“You’re not going to get very far in life based on what you already know. You’re going to advance in life by what you’re going to learn after you leave here.”
Education doesn’t stop after you graduate from college. It doesn’t stop after you finish your MBA or PhD either. Munger says, “Wisdom acquisition is a moral duty. It’s not just something you do to advance in life.”
It’s a moral duty because it’s only through continuous learning that we can add to the vast knowledge of man kind. If we stopped learning, progress in all industries—computers, finance, engineering, biology, stops as well.
Charlie Munger Speech at USC – May 2007
Part -1
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Part 5
Transcript of the Video:
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okay thank you
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rosemary congratulations love their global austin’s
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it’s now my honor to introduce their keynote speaker and I suspect there
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you know some love you way back there who were here just for this reason
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I had the great regulated being
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in Pasadena Wednesday afternoon at this week at the Westin board meeting
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where Charlie Munger see so for three hours love it was yummy
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are in there about 1000 people there come from all over the world
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from you get a lying Delhi in Australian
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various parts just the Year Curlin talk so it’s a tremendous honor
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and I’ll in a privilege that we’re here
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presenter right here you with the campus utterly as many you may know is the
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vice-chairman
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a Berkshire Hathaway that is the legendary investment company headed by
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warren buffett
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I’ll like my quarterly growth in Palm
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on charlie is also the chairman West Co
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which is a subsidiary Bircher me hold an annual meeting every year and is open to
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the public some
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appliances that you know next year it’s not mine Charlie like warns me diploma
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%uh he studied at the University of Michigan answered in the United States
1:17
Navy before entering
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are law school Miller utterly
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bambi inward as the real estate attorney active real estate development as well
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buddy up founded in worked as a real estate attorney at very prestigious
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prominent for up munger tolls and wholesome
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until 1965 when he left the practices law
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and became investment manager are
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year sentence suspended standard you Charlie Munger
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law leaving the law was probably the best decision he ever made
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so just sleepy are leaving the law was probably the best decision surely ever
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made
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he took his legal education kind of skills that you learned
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in law school in applied it to investing and today he is listed by Forbes as one
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the wealthiest people in the world so that whole if not for you
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for your parents and all those people who work so hard to support you for the
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last three years
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%uh Charlie credit much of his success to his favorite pastimes
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reading and thinking what lines that really developed a dissenting
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wisdom at the West to be was
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it is with your after if it’s within your after
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you going to spend a lot of time sitting on your ass in reading
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that’s cool German so re
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the the thing question question question
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this is what really is really about his observations that well
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business in life inspired near hold means
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it’s true they where Charlie Munger shirts and they come to these meetings
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in cystic acne thing to see
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lot these are gathered up in his book quarterly almanac
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which was that edited by your car wins over year
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co-player USC Trojan graduate of their business and accounting schools
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an hour get well it’s a wonderful thing you can’t get it
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I keep getting to see you noting it is you know because it’s Charlie Munger
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but now it’s called were careless almanac into collections
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speeches and witticisms and thoughts that’s tremendously powerful
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are you just an example is one of my favorite manga reasons
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I’ll while all I want to know the only thing I want to know
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is where I’m going to die so I would never go there
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that necessarily nothing weird both missed you again this morning
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right with Joe which was all while fun but a saying attributed
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I think I think this is from Warren but I’ll take the high road
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you find it less crowded up so that’s the way he really thinks he’s a
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brilliant man he said
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friend and mentor throughout the past year
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and I’m delighted that we’re going to get engines
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fences with him as a keynote speaker so early member
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go
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many you are wondering why the speaker is soul
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answers obviously hasn’t died yet
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and why was the speaker chosen
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well I don’t know that either I like to think that the development department
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had nothing to do with it
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up
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whatever the reason I think it’s very fitting that I’m sitting
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here because I C one crowded faces in the rear not wearing
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robes and I know
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from having educated in army descendants who does really deserves a lot of the
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honors
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that are being given the people appear in front the sector
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rise among was them the value transfer come from one generation to the next
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can never be underrated and that gave me enormous pleasure as I look at this
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CEO Asian faces to my left all my life I’ve admired Confucius
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I like the idea of the legal
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fire the idea that there values that
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her rock duties that come naturally and the
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all it should be passed on to the next generation and
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you people don’t think there’s anything in this idea
