Charlie Munger's 3 Categories of Investment: In, Out & Too Tough

46. DJCO Annual Meeting 2017: Final Part 6: Lessons 31-32 From The Maestro

Ref: Adam Blum’s Notes https://www.scribd.com/document/339530598/Munger-Daily-Journal-Annual-Meeting-Notes-by-Adam-Blum-2-15-17#from_embed

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Lesson 31:  Rules of thumb in complex systems change over time.

Lesson 32:  Uncertainty s not a bad thing. Who’d want to live in sameness? We may as well be dead.

Rules of thumb in complex systems change over time: “You have to live with uncertainty – it’s not bad thing – who’d want to live in sameness? We may as well be dead.”