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.
Well, the first rule is that you can’t really know anything if you just remember isolated facts and try to bang ‘em back. If the facts don’t hang together on a latticework of theory, you don’t have them in a usable form. You’ve got to have mental models in your head. And you’ve got to array your experience, both vicarious and direct, on this latticework of models.
"I think that, every time you see the word EBITDA, you should substitute the words "bullshit earnings.
Resist the craving for false precision, false certainties, etc.