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please note how fast these Asian faces are raising
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in american life I think they have something
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alright the
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I scratched out a few notes and
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I’m going to try and just
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given account some ideas and attitudes that worked well
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for me I don’t claim that they’re perfect for everybody
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although I think many of them are pretty close to universal values
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them many of them are are can’t fail ideas
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what are the core ideas that help me
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well luckily I got at a very early age
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the idea that the Sabres way
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to try and get what you want was to try and deserve what you want
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it’s such a simple idea at the golden rules
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be you you are delivered to the world what you would buy
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you were on the other end there is no easels
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in my own Banyan is better for any
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lawyer any other person by and large the people who can’t this
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Eagles on win in life
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they don’t win just money just honors Ahmad
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months the whim respect the deserved trust
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the people a deal and there’s huge
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wage in life to be obtained
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from getting deserved trust
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and so and the way together is to
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deliver but you’d wanna buy if the circumstances
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were reversed occasionally use find a
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perfect role gerber’s
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guys rich in with
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and widely known but mostly these people are fully understood by the surrounding
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socialization
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and when the cathedral’s all people
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at the funeral ceremony was that merle are there
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celebrate the fact that the person is dead
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and that reminds me of the stereo
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but I’m one of these people died in the minister said
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it’s now time for someone to say something nice about the deceased
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and nobody came forward and nobody came forward
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and nobody came forward and finally one man came up and he said well
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his brother was worse
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that is not where you want to go
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that’s not going to funeral you wanna head
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leave entirely the wrong example a second idea
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I got very early was
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there’s no love that’s all right
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as admiration based love and mad love should include
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the instructive yet somehow I got that idea
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anime
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bullet in all my life it’s been very very
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useful to make love like that celebrated mice
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Somerset Maugham yen his book The Human Bondage
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that’s a sick time well it’s a disease
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and if you find yourself in a disease like that my
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ways to use turn around them fixed
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eliminate another idea
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like and this may
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remind you jersians to is that wisdom acquisition was a moral duty
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it’s not something you do just to advance
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wife was to my position as a moral duty
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and am
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as a corollary that proposition which is very important
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it means your look for lifetime learning
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and without lifetime learning
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you people are not going to do very well you’re not going to get ready for
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life based on where you already know you’re going to advance in life
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but what you’re going to learn after you leave your
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you take Bircher Hathaway which is
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certainly one of the best regard corporations in the world may have the
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best
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invest long-term investment record in the entire history of civilization
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this skill
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that got Berkshire through one decade
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would not have sufficed together through the next decade with the
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achievements made without Warren Buffett being a learning
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she continuous learning machine the record would have been
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absolutely impossible the same is true at lower
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walks away I constantly see
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people rise in life were not the smartest
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sometimes not even the most diligent but they’re learning machines
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go to bed every night a little wiser than they were when they go
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and boy does that help but help
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particularly when you have a long run my head at you
2:18
Alfred North
2:24
way here said at one time that the rapid
2:28
advances civilization came only when man invented
2:32
the method bench the course he was referring to
2:36
huge growth GB GDP per capita
2:41
all the other good things that we can now take for granted
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which happened just started a few hundred years ago
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and when before that always
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stays am so
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civilization
3:00
in progress only one in advance methadone mention
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you can progress only when you learn
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the method learning I was very lucky
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I came to law school having learned about that
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learning down
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and nothing has served me better
3:22
my long life them continuous
3:25
learn if you take warren buffett you watched it with the time clock
3:30
I would say half all the time
3:35
Louie Spence’s just sitting on his ass in reading
3:38
and a big chunk of the rest at the time
3:42
is spent talking one-on-one either on the telephone or personally
3:46
with highly gifted people whom he trusts
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and who trust you other words it looks
3:55
quite academic all his worldly success academia has many wonderful well user
4:01
I came across such a value not too long ago
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wells several years ago when
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my capacity as a hospital were German I was dealing with it.
