Charlie Munger

“He got crushed in the 73, 74 bear market like everybody else did. And I guess you can nitpick because he was so heavily concentrated in this company, blue chip stamps in particular, but you're right. He didn't make any mistakes. He, you know, he lost money whe…”

“And sure enough, IBM was a complete dud. However, it allowed for them to begin the journey to technology, and sometime later, instead of a six billion dollar position in the dud, IBM, they have a forty billion dollar position in Apple, and they were willing to…”

“I think one of the things that Charlie Munger has said over the years, I thought very valuable in managing the portfolio is number one, the stock doesn't know you own it. Number two, you don't have to make back your money the same way you lost it.”

“When you don't know, and there's a lot of uncertainty, it's like, if we can avoid all the bad outcomes, Then we can't help but get ourselves a good outcome, right? So it means just approaching things backwards and being like, what do we want to avoid? And how …”

“High quality ideas often originate when you have high quality inputs, and getting to better inputs was definitely a blessing in university.”

“It's like Buffett and Munger talk about your margin of safety when you buy a stock. It was the intrinsic value of the stock higher than the price of the stock. My business is the opposite. My business is margin of asymmetric upside if it works.”

“If you're a musician, you either understood it instantly when you're six years old or never. You're never going to be a musician. We want to think that because we're intelligent and educated, we can just go learn a new topic. And to some extent, it's true. To …”