And deprival-superreaction syndrome also comes in: You’re going to lose the whole thing if you don’t put in a little more. People go broke that way b… - Charlie Munger

An example of a really responsible system is the system the Romans used when they built an arch. The guy who created the arch stood under it as the scaffolding was removed. It’s like packing your own parachute.

First, there’s mathematics. Obviously, you’ve got to be able to handle numbers and quantities — basic arithmetic. And the great useful model, after compound interest, is the elementary math of permutations and combinations. That was taught in my day in the sophomore year in high school. I suppose by now, in great private schools, it’s probably down to the eighth grade or

Neither Warren nor I have ever used any fancy math in business — and neither did Ben Graham who taught Warren. Everything I have ever done in business could be done with the simplest algebra and geometry and addition and multiplication and so forth. I never used calculus for any practical work in my whole damn life — and I was a perfect whiz at it when they taught it to me.