When there was a question about how to become a better investor, Munger quoted Lee Kuan Yew once said this sentence, "Look at what works, and then go to action."
Question 21: Mr. Buffett, Mr. Munger, I am 11 years old this year, I am from China. This is my second time to attend your annual meeting, Mr. Munger, I am very happy to see you again. I met you once in February. Mr. Buffett mentioned at the time that as you get older, you become more and more understanding of human nature. Can you tell us something about what you have learned in this regard? How do you think these differences in human nature can help you make better investments? I also hope that Mr. Munger can supplement this question. thank you all.
Buffett: You let Charlie Munger add this question. He is older than me and can even say more than me. I really have to get older, and my physical condition is definitely slower than before. If I go to the US SAT now, I might not be able to get my 20-year-old results. This will be a very embarrassing thing for me. Charlie and I can also give you a lot of examples. When we get older, what will get worse? There are some behaviors of human nature that you must understand and should also understand.
The older the person, the more experience we have, the more we can read something about human nature, and certainly learn more when we are younger. But on the road to growth, we have learned a lot from our learning process and other people's lives, but we are not saying that we are experts in human behavior. We can't learn by reading, no matter how much we have IQ. High, no matter who taught us.
What do we really learn by? Sometimes we have to learn this through your more experience and more accumulation. Except for all my shortcomings, I may not be doing something as agile as I used to. But I do have a more acute observation of human behavior, more than 25 years ago, 30 years ago.
Munger: Lee Kuan Yew, who just passed away, once said this. He is the founding father of Singapore. He has always reiterated a sentence, "Look at what works, and then go to action." He has always said this, this is a very simple purpose. If you go through this practice, you will find that this sentence is really very effective, that is, to really find a way to be effective, but also to see how other people do things, these can help you. Buffett: Charlie and I have observed a lot of behaviors in this area, and they are all discovered in an unexpected way, and sometimes even unexpectedly, even inTVYou can see such an awkward anecdote.