Any year that you don't destroy one of your best-loved ideas is probably a wasted year
Charlie MungerIf you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.
Charlie MungerThe more hard lessons you can learn vicariously rather than through your own hard experience, the better.
Charlie MungerEconomic systems work better when there's an extreme reliability ethos. And the traditional way to get a reliability ethos, at least in past generations in America, was through religion. The religions instilled guilt. ... And this guilt, derived from religion, has been a huge driver of a reliability ethos, which has been very helpful to economic outcomes for man.
Charlie MungerEveryone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed by accountants, are not really being earned. When you reach for the money, it melts away. It was never there. It [accounting for derivatives] is just disgusting. It is a sewer, and if I'm right, there will be hell to pay in due course. All of you will have to prepare to deal with a blow-up of derivative books.
Charlie Munger