May 10, 2011

Own mistakes

Charlie Munger has developed an unusual additional attribute - a willingness, even an eagerness, to identify and acknowledge his own mistakes and learn from them. As once he said, "If Berkshire has made a modest progress, a good deal of it is because Warren and I are very good at destroying our own best-loved-ideas. Any year that you don't destroy one of your best-loved-ideas is probably a wasted year."