Chapter 4 Talk 1: Harvard School Commencement Speech

"Chapter 4 Talk 1: Harvard School Commencement Speech" is a speech given by Charlie Munger at Harvard School's commencement in 1986. Munger, drawing upon the work of others like Johnny Carson and Samuel Johnson, outlines a series of prescriptions for guaranteed misery. These prescriptions emphasize avoiding reliability, learning from experience, and minimizing objectivity. Munger then contrasts these prescriptions with the characteristics of successful individuals, including the importance of reliability, vicarious learning, and objectivity. In a later piece, "Talk One Revisited", Munger reinforces his belief in the importance of reliability, even going so far as to praise McDonald's for successfully teaching this trait to employees. The excerpt concludes with a discussion of the importance of common and uncommon sense, as well as the benefits of a backward approach to problem-solving.