There are exceptional loyalties and there are old fashion ideas about how you get loyalties, and after all … - Charlie Munger

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This generation, raised on "Eyewitness News," conditioned by the instant replay, and spared the illumination that comes from tedious historical study, tends to be even more ahistorical than most.

Charlie Munger

There are exceptional loyalties and there are old fashion ideas about how you get loyalties, and after all the auditorium is full of people who have co-owned shares with the managers for many decades, and in many cases they co-invested when everyone was young and obscure. Also when you come back to a place like that you are celebrating old loyalties, and of course the basic idea behind so much of Berkshire is the old fashioned idea that the best way to get loyalty is to deserve loyalty.

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Show me the incentive and I will show you the outcome

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Our biggest mistakes, were things we didn't do, companies we didn't buy.

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Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.

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Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet only when the odds are in your favor.

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'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish behavior - like investment management practices of many foundations represented here today. It is sad that today each institutional investor apparently fears most of all that its investment practices will be different from practices of the rest of the crowd.

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