Showing posts with label Warren Edward Buffett. Show all posts
Showing posts with label Warren Edward Buffett. Show all posts

Sunday, April 22, 2018

The opinion on the other side

I was recently referring to my old elementary school science teacher who would always play the part of the Devil's advocate against the pupils' point of view, just to make them see the other side - and in that context I found it interesting that I stumbled upon a quote from Charlie Munger, who is perhaps best known to be Warren Buffet's partner in the investment firm Berkshire Hathaway. The quote says that:
I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do.
An attitude which, despite the fact that it sounds ambitious, is very good to have - as the knowledge it talks about is good to have. If you get to know the arguments both for and against so well that you would be able to argue for both at one and the same time, you also have in your conscious mind had the internal discussion that allows you to have an opinion.
This does not have to mean that you form an opinion which in carved in stone for eternity. People change, times change, and it's a very bad idea to hold on something just because you once thought it was the best way.
(Translated from Meningen på den anden side, originally published February 2, 2017)

Saturday, August 26, 2017

On the topic of lions

Some time ago, I was presented with a figure like the one enclosed in this post, accompanied by the explaination that it showed the way in which a person's ability within a subject area evolves over time: in the beginning, while acquiring the ability, the person is a "young lion" - ​​ambitiously pursuing more and more knowledge, getting better and better at doing what the person does, and constantly striving towards higher goals.
At one point, one becomes satisfied; one will become, so to speak, a "mature lion" that exists well with what one has acquired - but does not do anything to maintain and develop the skill set, so that it slowly goes downhill - until one at last becomes an "old lion", and one's skills really start to deteriorate badly.
It's an interesting point, as the transition between states has nothing to do with calendar time or age. It is quite simply a choice (or perhaps a deselection, but in any case: a result of a priority) when you change from young to mature and eventually to old lion. The person who showed me the figure was of the opinion that Warren Buffett showed in his competencies all the characteristics of a young lion - and if you can do it at the age plus eighty, most of us should still have the chance to prioritize correctly. It is merely to make a choice - and decide that on the points that matter, you will remain a young lion.
(Translated from "Noget om løver", originally published January 31st, 2012)