Heroes and The Eminent Dead

 In The psychology of turnaround stock investing

I highly recommend reading ,”The genius in all of us,” by David Shenk. There are wonderful gems of wisdom in this book. The author strongly supports the belief that one the most important attributes for greatness is not intelligence but persistence and passion. He suggests that one of the best ways to maintain persistence when everything is falling apart is to have heroes you can refer too. This reminded me immediately of Charlie Mungers concept of the eminent dead. His collection of scientist, businessman, philosophers, authors etc, that created much of societies great works. Munger calls upon his eminent dead friends such as Adam Smith, Darwin, Jung, Franklin and Edision when he is making decisions or trying to put together abstract ideas. Their wisdom and paths for problem solving is readily available in the wonderful books and ideas they have left behind.

Having been a biography nut myself since childhood, I wholeheartedly agree with David Shenks hero concept. During times of difficulty, I often go back to the books and stories of men that have successfully traveled down their paths and risen despite numerous obstacles that were placed upon them. They are immediate sources of inspiration when the going gets tough for me. Some of my heroes are Kirk Kerkorian, Lee Iacocca, Henry Frick, Churchill, Getty, Lincoln, Edison and my grandfather.

I would suggest that you generate a list of your heroes and the attributes they possessed to give you a power boost when needed. Cut out a picture of your hero, or carry around a quote of theirs and refer to it whenever you need some strength. In fact incorporate your heroes onto your own personal board of directors. When something comes up go around the board and role play how the heroes would solve the problem. It’s a powerful exercise.