Charlie Munger

Take a simple idea and take it seriously.

I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning machines. They go to bed every night a little wiser than they were when they got up and boy that help, particularly when you have a long run ahead of you.

When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change.

The perfect example of Darwinism is what technology has done to businesses.

There's more honor in investment management than in investment banking.

Wall Street has too much wealth and political power.