Without numerical fluency, in the part of life most of us inhibit, you are like a one-legged man in an ass-kicking contest.
Charlie MungerThe stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened - people get status, etc. - it's impossible to get it back into the bottle.
Charlie MungerA lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc.
Charlie MungerUsing volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return.
Charlie MungerAnd, partly, I had found that theory-structure was a superpower in helping one get what one wanted. As I had early discovered in school wherein I had excelled without labor, guided by theory, while many others, without mastery of theory failed despite monstrous effort. Better theory I thought had always worked for me and, if now available could make me acquire capital and independence faster and better assist everything I loved.
Charlie Munger