I've heard that one-half of the students at elite schools want to go into private equity or hedge … - Charlie Munger

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Quote of the day

I testify of our Savior, Jesus Christ, whose teachings and example we seek to follow. He invites all of us who are heavy laden to come unto Him, to learn of Him, to follow Him, and thus to find rest to our souls.

Charlie Munger

I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up with their age cohorts at Goldman. This can't possibly end well in terms of meeting these expectations.

Age, Equity, Expectations, Funds, Goldman, School

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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.

Different, Men, Practice, Practices, Thinking, Under