Charlie Munger said it best:
“I think I’ve been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I’ve underestimated it. Never a year passes that I don’t get some surprise that pushes my limit a little farther.”
Well, here’s a surprise.
In short, a modern skyscraper may be in danger of collapsing. No, not in North Korea or Russia, but in Sidney, Australia.
If that can happen in this day and age in a democracy with elaborate building and safety regulations, think about what else can happen — and is happening, often unnoticed by the uninterested observer.
Overrated: laws, regulations, morals, conscience.
Underrated: incentives.
About The Author: John Mihaljevic
John serves as chairman of MOI Global, the research-driven membership organization. He is a managing editor of The Manual of Ideas, the acclaimed member publication of MOI Global. Previously, John served as managing partner of private investment firm Mihaljevic Capital Management. He is a winner of the best investment idea prize awarded by Value Investors Club. John is a trained capital allocator, having studied under Yale University Chief Investment Officer David Swensen and served as Research Assistant to Nobel Laureate James Tobin. John holds a BA in Economics, summa cum laude, from Yale and is a CFA charterholder.
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