In a commodity business, it’s very hard to be smarter than your dumbest competitor.
In some corner of the world they are probably still holding regular meetings of the Flat Earth Society. We derive no comfort because important people, vocal people, or great numbers of people agree with us, nor do we derive comfort if they don’t.
In the 54 years Charlie Munger and I have worked together, we have never forgone an attractive purchase because of the macro or political environment, or the views of other people. In fact, these subjects never come up when we make decisions.
In the business world, the rear-view mirror is always clearer than the windshield.
In the long run managements stressing accounting appearance over economic substance usually achieve little of either.
In the world of business, the people who are most successful are those who are doing what they love.
Intensity is the price of excellence.
Investing is laying out money now to get more money back in the future.
Investors making purchases in an overheated market need to recognize that it may often take an extended period for the value of even an outstanding company to catch up with the price they paid.
It is not necessary to do extraordinary things to get extraordinary results.