While a tad oversimplified, Charlie Munger’s famous one-liner is sort of like the Occam’s Razor of human behavior – especially at scale. People are generally far more driven by self-interest than by any other factor.

I think a select few—a small percentage of the investment managers—can deliver  value added. But I don't think brilliance alone is enough to do it. I think that you have  to have a little of this discipline of calling your shots and loading up—you want to  maximize your chances of becoming one who provides above average real returns ... See more

On stocks:Over the long term, it's hard for a stock to earn a much better return than the business  which underlies it earns. If the business earns 6% on capital over 40 years and you  hold it for that 40 years, you're not going to make much different than a 6% return— even if you originally buy it at a huge discount. Conversely, if a bus... See more

think the reason why we got into such idiocy in investment management is best  illustrated by a story that I tell about the guy who sold fishing tackle. I asked him, "My  God, they're purple and green. Do fish really take these lures?" And he said, "Mister, I don't sell to fish."