Here’s some more classic Munger. During his USC Law Commencement Speech, Munger provides some insights into counteracting the self serving bias, which includes overspending ones income, saying:
Q4 hedge fund letters, conference, scoops etc
(6:38) “Another thing of course that does one in is the self-serving bias to which we’re all subject.”
“You think that your ‘little me’ is entitled to do what it wants to do and for instance why shouldn’t the true ‘little me’ overspend my income. Well there once was a man who became the most famous composer in the world but he was utterly miserable most of the time.”
“One of the reasons was he always overspent his income – that was Mozart.”
“If Mozart can’t get by with this kind of asinine conduct I don’t think you should try.”
(Source:YouTube)
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