Saturday, May 4, 2019

Can You Reject Your Pet Ideas?

In this weekend's Wall Street Journal, investment reporter Jason Zweig interviewed Warren Buffett's partner, 95 year old Charlie Munger.

When asked why he was so successful, he said that one of his keys was:

"I'm good at destroying my own best-loved ideas."

Mr. Munger said that he recognized the value of doing this early in life.  While most people would hate to do this, Munger now likes it because "I know how much power and wealth is in it..."

Can you discard ideas and philosophies that you love, if they prove to not be useful?  Can you then pivot to other ideas?

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