"You've got to have models in your head and you've got to array your experience - both vicarious and direct - on this latticework of models."

Cited by Robert Hagstrom in Investing: The Last Liberal Art, Chapter 1, as having been said in April 2004 at the Marshall School of Business of the University of Southern California.

Courtesy Tren Griffin, November 2004. Tren's full comment: "As Charlie Munger has stated - "You've got to have models in your head and you've got to array your experience - both vicarious and direct - on this latticework of models." As Benjamin Franklin said it is forming "habits of mind" that seek to link together different disciplines. Intelligence is really a factor of how many connections or links one has learned. As Munger also stated: "You can reach out and grasp the model that better solves the overall problem. All you have to do is know it and develop the right mental habits. Worldly wisdom is mostly very, very simple. There are a relatively small number of disciplines and a relatively small number of truly big ideas. And it's a lot of fun to figure it out. Even better, the fun never stops. Furthermore, there's a lot of money in it, as I can testify from my own personal experience. What I'm urging on you is not that hard to do. And the rewards are awesome…..It'll help you in business. It'll help you in law. It'll help you in life. And it'll help you in love…..It makes you better able to serve others, it makes you better able to serve yourself, and it makes life more fun.""

"Europeans think a hundred miles is a long way; Americans think a hundred years is a long time."

Cited by Mark Jeffrey in his email signature, Nov 2004

"The first law of standards: Standards are only important to companies that do not have market share."

John Latta, email Nov 2004