{"id":3527,"date":"2012-02-20T20:14:25","date_gmt":"2012-02-21T01:14:25","guid":{"rendered":"http:\/\/goldstocksforex.com\/?p=3527"},"modified":"2012-02-20T20:14:25","modified_gmt":"2012-02-21T01:14:25","slug":"charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2012\/02\/20\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\/","title":{"rendered":"Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &#038; Business | The Big Picture"},"content":{"rendered":"<p>In a bureaucracy, you think the work is done when it goes out of your in-basket into somebody else\u2019s in-basket. But, of course, it isn\u2019t. It\u2019s not done until AT&amp;T delivers what it\u2019s supposed to deliver. So you get big, fat, dumb, unmotivated bureaucracies.<\/p>\n<p>They also tend to become somewhat corrupt. In other words, if I\u2019ve got a department and you\u2019ve got a department and we kind of share power running this thing, there\u2019s sort of an unwritten rule: \u201cIf you won\u2019t bother me, I won\u2019t bother you and we\u2019re both happy.\u201d So you get layers of management and associated costs that nobody needs. Then, while people are justifying all these layers, it takes forever to get anything done. They\u2019re too slow to make decisions and nimbler people run circles around them.<\/p>\n<p>The constant curse of scale is that it leads to big, dumb bureaucracy\u2014which, of course, reaches its highest and worst form in government where the incentives are really awful. That doesn\u2019t mean we don\u2019t need governments\u2014because we do. But it\u2019s a terrible problem to get big bureaucracies to behave.<\/p>\n<p>via <a href=\"http:\/\/www.ritholtz.com\/blog\/2012\/02\/a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business\/?utm_source=feedburner&amp;utm_medium=email&amp;utm_campaign=Feed%3A+TheBigPicture+%28The+Big+Picture%29\">Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &amp; Business | The Big Picture<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a bureaucracy, you think the work is done when it goes out of your in-basket into somebody else\u2019s in-basket. But, of course, it isn\u2019t. It\u2019s not done until AT&amp;T delivers what it\u2019s supposed to deliver. So you get big, fat, dumb, unmotivated bureaucracies. They also tend to become somewhat corrupt. In other words, if &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/02\/20\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &#038; Business | The Big Picture&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5],"tags":[528,1597],"class_list":["post-3527","post","type-post","status-publish","format-standard","hentry","category-economy","tag-bureaucracy","tag-government"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &amp; Business | The Big Picture - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &amp; Business | The Big Picture - the patient investor\" \/>\n<meta property=\"og:description\" content=\"In a bureaucracy, you think the work is done when it goes out of your in-basket into somebody else\u2019s in-basket. But, of course, it isn\u2019t. It\u2019s not done until AT&amp;T delivers what it\u2019s supposed to deliver. So you get big, fat, dumb, unmotivated bureaucracies. They also tend to become somewhat corrupt. In other words, if &hellip; Continue reading &quot;Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &#038; Business | The Big Picture&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thepatientinvestor.com\/index.php\/2012\/02\/20\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\/\" \/>\n<meta property=\"og:site_name\" content=\"the patient investor\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61572934660810\" \/>\n<meta property=\"article:published_time\" content=\"2012-02-21T01:14:25+00:00\" \/>\n<meta name=\"author\" content=\"ColinTwiggs\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"ColinTwiggs\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/\"},\"author\":{\"name\":\"ColinTwiggs\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#\\\/schema\\\/person\\\/cb072791ac83e8bae585007c133d54a5\"},\"headline\":\"Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &#038; Business | The Big Picture\",\"datePublished\":\"2012-02-21T01:14:25+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/\"},\"wordCount\":237,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#organization\"},\"keywords\":[\"bureaucracy\",\"government\"],\"articleSection\":[\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/\",\"name\":\"Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business | The Big Picture - the patient investor\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\"},\"datePublished\":\"2012-02-21T01:14:25+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/index.php\\\/2012\\\/02\\\/20\\\/charles-munger-a-lesson-on-elementary-worldly-wisdom-as-it-relates-to-investment-management-business-the-big-picture\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/thepatientinvestor.