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Aug 21, 2024
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non-egalitarian
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Charlie Munger advocates for a non-egalitarian approach in business and investing, emphasizing the selection of individuals based on skills and abilities rather than equality. He cites basketball coach John Wooden's strategy of prioritizing top players for better performance and argues that this principle applies broadly, including in fields like surgery where expertise is crucial. Munger believes that a meritocratic system, where the most talented individuals are given the most responsibility, leads to better outcomes than treating everyone equally regardless of their capabilities.
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Charlie Munger advocated for a non-egalitarian approach in business and investing, where people are selected based on their skills and abilities rather than trying to be equal or fair. He used the example of basketball coach John Wooden, who let his top 7 players play most often at UCLA, even though it meant the bottom 5 players got less playing time. This non-egalitarian system led to more wins because the top players improved faster.
Munger argued this principle applies outside of basketball as well. For example, patients don't pick brain surgeons by drawing straws, but rather choose the most skilled surgeon for the job. In business, Munger said this means building a team based on who is right for the role and company, not just trying to be equal. It also means assigning key projects to the people with the most relevant skills and abilities 2.
So in summary, Munger believed in a meritocratic, non-egalitarian system where the most talented and capable people are given the most responsibility and opportunity to contribute. He felt this led to better outcomes than trying to treat everyone exactly the same regardless of their abilities.
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