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" "What I found, in my extended attempts to complete by informal means my stunted education, was that, plugging along with only ordinary will but with the fundamental organizing ethos as my guide, my ability to serve everything I loved was enhanced far beyond my deserts. Large gains came in places that seemed unlikely as I started out, sometimes making me like the only one without a blindfold in a high-stakes game of pin the tail on the donkey. For instance, I was productively led into psychology, where I had no plans to go, creating large advantages that deserve a story on another day.
Charles Thomas Munger (January 1, 1924 – November 28, 2023) was Vice-Chairman of Berkshire Hathaway Corporation, the diversified investment corporation chaired by investor Warren Buffett.
Biography information from Wikiquote
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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.