http://www.loschmanagement.com/Berkshire%20Hathaway/Charlie%20munger/The%20Psychology%20of%20Human%20Misjudgement.htm

I realize that some of what he talks about me seem rambling or hard to understand if you’re not previously familiar with him, but I assure you, it is well worth your time to figure him out. He is a very wise man and I don’t know many wise folk that are alive. Most wise folk just seem to be dead. Maybe its a prerequisite. One of the things Munger suggests is also that you can get quite successful by simply not making some of these very systematic errors.

It does seem that many (especially younger) people these days seem to believe that just by wanting something a lot, they WILL get it. Just watch some of the reality shows like “American Idol” to see this kind of thinking in action.

The other thing to bear in mind about books written about or by business or financial superstars, is that they are generally written with the benefit of hindsight. Can they still remember their exact motivations and thinking behind some transation from years or decades ago? Maybe they were just lucky at the time, and have subsequently fit the deal into their current way of thinking.

I do think “luck” does have a big part to play in success, though you still need hard work, perseverance and belief to take advantage of that luck IF it appears, and if you spot it.

(And “luck”, to me, is really short-hand way of describing being in the right place at the right time, with the right product, and the right customer on the other end of the transaction. But even when all that happens, you still might not see the opportunity, or you might fumble it!)

It’s probably a true assumption almost any time you address a largish sort of audience, yet I can only read and listen on an individual level. And, frankly, I’m a little annoyed that you assume that I’m so incompetent. I reiterate: I understand that you aren’t talking to me, specifically. Nevertheless, Eliezer, you come off like an ass.

I criticize only because I think your tone could use a little work. After all, two-thirds of all the jerks in the world think that they’re pretty nice, helpful people.

Learning from your and other mistakes is essential but I also believe that thinking too much about losing, even if it means thinking about how not to lose, is not good.

Eliezer removes some of the sexy, and adds a little wisdom much like Ramit does when he posts. Everyone likes to focus on the sexy side of finances, entrepreneurship, business, etc., but that seems to lead lots of people into the ground. Enthusiasm is easy, idealism is easy, follow through is hard, execution is hard, and both require commitment and dedication which tend to get lost in the sexiness of a topic.

I meet more people with enthusiasm and idealism than I do with actual success from execution and follow through. From my own entrepreneurial adventures, I’ve found that everyone is willing to share their opinion, eager to find a way to attach themselves to an idea, but few to none are willing to push the rock up the hill. Those people could use a little of what Eliezer talks about.

Michael Gerber (E-Myth Revisited) taught me how to create my life’s purpose; how to turn that into The Number, and how to run my businesses.

The Richest Man in Babylon taught me about paying myself first, the power of compounding, and more.

Every book (and blog) I read still teaches me something …

Maybe the author believes that the focus on success stories in a way feeds off the fear of failure, as it is easier to imagine oneself replicating a success story than to reflect on how a failure story may explain one’s mediocrity.