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Charles Munger: A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management &#038; Business | The Big Picture\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/thepatientinvestor.com\\\/#website\",\"url\":\"https:\\\/\\\/thepatientinvestor.com\\\/\",\"name\":\"The Patient Investor\",\"description\":\"Smart. 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Subsequent central collection of tuition fees removed incentives for teachers to\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":7394,"url":"https:\/\/thepatientinvestor.com\/index.php\/2013\/04\/02\/everything-you-think-you-know-about-poverty-is-wrong-deseret-news\/","url_meta":{"origin":3527,"position":1},"title":"Everything you think you know about poverty is wrong | Deseret News","author":"ColinTwiggs","date":"April 2, 2013","format":false,"excerpt":"Mercedes Whie reports on a lecture by developmental economist Lant Pritchett: One common belief among people working in international development is that a poor country can be changed by improving its education system, but Pritchett\u2019s research suggests otherwise. The problem in poor countries is that they cannot make effective use\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21158,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/08\/03\/australia-its-the-demand-side-stupid\/","url_meta":{"origin":3527,"position":2},"title":"Australia: It&#8217;s the demand side, stupid","author":"Colin Twiggs","date":"August 3, 2020","format":false,"excerpt":"What Australia and most developed economies need is more government spending on productive infrastructure, to make up for the hole in demand caused by the coronavirus recession. Low inflation clearly signals that the underlying problem is falling demand (consumer spending and business investment) and not deficiencies on the supply side.\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":14373,"url":"https:\/\/thepatientinvestor.com\/index.php\/2016\/10\/20\/the-way-of-the-magpie-know-your-enemy-dont-bother-fighting-them\/","url_meta":{"origin":3527,"position":3},"title":"The way of the magpie: Know your enemy, don&#8217;t bother fighting them","author":"ColinTwiggs","date":"October 20, 2016","format":false,"excerpt":"Harold Mitchell wishes that politicians would stop throwing mud at each other: .....The great Sir Robert Menzies never mentioned Labor leader Arthur Calwell by name with that wonderful plummy accent of his. He would occasionally refer to the \"leader of the opposition\" but only if he really had too. But\u2026","rel":"","context":"In &quot;Stock Markets&quot;","block_context":{"text":"Stock Markets","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/stock-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":11253,"url":"https:\/\/thepatientinvestor.com\/index.php\/2014\/11\/01\/the-us-wants-to-spread-democratic-values-it-can-start-by-cleaning-up-its-act-at-home\/","url_meta":{"origin":3527,"position":4},"title":"The US wants to spread democratic values. It can start by cleaning up its act at home.","author":"ColinTwiggs","date":"November 1, 2014","format":false,"excerpt":"From Christian Caryl: Larry Diamond, one of America's leading scholars on global democracy, brought it up in a rousing speech at a recent conference here in Washington. He noted, with admirable frankness, that \"we can't be credible and effective in promoting democracy abroad if we don't reform and improve its\u2026","rel":"","context":"In &quot;The Big Picture&quot;","block_context":{"text":"The Big Picture","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/the-big-picture\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":5154,"url":"https:\/\/thepatientinvestor.com\/index.php\/2012\/08\/09\/u-s-wont-pursue-goldman-charges-wsj-com\/","url_meta":{"origin":3527,"position":5},"title":"U.S. Won&#039;t Pursue Goldman Charges &#8211; WSJ.com","author":"Colin Twiggs","date":"August 9, 2012","format":false,"excerpt":"By REED ALBERGOTTI After a year-long investigation, the Justice Department said Thursday that it will not bring charges against Goldman Sachs Group Inc. or any of its employees for financial fraud related to the mortgage crisis. In a statement released Thursday, the Justice Department said \"the burden of proof\" couldn't\u2026","rel":"","context":"In &quot;Other&quot;","block_context":{"text":"Other","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/other\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/3527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=3527"}],"version-history":[{"count":0,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/3527\/revisions"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=3527"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=3527"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=3527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}