4:14
medical school academic in this man over
4:18
years apart work it made him self know more about bone tumor pathology
4:24
than almost anybody else in the world only wanted to pass this
4:28
knowledge under the rest of us and
4:32
and for today the people treat cancer bogans
4:36
and how was he going to do it will be decided to write
4:40
a text book will be very useful
4:44
other people I don’t think it takes a look like this sells two thousand copies
4:47
but those two thousand copies are in all the major cancer centers in the world
4:52
he took a year’s sabbatical
4:55
sat down with his computer me at all
4:59
slides good save them organize them while
5:03
you work seventeen hours a day seven days a week
5:07
for a year with his sabbatical at the end of the year he had won the Grade
5:12
bone tumor with a legit explodes in the world
5:16
when you’re around values like that
5:19
you wanna pick up as much as you can
5:27
the other another idea that was
5:30
hugely useful to me was
5:34
the listened in law school with some way
5:37
said a legal mind
5:40
is a mine went to things sir
5:44
all twisted up together
5:48
interacting it’s feasible to think
5:51
responsibly about one thing and not the other well I can see from
5:56
one sentence that that was perfectly ridiculous ans
6:00
push me further into my natural grip
6:03
which wasn’t too learning all a big ideas on all a big disciplines
6:09
so I wouldn’t be a perfect damn fool was trying
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think about one aspect of something that couldn’t be removed from the fidelity
6:19
the situation
6:20
in a constructive fashion and well I know that
6:25
since the really big ideas carry ninety-five percent but look free
6:30
wasn’t all hard for me to pick up all the big ideas
6:35
in all disciplines and make them a standard
6:38
or by mental routines once you have the ideas
6:43
doors they’re no good if you don’t practice you don’t practice you lose
6:47
so I went through life constantly practicing
6:50
this followed disciplinary approach well I can’t tell you what that standard
6:55
me its its
6:58
it’s made like more fun it’s maybe Morgans struck
7:02
its may be more helpful others it’s made me enormously rich
7:05
you name it that attitude really helps
7:09
no other dangers because it works so well
7:13
that if you do it you will frequently find your sitting
7:18
in the presence of some other
7:21
expert maybe even an expert that superior to you
7:24
supervising you and you will know more than he does about his own specially
7:30
a lot more you’ll see the correct answer when he’s missed
7:33
that is a very dangerous position to be in
7:37
you can cause the norman’s offense by
7:41
helpfully being right away Gaza somebody else to lose
7:45
face and I never found the perfect way to
7:51
to solve that problem I was a great poker player when I was young but I
7:57
wasn’t good enough Walker player
7:58
so the people failed a sense
8:03
well I thought I knew more than they did about their subjects
8:06
and it gave a lot of offense no I’m just a girl is eccentric
8:11
but there was a difficult period to go through and
8:16
my advice to you is to learn sometimes to keep your life under a bushel
8:23
wanna my way colleagues also
8:28
number one is class in law school a great success in life work
8:31
report its other but he knew a lot and he tended to show as a very young lawyer
8:37
one day the see your burger was working under call a man in settlers and Chuck
8:42
on explain something to you
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your duty under any circumstances
0:03
is to behave in such a way that the client thinks he’s the smartest person
0:07
in the world
0:08
you got little any little energy your insight
0:12
available after their use it to make your senior partner
0:16
look like the smartest person in the world only after you satisfied those two
0:21
obligation beyond
0:22
your light to shine a law well
0:26
babe very good advice for raising a large for
0:29
it wasn’t well I
0:33
yet I always abate the craft my nature
0:36
whether people didn’t like it will I didn’t need to be adored by everybody
0:41
another idea and by the way
0:46
when we talk about this multi-disciplinary attitude
0:50
I’m really following
0:54
a very key idea the greatest lawyer antiquity
0:57
Marcus Tullius Cicero sorrow is famous for saying
1:03
a man who doesn’t know what happened before he’s born
1:07
go through life like a child that is a very correct idea
1:12
apps israel’s and he’s right ridicule
1:16
somebody’s so foolish as not to know what happened words born
1:20
but you generalize says /url
1:23
as I think one should they’re all these other things
1:28
you should know in addition to history and
1:31
those other things the big ideas in all the other doesn’t
1:35
doesn’t help you just don’t know them enough so you could problem back
