My top 10 highlights from the book:
1. Picking some extreme example and asking my favorite question —What in hell is going on here? —is the way to wisdom in this world. (Munger)
2. The whole secret of investment is to find places where it's safe and wise to not diversify. (Munger)
3. If you enjoy what you're doing you are likely to get a better result than if you go to work with your teeth clenched every morning. (Buffett)
4. All intelligent people should think primarily in terms of opportunity cost. When deciding whether to do something compare it with the best opportunity you have. (Munger)
5. The world is overwhelmingly short-term-focused. (Buffett)
6. You can't look around for people to agree with you. You can't look around for people to even know what you're talking about. You have to think for yourself. An ability to detach yourself from the crowd is a quality you need. (Buffett)
7. We love working with people who are just plain nuts about their businesses. (Buffett)
8. In a world where you sometimes have to amputate a limb to stay alive, you can't expect that every business can stay exactly as it is. (Munger)
9. The best thing to do is learn from other guys' mistakes. George Patton used to say: “It's an honor to die for your country. Make sure the other guy gets the honor.” (Buffett)
10. We don't want to clutter our minds. So we say: What is important and what is knowable? (Buffett)
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For over 30 years the Berkshire Hathaway Annual meetings were recorded. Munger and Buffett answered over 1700 questions from shareholders during that period. Alex Morris watched hundreds of hours of these meetings and then he gathered, organized, and edited the most interesting ideas into 450+ pages — all in Buffett and Munger's own words. I thought it would be fun to rip through a bunch of Munger and Buffett's best ideas very rapidly. It was. Listen to #380 Four Hundred Pages of Warren Buffett and Charlie Munger In Their Own Words on Apple, Spotify, or the web.
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