I think it would be a great improvement if there were no D&O insurance. The counter-argument is that … - Charlie Munger

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You have to have a thick enough skin to cope with the criticism. I'm very self-critical and I have a lot of friends that I trust who are film directors and writers and people in my profession.

Charlie Munger

I think it would be a great improvement if there were no D&O insurance. The counter-argument is that no-one with any money would serve on a board. But I think net net you'd be better off.

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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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