1:39
examined getting a you have to learn these things in such a way
1:43
they remember lattice work in your head and you automatically
1:47
use them for the rest of your life if you do that I solemnly promise you
1:52
one day you’ll be walking down the street and look to your right
1:57
left the building Mike heavenly days I’m now on I’ll
2:01
few most competent people love my whole age
2:04
over if you don’t do it
2:08
many of the register you will livan
2:12
middle ranks room shelves another idea
2:17
like and was
2:22
encapsulated that story deion
2:26
recounted about them wanna know where he was going to die any wouldn’t go that
2:31
work
2:32
bowler that rustic
2:35
who had that idea had a profound
2:39
truth in his hand
2:43
the way complex adaptive systems
2:47
work and the way mental constructs were
2:51
problems frequently get easy
2:54
I I’d even say usually Aires year to solve your turn around and rivers
2:59
in other words if you want to help India the question you should ask is not how
3:04
can I help in the
3:05
think what’s doing worse damage in India
3:09
what will automatically be the worst damage an hour while Boyd
3:13
you think they logically the same thing
3:16
they’re not those that you were master elder know that
3:20
virgin frequently will solve problems which nothing else
3:24
will solve and in life on this year
3:28
more gifted lines line in virgin will help you solve problems
3:33
you can solve another way let me use a little amber gym now
3:37
what will really fail
3:41
what we want to avoid such as the easy answer
3:45
sloth amor reliable if you’re unreliable doesn’t matter what your virtues
3:51
you’re going to greater immediately so doing what you love
3:55
greatly engage do should be in automatic
3:59
bird your clamber
4:03
you want to avoid slow them unreliable another thing I think should be avoided
4:08
is extremely intense ideology
4:12
because it cabbages up one’s mind
4:15
you’ve seen and you see a lot of
4:19
you on TV preachers in a level that everybody is about theology and
4:24
am love them mines are made a cabbage
4:29
and up and but they can have a political ideology
4:34
and if you’re young it’s easy to drive standard loyalties and when you announce
4:39
that your loyal member you start shouting me
4:43
orthodox ideology out what you’re doing is pounding India
4:47
pounding area your gradually ruining your mind so you wanna be very very
4:53
careful
4:54
this ideology I you it’s a
4:57
big danger in my mind got a little
5:02
example use whenever I think about ideology and that’s the Scandinavian
5:07
canoeists
5:08
moves succeeded taming Rapids a
5:11
Scandinavian and they thought they would tackle whirlpools
5:15
here in Rapids here United States
5:18
death rate was a hundred percent
5:22
a big world who was not something you want to go into
5:25
and I think the same is true other really
5:28
d ideology
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I have what I call on Iran prescription helps me keep same
5:35
financially groove or river and 18 ideology over another
5:40
and that is I say I’m not entitled to have an opinion on this subject
5:44
miss i can state the arguments against
5:47
my position better than the people do
5:50
who are supporting I think
5:54
only one agrees that state am I qualified to speak
5:58
you can say let’s too much of an iron discipline it’s not too much alertness
6:02
isn’t even that hard to do it sounds a lot like the iron prescription
6:08
Fernanda great it’s not necessary to hope in order to persevere
6:13
that probably is too tough for most people I don’t think it’s too tough for
6:17
me but it’s too tough for most
6:19
but this business a not drifting and will be extreme ideology
6:24
is a very very important thing in life
6:27
if you wanna have more correct knowledge
6:30
be wiser than other people the heavy ideology
6:34
is very likely to do you in another thing of course that does money and as
6:38
the self-serving bias
6:40
which were also object
6:43
you think the true little me
6:47
is entitled to do
6:50
what it wants to do and for instance
6:54
why should the truly overspend my anger
7:00
well there once was a man who became the most famous composer in the world
7:06
but he was utterly miserable most I’m one of the reasons was he always
7:10
overspend is a go
7:12
that was Mozart if Mozart can’t get my oldest and last night conduct
7:17
I don’t think you should drop
7:25
generally speaking and be resentment
7:29
revenge in self-pity are
7:32
disasters modes thoughts so billy gets pretty close to paranoia
7:37
and paranoia is one of the great hardest things to reverse
7:40
you do not want to drift into self-pity
7:43
I have a friend who carried a big stack lemon tarts
7:47
about this there and when somebody would make comment that reflected self-pity
7:52
you take out one of the cards
7:56
