Insight: Charlie Munger describes someone as world-wise when they have a broad set of thinking tools and know how to apply them.
Insight: Charlie Munger stresses the importance of having a broad theoretical toolbox - mental models - and good grip on reality.
Insight: Charlie Munger advocates looking for the most powerful concepts from all disciplines and understanding them deeply so that they become part of our models of thinking.
Insight: We gain what Munger calls "worldly wisdom" when we start to attach our experiences to mental models.
Insight: A wide set of mental models is, according to Munger, the cure to the proverbial man with a hammer who sees nails everywhere.