Transcript
Introduction
What is most interesting about Munger is not his success as an investor, but the way he thinks and keeps his emotions under control. Munger's ability to cut to the heart of an issue with a few well-chosen words is legendary as is his desire to think independently. A fundamentally important truth is that people rarely make decisions independently. This means that people who can think independently gain control of their emotions and avoid psychological errors have an advantage.
Warren Buffett once illustrated Munger's desire to do his own thinking with this story. In 1985, a major investment banking house undertook to sell Scott Fetzer. Real quick, Scott Fetzer is the name of a company. It's best well-known for selling the Kirby Vacuum and the World Book Encyclopedia, but it also owns about a dozen or so other businesses. I had never heard of it before, so I had to look it up. So it says a major investment banking house undertook to sell Scott Fetzer, offering it widely, but with no success. Upon reading of this strike out, I wrote Ralph Schey.