Charlie Munger

“Chris and I had dinner with Charlie Munger a couple of years ago, and we asked him how involved do you get with the CEOs? And he really said I'll never forget this. He goes, I've never been able to change someone's mind. If someone has an idea about something …”

“If you own a granary, you have a big warehouse full of grain, There's gonna be rats. You can keep killing them over and over again, but they're gonna always come back, and it's better to just accept that there's rats out there.”

“Availability is the best ability, that, that if you are unreliable, it sort of cancels out any talent that you have.”

“You learned the big idea, but then you also, how do you make this useful is you need to understand the exceptions to those rules. So what is the I before E except after C?”

“Myself, you, most everyone, we default to, can you do this? It's like, of course not. I don't have the capabilities. I cannot do that. Where that little mind shift of like, well, not yet.”

“He started a law firm that people don't even ever talk about. That's, you know, does hundreds of millions in revenue.”

“People think this is some like crazy high bar. And those people haven't ever asked somebody who believes something, why they believe it. Like, it's actually quite a low bar to surpass their own, like, their own understanding of something.”

“He dropped out of school, went to the military, then he somehow talked his way into Harvard Law, even though he didn't even have an undergraduate degree.”

“Avoiding stupidity is easier than seeking brilliance. And he says, other people spend their whole life trying to be so smart. All I'm trying to do is not be idiotic. It's harder than people think, but this is more important than trying to be brilliant.”

“Charlie backed him on this. And now they own a billion dollar real estate portfolio of Los Angeles apartments.”

“I had dinner at his house seven or eight times before he passed. I went to his 99th birthday party last year, actually.”

“All these guys doing AI startups, like make sure, I think applying AI to some old school frozen industry is a great idea, but just going straight head in, head on against other AI geniuses is like a recipe. Like who wants to compete with people that smart? Lik…”