A business model that relies on trickery is doomed to fail.
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Other Charlie Munger quotes:
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.
I did not succeed in life by intelligence. I succeeded because I have a long attention span.
You have to learn to be a follower before you become a leader.
A great business at a fair price is superior to a fair business at a great price.
The safest way to try to get what you want is to try to deserve what you want. It's such a simple idea. It's the golden rule. You want to deliver to the world what you would buy if you were on the other end.
It's dishonourable to stay stupider than you need to be.
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
No wise pilot, no matter how great his talent and experience, fails to use his checklist.
We have a passion for keeping things simple.
Great investing requires a lot of delayed gratification.
