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What is elementary, worldly wisdom? Well, the first rule is that you can’t really know anything if you just remember isolated facts and try and bang’em back. If the facts don’t hang together on a latticework of theory, you don’t have them in a usable form.
—Charlie Munger, University of Southern California (USC) Business School, 1994
You must know the big ideas in the big disciplines, and use them routinely—all of them, not just a few. Most people are trained in one model—economics, for example—and try to solve all problems in one way. You know the old saying: to the man with a hammer, the world looks like a nail. This is a dumb way of handling problems.
—Charlie Munger, WESCO Annual Meeting, 2000
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