Charlie Munger

It's the nature of things. Look, biology produces a very advanced creature like us. We can sit around and talk intelligently on all these subjects. But it does it by killing everybody off in brutal competition one with the other for hundreds of thousands of years. In other words, the system that nature uses to get smart is kind of unpleasant to the people who are losing.

It's the nature of things. Look, biology produces a very advanced creature like us. We can sit around and talk intelligently on all these subjects. But it does it by killing everybody off in brutal competition one with the other for hundreds of thousands of years. In other words, the system that nature uses to get smart is kind of unpleasant to the people who are losing.

Well, it wasn't that it was all that easy back a long time. It just was a lot easier.

Well, it wasn't that it was all that easy back a long time. It just was a lot easier.

And God knows what happens after an unpleasant blow-up with our modern democracies. You get to see a lot like Europe, which is quite dysfunctional.

And God knows what happens after an unpleasant blow-up with our modern democracies. You get to see a lot like Europe, which is quite dysfunctional.

It was never easy. I thoroughly understood it was never easy, and it's harder now. Those are the two . And you pay attention to how you're handling the people you deal with. You want a good reputation when you're all done, not a bad one.

It was never easy. I thoroughly understood it was never easy, and it's harder now. Those are the two . And you pay attention to how you're handling the people you deal with. You want a good reputation when you're all done, not a bad one.

The beauty of it is you only have to get rich once. You don't have to climb this mountain four times. You just have to do it once.

The beauty of it is you only have to get rich once. You don't have to climb this mountain four times. You just have to do it once.

It takes a lot of good execution to do it. You really have to set out to do it and then do it with analysis every day, every week, every year for 40 years. It's not so damned easy.

It takes a lot of good execution to do it. You really have to set out to do it and then do it with analysis every day, every week, every year for 40 years. It's not so damned easy.

Yes. Yes. Culture plus model. Yes, absolutely. And very reliable, hardworking, determined execution for 40 years.

Yes. Yes. Culture plus model. Yes, absolutely. And very reliable, hardworking, determined execution for 40 years.

I would say that the central norm was don't raise the market. Get it low and keep it there forever.

I would say that the central norm was don't raise the market. Get it low and keep it there forever.

I don't know. I had no conversations with him on that subject.

I don't know. I had no conversations with him on that subject.

Well, I'm sure Jim would have forbade it. Absolutely. There was no board-level discussion of the hot dog? No, no, no. Those two would not have thought it was a board matter to discuss the price of hot dogs.

Well, I'm sure Jim would have forbade it. Absolutely. There was no board-level discussion of the hot dog? No, no, no. Those two would not have thought it was a board matter to discuss the price of hot dogs.