You'll better understand the evil when top audit firms started selling fraudulent tax shelters when I tell you that one told me that they're better [than the others] because they only sold [the schemes] to their top-20 clients, so no-one would notice.

Strategic plans cause more dumb decisions than anything else in America.

We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.

Why would you want to invest with a guy whose thought process says, "If a second layer of fees is good, then let's add a third layer.

If you rise in life, you have to behave in a certain way. You can go to a strip club if you're a beer-swilling sand shoveler, but if you're the Bishop of Boston, you shouldn't go.

You have to learn to be a follower before you become a leader.

Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.