Worldly wisdom and investing

IN a speech in a university, Charlie Munger explains elementary worldly wisdom. He says the first rule is that you can't really know anything if you solely remember isolated facts and try to bang them back. ''If the facts don't hang together on a latticework of theory, you don't have them in usable form.'' You must know and use big ideas in the big disciplines — regularly. Munger has adopted an approach to business and life that he refers to as worldly wisdom. Here are some ways to acquire and use worldly wisdom according to Munger:

All the wisdom of the world is not found in only one academic department.