take top one of the stack in hand to the person
8:00
and the card said your story as touched my heart
8:04
never have I heard have anyone with as many
8:07
misfortunes you
8:11
well you can say that swagger but I suggest that every time you find you’re
8:15
drifting in the self pity I don’t care
8:17
what the cause your child can be dying of cancer so clearly is not going to
8:21
improve the situation
8:24
just give yourself one of those cars
8:27
it’s a ridiculously to be a and when you avoid
8:32
you get a great advantage over everybody else almost everybody else
8:36
because self-pity is the standard condition
8:39
and get you can train yourself our
8:44
and of course a self-serving bias
0:00
serving bias you wanna get out with yourself
0:03
thinking that what’s good for you is good for the wider
0:07
civilization and rationalizing always read
0:10
ridiculous conclusions based on these the subconscious
0:14
tendency to serve oneself is a did
0:18
terribly inaccurate way to think and
0:21
and of course you want to drive that are yourself because you want to be wise not
0:26
foolish
0:26
you also have to allow for the self-serving bias
0:30
have everybody else because most people are not gonna removal
0:34
successful human condition being what it is
0:37
if you roll over self-serving bias in your conduct
0:41
again your or you just come I watched the brilliant
0:46
Harvard Law Review trained general counsel solemn
0:50
loses career and what he did was when the CEO
0:55
was aware that some underling at done something wrong
0:59
the general counsel said gee we don’t have any legal duty to report
1:03
as but I think it’s what you we should do it’s our moral duty
1:06
miss them but general counsel was totally correct
1:10
course it didn’t work it was a very unpleasant thing for the CEO to lay
1:14
people off
1:15
little due course whether being eroded into a major scandal on down went to see
1:21
you on the general counsel with him
1:22
the correct
1:26
answer in situations like that was given by Ben Franklin
1:30
City you would persuade appealed
1:33
interest not the reason self-serving bias is so extreme
1:37
if general counsel said look this direct summit will destroy you
1:42
take away your money take away your status it’s a perfect disaster
1:45
little work you want to appeal to interest
1:51
and you want to do it lofty motives
1:55
but but you you you should not live with him
1:58
appealing interest another thing perverse incentives
2:04
you know wanna be in a perverse incentive systems causing dude
2:09
behave more and more seamlessly or worse and worse
2:13
incentives are too powerful a controller
2:16
human cognition human behavior and
2:19
what are the things you’re going to find it some other law firms
2:23
is billable hour quotas an I could not lived under billable hour
2:29
world 24 growers year that would cause huge problems for me I wouldn’t have
2:35
done
2:35
and I don’t have a solution for that for you you’ll have to figure it out for
2:41
yourself
2:41
but it’s a significant problem
2:45
perverse associations
2:49
also to be avoided you particularly want to avoid
2:53
working directly under somebody you really don’t
2:56
minor and don’t want to be like it’s very dangers were also objected controls
3:04
on
3:05
step authority figures prickly authority figures that are warning us
3:09
and that requires and count the way I so
3:13
that is I figured out the people I did admire her and I maneuver
3:17
cleverly without criticizing anybody so I was working entirely under people
3:22
I admired and allow law firms will permit that if you’re sure
3:26
do to work it out and
3:30
your outcome in life will be more way more satisfactory and way better
3:35
if you work under people you really minor
3:38
the alternative was not a good idea objectively
3:44
objectivity maintenance well we all remember that Darwin
3:49
paid special attention to just confirming evidence particularly when it
3:53
does confirm something
3:54
he believed in love well
3:57
objectivity maintenance routines are totally required
4:02
life if you’re going be a great thinker and
4:06
there were talking about
4:09
darwin’s attitude special attention to the dismemberment no evidence
4:15
and also to checklist groupings checklist routines
4:20
avoid a lot of buyers you should have always elementary wisdom
4:24
you should go through mental checklist
4:27
in order to use there’s no other procedures workers well
4:31
last idea that I found very important is like
4:37
I realized very early that Nani gallery
4:40
would work better %um the
4:44
parts the world I wanted to inhabit
4:48
growing but Nana ghali I mean John with money was the number one
4:52
a basketball college in the world he just said to the bottom where players
4:58
you don’t get the players were
4:59
your sparring partners the top seven dollar playing
5:03
well it up some learned more remember the learning machine because they were
