Charlie Munger

Who would want one's children growing up buying things like bitcoin? I hope to God my family doesn't buy it. It's noxious poison.

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.

Wall Street has too much wealth and political power.

I believe Costco does more for civilization than the Rockefeller Foundation. I think it's a better place. You get a bunch of very intelligent people sitting around trying to do good, I immediately get kind of suspicious and squirm in my seat.

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.

Most people don't grab the right ideas or don't know what to do with them.

You need a different checklist and different mental models for different companies.

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.

I regard the bitcoin craze as totally asinine to create some manufactured currency.

A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it.

It's remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

People are trying to be smart - all I am trying to do is not to be idiotic, but it's harder than most people think.