Failure to handle psychological denial is a common way for people to go broke: you have made an enormous commitment to something. You have poured effort and money in. And the more you put in, the more that the whole consistency principle makes you think, "Now it has to work. If I put in just a little more, then it will work."
Charlie MungerThere are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasnโt awash in cash โ and I donโt want to go back.
Charlie MungerI find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.
Charlie Munger... some important factor doesn't lose its "share of force" just because some "expert" can better measure other types of force.
Charlie Munger