Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.

There are a lot of things in life way more important than money. All that said, some people do get confused. I play golf with a man who says, " What good is health? You can't buy money with it."

The tradition of always looking for the answer in the most fundamental way available - that is a great tradition, and it saves a lot of time in this world.

Early Charlie Munger is a horrible career model for the young, because not enough was delivered to civilization in return for what was wrested from capitalism. And other similar career models are even worse.

Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.

The more hard lessons you can learn vicariously rather than through your own hard experience, the better.

Your life must focus on the maximization of objectivity.