Charlie Munger

And there was no more damn reason for all these oil companies to buy fertilizer companies.

But they didn't know exactly what to do.

And if Exxon was doing it, it was good enough for Mobil or vice versa.

And of course, I think they're all gone now.

It was a total disaster.

Stress-induced mental changes.

Here, my favorite example is the great Pavlov, and he had all these dogs in cages which had all been conditioned into changed behaviors.

And the great Leningrad flood came, and the

just went right up, and the dog's in a cage.

And the dog had as much stress as you can imagine a dog ever having.

And the water receded in time to save some of the dogs.

And Pavlov noted that they had a total reversal of their conditioned personality.

A honeybee goes out and finds the nectar and he comes back and he does a dance.

that communicates to the other bees where the nectar is, and they go out and get it.

Well, some scientist who was clever, like B.F.

Skinner, decided to do an experiment.

He put the nectar straight up, way up.

Well, in a natural setting, there is no nectar way the hell straight up.

And the poor honeybee doesn't have a genetic program that is adequate to handle what he now has to communicate.

And you'd think the honeybee would come back to the hive and slink into a corner.