You must have the confidence to override people with more credentials than you whose cognition is impaired by … - Charlie Munger

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Quote of the day

If a person has done wrong, is conscious of what he has done and does not say sorry, I ask God to take him into account. I forgive him, but he does not receive that forgiveness, he is closed to forgiveness. We must forgive, because we were all forgiven. It is another thing to receive that forgiveness.

Charlie Munger

You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychological force that is obviously present. But there are also cases where you have to recognize that you have no wisdom to add - and that your best course is to trust some expert.

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Show me the incentive and I will show you the outcome

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Our biggest mistakes, were things we didn't do, companies we didn't buy.

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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

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Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.

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'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.

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