"If you think your IQ is 160 but it's 150, you're a disaster. It's much better to have a 130 IQ and think it's 120."
- Charlie Munger
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Could you please explain the meaning of that quote to me?
It's about expected necessary effort vs actual necessary effort. It's better to wrong that you needed more effort than be wrong that you needed less effort.
Thank you! I misread the quote and thought it talked about having a lower IQ than one thinks in both cases. This cleared everything up.
Don't think you're smarter than you are.
I don't know what the meaning is, but I'm pretty sure that's not it.
People with really high IQs get themselves into real trouble because they think they're capable of handling it. This makes me think of Long Term Capital Management and geohot with his self-driving cars.