I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off.
Charlie MungerI don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that are good for the people who use them. Some disagree with this, but I know I'm right. That is to say, you're talking to a Republican who admires Elizabeth Warren.
Charlie MungerUnderstanding how to be a good investor makes you a better business manager and vice versa.
Charlie MungerAs I continued through Cicero's pages, I found much more material celebrating my way of life.
Charlie MungerI think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane. The legislators who leave that policy in place are derelict in their duties to be rational and fair. There are plenty of them in both political parties. It's totally outrageous.
Charlie MungerIโd say that Berkshire Hathawayโs system is adapting to the nature of the investment problem as it really is. Weโve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big moneyโs been made in the high quality businesses. And most of the other people whoโve made a lot of money have done so in high quality businesses.
Charlie Munger