Tuesday, March 5, 2019

The power of not caring I Charlie Munger I World energy consumption

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Not caring: A unique and powerful skill (Link)
If you can remain dispassionate about what people think of you while you’re trying to get an outcome, or about the noise around you during the process, you have an advantage that 1 out of  100,000 has in the industry. 
- Not caring about looking dumb when you’re confident others are being dumber.
- Not caring about your reputation after you change your mind. 
- Not caring about not having no explanation for the majority of events.

Figure out what you can control and obsess over it. Identify what doesn’t matter and ignore it. Determine what you’re incapable of and stay away from it.Have room for error. Plan on things not going according to plan.

Advice from Charlie Munger : 2019 Daily Journal AGM (Link)
We’ve done better than average and now there’s a question why has that happened? The answer is pretty simple. We tried to do less. We never had the illusion we could just hire a bunch of bright young people and they would know more than anybody about canned soup and aerospace and utilities and so on and so on. We always realized that if we worked very hard, we could find a few things where we were right and the few things were enough and that that was a reasonable expectation. Audio recording here

World energy consumption through 2040
Fossil fuels projected to remain the largest energy source with natural gas, renewables and petroleum liquids being the fastest growing energy sources. Asia is projected to have the largest increase in energy use of non-OECD regions.