5:07
doing all applying
5:08
and winning got that system wide wooden one more than he never won before
5:14
I think the game love life from in many respects
5:18
is getting a lot of practice into the hands
5:21
the people that have the most aptitude to learn in the most tendency to be
5:25
learning
5:26
machines and if you want the very highest reaches a human civilization
5:31
that’s where you have to go you doing on want to choose a brain surgeon from your
5:36
child
5:37
150 applicants well we’ll just take turns doing the procedure
5:41
you know that’s not the way to get the really important lawyer
5:45
airplanes designed that way you don’t want your Berkshire Hathaway’s runaway
5:51
you want to get the power and the right people
5:56
I frequently tell the story of
5:59
well max plank when he won the nobel prize and went around
6:04
Germany giving lectures on quantum mechanics
6:08
and the chauffeur gradually man memorize the lecture he said would you mind
6:12
professor plaque
6:13
just because of Boehringer stay meridians would you mind if I gave a
6:17
lecture this time and you deserve from my chauffeurs and
6:21
blank said sure on sobre el opening game as long lecture on
6:26
quantum mechanics after which a physics research that up
6:30
career NASCAR perfectly ghastly question
6:33
and the chauffeur said well says I’m surprised them
6:36
ban city like munich I get such an elementary question
6:39
I’m gonna ask my chauffeur reply
6:45
well the reason I tell a story is not entirely to celebrate the quickness
6:49
with where did mister protagonist
6:54
in this world we have two kinds and knowledge well as playing
6:57
knowledge the people who really know they paid the news they have the
7:01
aptitude
7:02
never gets over knowledge they have learned
7:05
to prattle talk may have a big
7:08
here me a friend Kimberley Voice Lee Graham ago
7:11
lol impression but the and they’ve got sober
7:15
Alex I think I’ve just described practically every politician in the
7:19
United States
7:22
and this
7:26
and you’re gonna have a problem in your life
7:30
I’ll getting the responsibility in the
7:33
people will look like in a way to the people lavish over
7:38
and their huge forces working against you
7:43
my generation has failed you two songs we’re delivering to you in california
7:48
legislature were only the certified notes from a left on the certified
7:54
notes from the right are allowed to serve
7:58
another rule that’s what my generation has done for you
8:02
but you would like it to be too easy with you
8:11
another thing that I found is
8:14
than intense interest in the subject
8:17
is indispensable with your real economic zone
8:21
I could force myself to be fairly good no other things
8:25
I could be really good anything where he didn’t have an intense interest
8:29
so to some extent you’re going to have to follow
8:33
me im %um in
8:37
if all feasible you want to drift into doing something which you have a natural
8:41
infers
8:44
know that you have to do courses it
0:00
the new courses is have a lot of assiduity
0:05
I like that word because it means sit on your ass until you do it
0:09
and I once at marbles partners I’ll
0:15
I think I got them early cuz I tried to deserve them in parley cuz I was wise
0:19
enough to selectman partly
0:21
maybe it was maybe those on low
0:24
but two partners alike chose
0:28
for one little phase in my life the following rule when they create a little
0:32
design build construction T is at the onset
0:36
to end partnership like
0:39
divide everything equally here’s the rule
0:42
when ever were behind
0:46
you know commitments other P we will both work 14 hours a day in the week
0:51
while
0:52
needless to say that from getting failed
0:55
the people died under rich such a simple idea
0:59
just it’s such a simple idea
1:03
the app know that the course is the
1:08
wife will have terrible blows horrible girls
1:12
unfair blows don’t matter
1:16
and some people recover others don’t and
1:20
him there I think the attitude about 50 this
1:24
is the best he thought that every missed chance in life was an opportunity to
1:30
behave well
1:31
every missed chance in life was an opportunity
1:34
to learn something and your duty was not
1:38
be submerged in self-pity but
1:41
who utilize the terrible wall
1:45
in a constructive fish that is a very good idea
1:48
you may remember the effort to which
1:51
every kid has left rooms here lies a big tits
1:56
sleigh maimed in buggy and the over the poverty
2:01
and favor to the gods well that’s the way
2:05
ever it is I remembered he said big consequences
2:08
and he was favored ago he was favored because he became ones
2:13
and he became an very good idea
2:17
I’m gonna find a little idea
2:21
because I’m all for rooms as well as opportunism
2:24
my grandfather was the only federal judges
2:29
