“I am a biography nut myself. And I think when you’re trying to teach the great concepts that work, it helps to tie them into the lives and personalities of the people who developed them. I think you learn economics better if you make Adam Smith your friend. That sounds funny, making friends among the ’eminent dead,’ but if you go through life making friends among the eminent dead who had the right ideas, I think it will work better for you in life and work better in education. It’s way better than just giving the basic concepts.” – Charlie Munger
Why It Works
Abstract ideas are slippery, but stories stick. When you attach an idea to a life (think of the invisible hand to Adam Smith the moral philosopher, or the margin of safety to Ben Graham the Depression-era investor), the idea gains a face, a context, and a record of mistakes you don’t have to repeat yourself. Munger’s insight is really about memory and judgment. Ideas tied to people are easier to recall under pressure and harder to misapply, because you remember not just the rule but the circumstances that forged it. Learning from the dead is the cheapest tuition there is because their errors cost them, not you.
A consistent theme among those who are famously successful is they seem to have been in large part self-taught in the main areas of their lives. These days, with so many available and accessible sources of information on nearly every topic imaginable, there are few excuses for being uneducated on a topic if you truly want to learn. If you have an interest in a subject, there are many ways to educate yourself in both the theory and practicality of that subject.
Economics, Business, Psychology, Politics, Science, really any topic. They all have a Mount Rushmore of thought leaders. Study these people. Go straight to the sources to get their main ideas, benefit from their wisdom, and know the concepts that paved the way to the present. You not only benefit from studying their successes, but you also learn what mistakes they made along the way, thus vicariously benefiting from both their positive and negative experiences. Building your knowledge foundation across many disciplines gives you a respect and understanding for how we got to where we are today – forming the base for future expansion on those concepts. Tying those concepts to their historical proponents makes their ideas more relatable, grounding them in the world and your memory for practical use. Which biographies or historical figures have provided you with inspiration or had the most impact on your life?
How to Start Tonight
Pick one field you care about and identify two or three of its eminent dead (Munger’s own circle would start with Franklin, Smith, and Darwin). Read one good biography followed by one primary source, such as their book, their letters, or their speeches. Repeat for the next field. Within a year you’ll have assembled a personal cabinet of advisors no living mentor could match, and advisors who never charge for their time.
Read more of Charlie Munger’s own story and wisdom in “Poor Charlie’s Almanack.“
For additional information, quotes, and books on relevant famous individuals, please visit the SAGE PROFILES page on the site. Please also visit the SAGE BOOK RECOMMENDATIONS page for many other great reads sure to add to your worldly wisdom. As an Amazon Associate I earn from qualifying purchases.
