All I want to know is where I'm going to die so I'll never go there. - Charlie Munger

It's an effective sales technique in America to put a foolish projection on a desk. And if you're an investment banker, it's an art form.

However, averaged out, betting on the quality of a business is better than betting on the quality of management. In other words, if you have to choose one, bet on the business momentum, not the brilliance of the manager. But very rarely, you find a manager who’s so good that you’re wise to follow him into what looks like a mediocre business.

On the other hand, in copying Jack Welch, I am trying to teach you something. When you don’t know and you don’t have any special competence, don’t be afraid to say so.