses can embrace noise as as a powerful ally.
Leaders must learn to vary the tempo in a dynamic context, manage rhythm and synchronization in an interconnected world, and embrace adaptive rules and structures when confronted with pressure across multiple timescales.
"Complex systems thinking is the dominant tool for modeling in epidemiology. Companies use it to model their inventory systems. But using it in economics is harder because the agents have more agency and are complicated."
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