Iโd 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 MungerAnother thing I think should be avoided is extremely intense ideology because it cabbages up one's mind. You see it a lot with T.V. preachers (many have minds made of cabbage) but it can also happen with political ideology. When you're young it's easy to drift into loyalties and when you announce that you're a loyal member and you start shouting the orthodox ideology out, what you're doing is pounding it in, pounding it in, and you're gradually ruining your mind. So you want to be very, very careful of this ideology. It's a big danger.
Charlie Munger