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Charlie Munger's 7 Iron...

Well, so much for Carson’s three prescriptions. Here are four more prescriptions from Munger:

Charlie Munger, Warren Buffett’s late and longtime business partner, once said, “Show me the incentive and I'll show you the outcome.

Well I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I've underestimated it. And never a year passes, but I get some surprise that pushes my limit a little farther.

Charlie Munger’s formula: “There is an old two-part rule that often works wonders in business, science, and elsewhere: (1) Take a simple, basic idea and (2) take it very seriously.”

Widely-respected investor Charlie Munger on how to avoid falling victim to intense ideology and unclear thinking:

“I have what I call an ‘iron prescription' that helps me keep sane when I drift toward preferring one intense ideology over another. I feel that I'm not entitled to have an opinion unless I can state the arguments against my position bet... See more