'Dumb Is Forever' - Charlie Munger Insisted Some People Are Just Hopeless: 'Teach To The People Who Can Learn, And The Others Who Couldn't Keep Up, The Hell With Them'

[Leroy N. Soetoro]

https://www.benzinga.com/personal-finance/24/02/37071095/dumb-is-forever-
charlie-munger-insisted-some-people-are-just-hopeless-teach-to-the-people-
who-ca

Jeannine Mancini
Mon, February 12, 2024 at 9:31 AM PST·3 min read

In a compelling YouTube video titled “Charlie Munger’s Life Advice Will
Leave You Speechless,” viewers are treated to a snippet of wisdom from the
late Charlie Munger, captured during a CNBC interview with Becky Quick in
February 2023, following the Daily Journal annual shareholders meeting.

Munger, a figure celebrated for his sharp wit and profound insights, left
an indelible mark on the world through his guidance on life and
investment. Even after his death, Munger’s legacy continues to inspire and
educate through his myriad contributions to the fields of personal and
corporate finance.

During the interview, Quick posed a pertinent question to Munger,
inquiring about the essential teachings for undergraduate students in
finance classes that would provide them with a solid foundation for future
financial decision-making. With his characteristic candor, Munger
highlighted the importance of judgment in navigating the complexities of
both personal and corporate finance.

He posited that good judgment is not an innate gift but a skill forged
through experience, often learned through the trial and error of poor
decisions.

“You get good judgment gradually over time partly by making bad judgments
and having them work out poorly,” Munger said, stressing the importance of
continuous self-improvement.

According to him, striving to enhance one’s abilities and judgment
throughout life offers a significant chance of success, whereas failure to
do so greatly diminishes one’s prospects.

“So in removing idiocy, I have a 100% failing talent,” he said,
highlighting his perceived inability to significantly alter the
foundational understanding of those far behind. “I would teach to the
people who can learn, and the others who couldn’t keep up, the hell with
them. What can’t be improved can’t be improved.” This viewpoint
underscores a contentious aspect of education: the practice of advancing
students who show promise while struggling to accommodate those who lag
significantly.

Reflecting on the competitive nature of academia, Munger shared his
admiration for the exceptional people at the pinnacle of educational
institutions, attributing their success not just to the educational
process but also to their inherent capabilities.

“One of the reasons that they turn out such good people is they take in
such good people. That's their secret,” he said, acknowledging the
limitations of education in fundamentally transforming someone’s
capabilities.

The video concluded with Munger's final thoughts on the topic. "There is
an old saying, dumb is forever.”


--
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