First, there’s mathematics. Obviously, you’ve got to be able to handle numbers and quantities — basic arithmetic. And the great useful model, after c… - Charlie Munger

For example, buy Walmart when Sam Walton first goes public and so forth. A lot of people try to do just that. And it’s a very beguiling idea. If I were a young man, I might actually go into it. But it doesn’t work for Berkshire Hathaway anymore because we’ve got too much money. We can’t find anything that fits our size parameter that way. Besides, we’re set in our ways. But I regard finding them small as a perfectly intelligent approach for somebody to try with discipline. It’s just not something that I’ve done.

If you rise in life, you have to behave a certain way. You can go to a strip club if you're a beer-swilling sand shoveler, but if you're the bishop of Boston, you shouldn't go.

The great algorithm to remember in dealing with this tendency is simple: an idea or a fact is not worth more merely because it’s easily available to you.