And the models have to come from multiple disciplines — because all the wisdom of the world is not to be found in one little academic department. Tha… - Charlie Munger

If, in your thinking, you rely entirely on others — often through purchase of professional advice — whenever outside a small territory of your own, you will suffer much calamity.

Wesco continues to try more to profit from always remembering the obvious than from grasping the esoteric. … It is 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. There must be some wisdom in the folk saying, `It’s the strong swimmers who drown.

I find it quite useful to think of a (partly) free market economy as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.