American - Businessman | January 1, 1924 -
I love when I think we're taking territory - if it makes sense in the long term, we just don't give a damn what it looks like in the short term. After all, we're running a cult, not a normal company.
Charlie Munger
LoveThinkShortLongLooksDamn
Wells Fargo had a glitch - the truth of the matter is they made a business judgement that was wrong. I don't think anything is fundamentally wrong.
BusinessTruthThinkWrongMatter
They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I think the mistake was, when the bad news came, they didn't recognize it directly. I don't think that impairs the future of Wells Fargo. They'll be better for it.
FutureMistakeThinkBetterBad
If you're glued together right and honorable, you will succeed. Get in there and get rid of stupidities and avoid bad people. Try teaching that to your grandchildren. The best way is by example. Fix yourself.
BestTogetherYourselfPeopleYou
I'm a great admirer of the Trump change of mind about China and making an ally out of China instead of screaming about their trade.
ChangeGreatMindOutChinaTrade
Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject.
WorkEconomicsConfidentPhysics
The first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form.
TogetherFactsRememberYouBack
If you're unhappy with what you've had over the last 50 years, you have an unfortunate misappraisal of life. It's as good as it gets, and it's very likely to get worse.
LifeGoodUnhappyYouOverYears
You need a different checklist and different mental models for different companies.
YouNeedMentalDifferentCompanies
That's the last thing on Earth you should think about... There's just a whole lot of things that aren't going to work for you. Figure out what they are and avoid them like the plague. And one of them is bitcoin... It is total insanity.
WorkThinkYouEarthInsanityOut
It is one thing to think gold has some marvelous store of value because man has no way of inventing more gold or getting it very easily, so it has the advantage of rarity. Believe me, man is capable of somehow creating more bitcoin... They tell you there are rules and they can't do it. Don't believe them.
ManValueMeGoldBelieveThink
Alternatives to gold and currency and to make a big speculative vehicle - I never considered for one second having anything to do with it. I detested it the minute it had been raised.
GoldNeverAnythingBigMinuteBeen
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