Wesco continues to try more to profit from always remembering the obvious than from grasping the esoteric. … It is remarkable how much long-term adva… - Charlie Munger

It is remarkable how much long-term advantage we have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.

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

We both (Charlie Munger and Warren Buffett) insist on a lot of time being available almost every day to just sit and think. That is very uncommon in American business. We read and think.

... much of what is taught in modern corporate finance courses is twaddle.

What I would say is the single most important thing, if you want to avoid all the stupid errors, is knowing where you're competent and where you aren't. And that's very hard to do because the human mind naturally tries to make you think you're way smarter than you are.