Part of that, I think, is being able to tune out folly, as distinguished from recognizing wisdom. You've … - Charlie Munger

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If I had a bad game and we lost I take it very seriously. I feel if I play a good game that other guys will follow and that will help us win more games. And if I don't, I take it upon myself as being my fault.

Charlie Munger

Part of that, I think, is being able to tune out folly, as distinguished from recognizing wisdom. You've got whole categories of things you just bat away so your brain isn't cluttered with them. That way, you're better able to pick up a few sensible things to do.

Brain, Cluttered, Folly, Recognizing, Simplicity, 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.

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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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