early for nearly forty years I really admired his namesake
2:34
and I’m confusion enough to leave now
2:37
I sit here and I’m saying well judge longer would be pleased to see me here
2:41
so I’m confusion of all these years after my grandfather
2:46
is dead tunes carry the torch for my gram
2:50
fathers values and grandmother under
2:55
was a federal judge in time and there were no pensions for for Windows a
2:58
federal judge’s
2:59
so he didn’t say from his income my my grandmother would have been your
3:04
began to me was the owners believe them
3:08
his life lester comfortable circumstance
3:11
along the way thirties my uncles bank
3:16
failed could reopen and my grandfather save the bank by taking
3:20
over a third his assets good assets and putting them into the bank and taking
3:26
horrible assets and Exchange and of course it didn’t save the bank then
3:30
monogram political Aussie most of his money
3:34
eventually but it was remembered the example
3:39
and so when I got to college tonight came across house
3:42
I remember little home from
3:47
house went something like this: the thoughts above others were lightened
3:51
fleeting
3:52
lovers meeting love for fame mine were a Pro Bowl in mind were steady
3:57
and I was ready when trouble came you can say who wants to go through life
4:02
anticipating bro
4:03
well I did all my life grant your life
4:06
anticipating trouble Here I am along 84th year
4:12
unlike every kate is a better save her life I did make me unhappy
4:16
to anticipate trouble
4:20
done and be ready to perform adequately of trouble came
4:24
dinner at all second helping so I quit claim to you
4:29
awesome in judgment last idea
4:32
I want to give you as you go out and do profession mothers
4:35
frequently puts a lot of procedure in a lot of precautions lol
4:41
mumble jumble well it does
4:45
this is not the highest
4:48
form which civilization Ridge the highest form
4:52
civilization could reach it is a seamless web well-deserved rest
4:58
not much procedures
5:01
only reliable people correctly trusting one another that’s the way in operating
5:06
room works
5:06
the Mayo Clinic provincial lawyers were
5:09
interviews or a process patients with ald
5:13
never forget when you’re a lawyer
5:16
you may be sold for sewing
5:19
stuff but you don’t have to buy you
5:22
you may be workin for selling you don’t have to buy your own life
5:26
what you want is a seamless well
5:29
deserved trust and your propose marriage from practice 47 pages
5:35
my suggestion is you not hinder
5:40
well that’s enough for one graduation I will please ruminations a little lamb
5:46
are useful to you and me and I’m like go
5:49
all William for truth and Pilgrim’s Progress
5:54
my sword I leave to him who can wear it
6:09
I thank you thank you charlie
6:14
sharing your insights with all of us certainly for helping me
6:17
throughout the year again will send out quarterly Zone Act you can get it online
6:23
not discount up now cheerleader
6:26
apartment I’ve really got to know and love him throughout the year
6:29
he he’s a hard man to get things for
6:32
he doesn’t already have up I did we did
6:36
here today up because we give you something we know he doesn’t know
6:40
%uh the order way through those that you don’t know
6:44
is an elite national honor society that occurs excellence
6:47
in legal education only the top 10 percent
6:51
are graduating class is eligible for election to the order
6:54
play murder law school where early nineteen G-men
6:57
doesn’t actually happen we’re are we found out
7:01
that here at USC girls law were able to elect
7:05
honorary members who have contributed in extraordinary ways to the legal
7:09
profession
7:10
and as far as we know we never got it sela
7:13
this is the first time we’re conferring I
7:16
an honorary degree where up Charlie to Charlie Munger
7:21
recognition and music ordinary cubans neru great snack pension because
7:26
what it means that you will learn this charlie is really stop being a lawyer
7:30
you start working in a law firm still has an office good
7:33
this spectrum story began at Notre
7:36
get this one but he has an office in March all then the whole thing because
7:41
they gave it to us he’s the founder for he
7:44
he no dial no no
7:47
you’re gonna stand you to sit corrected I’ll beaten
7:50
they gave him this any actually sublets market because he doesn’t you love it
7:55
sela he’s a man who flies coach except when he’s with me and see
7:59
use Julies wonderful gone and out we’re very pleased and honored to yeah
8:04
up this now this is all really large
8:08
well calligraphy order out that way certificate
8:12
wise
8:24
SC years caltech
8:27
offered to give me a master’s signs if I was under the fifteen dollars
8:31
I completed the program and occurs when it wasn’t the fifteen dollars
8:37
I get this love having to pay for not yet rated
8:43
bills in the mail
