| Well we all know people who've flunked, and they try and memorize and they try and spout back and they just...it doesn't work. The brain doesn't work that way. You've got to array facts on the theory structures answering the question "Why?" If you don't do that, you just cannot handle the world. |
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- Munger Charlie |
more quotations on [Education] |
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| It is not always recognized that, to function best, morality should sometimes appear unfair, like most worldly outcomes. The craving for perfect fairness causes a lot of terrible problems in system function. Some systems should be made deliberately unfair to individuals because they’ll be fairer on average for all of us. I frequently cite the example of having your career over, in the Navy, if your ship goes aground, even if it wasn’t your fault. I say the lack of justice for the one guy that wasn’t at fault is way more than made up by a greater justice for everybody when every captain of a ship always sweats blood to make sure the ship doesn’t go aground. Tolerating a little unfairness to some to get a greater fairness for all is a model I recommend to all of you. |
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- Munger Charlie |
more quotations on [Life] |
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| Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond. |
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- Munger Charlie |
more quotations on [Investing] |
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| I think there's also been an element of people liking to be seen here or being able to say they've been here. It's a way of saying 'I'm very wise or very rich', without really bragging. You just sort of casually mention you've been at the Berkshire meeting and everybody assumes you've held your shares forever |
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- Munger Charlie |
more quotations on [Investing] |
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| Practically everybody (1) overweighs the stuff that can be numbered, because it yields to the statistical techniques they’re taught in academia, and (2) doesn’t mix in the hard-to-measure stuff that may be more important. That is a mistake I’ve tried all my life to avoid, and I have no regrets for having done that. |
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- Munger Charlie |
more quotations on [Investing] |
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| Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily. |
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- Munger Charlie |
more quotations on [Investing] |
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| There are exceptional loyalties and there are old fashion ideas about how you get loyalties, and after all the auditorium is full of people who have co-owned shares with the managers for many decades, and in many cases they co-invested when everyone was young and obscure. Also when you come back to a place like that you are celebrating old loyalties, and of course the basic idea behind so much of Berkshire is the old fashioned idea that the best way to get loyalty is to deserve loyalty |
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- Munger Charlie |
more quotations on [Investing] |
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| You do better to make a few large bets and sit back and wait . . . there are huge mathematical advantages to doing nothing. |
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- Munger Charlie |
more quotations on [Investing] |
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