General Principles of Wisdom

Another great post from Farnam Street Blog:

On his “wisdom tour,” after an encounter with a politician, Socrates concluded that he “thinks that he knows something which he does not know, whereas I am quite conscious of my ignorance. At any rate it seems that I am wiser than he is to this small extent, that I do not think that I know what I do not know.”

So one of the most essential aspects to wisdom is knowing the limits of one’s own knowledge. Charlie Munger offered this simple prescription: “If you play games where other people have the aptitudes and you don’t, you’re going to lose. And that’s as close to certain as any prediction that you can make. You have to figure out where you’ve got an edge. And you’ve got to play within your own circle of competence.”

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