Failure to handle psychological denial is a common way for people to go broke. You've made an enormous … - Charlie Munger

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Through lack of education, we're not teaching kids to read and write. So there is the danger that you raise up a generation of morons.

Charlie Munger

Failure to handle psychological denial is a common way for people to go broke. You've made an enormous commitment to something. You've poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think.

Commitment, Effort, Handle, People, Thinking

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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.

Biggest, Biggest Mistake, Companies, Company, Mistake, Things

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

Answer, Answers, Assuming, Handle, Tough, Yes

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.

Different, Men, Practice, Practices, Thinking, Under