It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business.
Charlie MungerIt's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this.
Charlie MungerYou're not going to get very far in life based on what you already know. You're going to advance in life by what you're going to learn after you leave here.
Charlie MungerOne of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. And the aftermath was interesting. Many of you probably don't remember what happened after the South Sea Bubble, which caused an enormous financial contraction, and a lot of pain. They banned publicly traded stock in England for decades.
Charlie MungerI have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and that is: I say that I'm not entitled to have an opinion on this subject unless I can state the arguments against my position better than the people who support it. I think only when I've reached that state am I qualified to speak. This business of not drifting into extreme ideology is a very, very important thing in life
Charlie Munger