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# Kelford Labs Daily: “The best of what other people have figured out.”
- URL: https://kelfordinc.com/kelford-labs-daily-charlie-munger/
- Published: 2023-11-30T11:24:40.000Z
- Updated: 2026-01-27T17:22:53.000Z
- Description: Lessons from Charlie Munger
- Author: Joel Kelly
- Tags: Daily Labs, model, framework, focus

*“I believe in the discipline of mastering the best of what other people have figured out.”* — Charlie Munger

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It was Charlie Munger who once wrote, “You’ve got to hang experience on a latticework of models in your head,” which, upon reading, inspired me to dig deeper into mental models, frameworks, and systems.

**And that effort changed my life and the trajectory of my career.**

So much of what I do I do because of, and by means of, my love of mental models.

And so much of that love I owe to Charlie Munger.

This is my favorite lesson of his, which I’ll leave you with today:

*“To me, it’s obvious that the winner has to bet very selectively. It’s been obvious to me since very early in life. I don’t know why it’s not obvious to very many other people.*

*I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell about the guy who sold fishing tackle.*

*I asked him, ‘My God, they’re purple and green. Do fish really take these lures?’*

*And he said, ‘Mister, I don’t sell to fish.’”*

[Charlie Munger, 1924–2023](https://daringfireball.net/linked/2023/11/28/charlie-munger-rip)