I think democracies are prone to inflation because politicians will naturally spend [excessively] - they have the power to print money and will use money to get votes. If you look at inflation under the Roman Empire, with absolute rulers, they had much greater inflation, so we don't set the record. It happens over the long-term under any form of government.

If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.

It's dishonourable to stay stupider than you need to be

[GEICO] got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses. All they had to do was to cut out all the folly and go back to the perfectly wonderful business that was lying there.

You need a different checklist and different mental models for different companies. I can never make it easy by saying, 'Here are three things.' You have to derive it yourself to ingrain it in your head for the rest of your life.

...being an effective teacher is a high calling.

Whenever you think something or some person is ruining your life, it's you. A victimization mentality is so debilitating.