14 more ideas from Buffett and Munger I don’t want to forget: 1. The one thing that has surprised me all my life is how many people with high IQs do massively stupid things. 2. Berkshire was a small business at one time. It just takes time. It is the nature of compound interest. You can't build it in one day, or one week. 3. Unfortunately, Bert... See more

The way to win [in the markets] is to work, work, work, work and hope to  have a few insights.  How many insights do you need? Well, I'd argue: that you don't need many in a  lifetime. If you look at Berkshire Hathaway and all of its accumulated billions, the top ten insights account for most of it.

Charlie Munger’s formula: “There is an old two-part rule that often works wonders in business, science, and elsewhere: (1) Take a simple, basic idea and (2) take it very seriously.”