The first helpful notion is that it is usually best to simplify problems by deciding big no-brainer questions first. The second helpful notion mimics… - Charlie Munger

The first helpful notion is that it is usually best to simplify problems by deciding big no-brainer questions first.

net. So it’s much better to let some things go uncompensated — to let life be hard — than to create systems that are easy to cheat.

Yet, within this pursuit of rationality and simplicity, he is careful to avoid what he calls physics envy, the common human craving to reduce enormously complex systems (such as those in economics) to one-size-fits-all Newtonian formulas. Instead, he faithfully honors Albert Einstein’s admonition: “A scientific theory should be as simple as possible, but no simpler.

Crowd folly, the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior.