It's the weekend — which means it’s time for a One Daily Nugget long read. Today, we are featuring a speech given by Charlie Munger at the USC Marshall School of Business in 1994.

Munger, aptly described by Farnam Street’s Shane Parrish as “one of the great minds of the 20th century”, is perhaps best known as Warren Buffett’s closest partner and right-hand man. He still serves as Vice Chairman at Berkshire Hathaway — his advanced age of 97 years notwithstanding.

In his 1994 speech, published by Barry Ritholtz from The Big Picture, Munger makes a compelling case for achieving worldly wisdom by building mental models across a large array of disciplines. He goes on to share numerous examples of mental models that he considers essential. And then he wraps things up by applying his worldly wisdom to the art of stock picking.

Read on and get inspired by Munger’s torrent of fascinating insights!