We try more to profit from always remembering the obvious than from grasping the esoteric.

To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life. I don't know why it's not obvious to very many other people.

I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting down and trying to dream it all up yourself. Nobody's that smart.

Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt "Munger's Rule." However, over a lifetime, you'll be a long way ahead - and you will miss a lot of unhappy experiences.

People always underestimate the ability of earth to increase its carrying capacity.

Understanding how to be a good investor makes you a better business manager and vice versa.

We look for a horse with one chance in two of winning and which pays you three to one.