2022: How can investors implement Munger's latticework of mental models?
SONG YAO: Oh, thank you, Warren and Charlie. My name is Song Yao. I’m from China, and now studying in the University of Chicago. I really admire you two, especially Charlie. You are my idol since I was a child.
And my question is also for Charlie. My question is how to practice the multi-disciplinary framework in making investment decisions and in life? Like, how to make it more practical. Thank you.
WARREN BUFFETT: Charlie? (Applause)
CHARLIE MUNGER: Well, obviously, it helps you to know more than one discipline. There’s an old saying, you know, that a man who carries only a hammer thinks everything else is a nail. And you may go on wrong decisions if you don’t have some command of all the disciplines.
That’s all I ever said. But you do irritate people terribly when you come into their territory, you say, “I’m multi-disciplinary. You’re the expert, and I know better than you.” They hate you for it. I can attest to it. I’ve done it several times. (Laughter)
WARREN BUFFETT: And, you know, China — well, to a certain degree, and they have a culture that, to some extent, reveres age. So, Charlie’s got me beat. (Laughs)
I don’t even try and compete with him on China.
I can’t catch him on age. OK.
I’m going to try to, though.
Let’s see. We’ve got Becky coming next.