Wisdom acquisition is a moral duty. It’s not something you do just to advance in life.

As a corollary to that proposition which is very important, it means that you are hooked for lifetime learning.

And without lifetime learning, you people are not going to do very well. You are not going to get very far in life based on what you already know. You’re going to advance in life by what you learn after you leave here.

Charlie Munger delivered the 2007 Commencement Address to the graduating students at the University of Southern California Law School on May 13, 2007.

Charles Thomas Munger (born January 1, 1924) is an American investor, businessman, former real estate attorney, architectural designer, and philanthropist. He is vice chairman of Berkshire Hathaway, the conglomerate controlled by Warren Buffett.

Iron Prescription: “I’m not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people do who are supporting it.”

Charlie Munger 2007 USC Law School Commencement Address Transcript:

Well, no doubt many of you are wondering why the speaker is so old. Well, the answer is obviously he hasn’t died yet.