The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.
Charlie Munger... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.
Charlie MungerDon't confuse correlation and causation. Almost all great records eventually dwindle.
Charlie MungerIn the LBO field there is a buried "covariance" with marketable equities, toward disaster in generally bad business conditions, and competition is now extremely intense.
Charlie MungerIn investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women
Charlie Munger