My top 10 highlights from the book:
1. Munger is a deeply perceptive observer of human nature.
2. In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables—like the discount warehouses of Costco.
3. The one thing that all of Berkshire's businesses have in common is that they are managed by people who are willing to go to great lengths to keep costs low.
4. Hold large reserves of cash and target only companies that have a durable competitive advantage.
5. He has never forgotten the importance of having friends in high places.
6. People who multitask pay a huge price.
7. Some brand name products own a piece of consumers' minds and don't have any direct competition.
8. I succeeded because I have a long attention span.
9. We just tend to get into good businesses and stay there.
10. Koreans came up from nothing in the auto business. They worked 84 hours a week for more than a decade. At the same time every Korean child came home from school and worked with a tutor for four hours. Are you surprised when you lose to people like that? Only if you're a total idiot.