Darwin’s result was due in large measure to his working method, which violated all my rules for misery and particularly emphasized a backward twist i… - Charlie Munger

not drifting into extreme ideology is very, very important in life. If you want to end up wise, heavy ideology is very likely to prevent that outcome.

Which models are the most reliable? Well, obviously, the models that come from hard science and engineering are the most reliable models on this earth. And engineering quality control — at least the guts of it that matters to you and me and people who are not professional engineers — is very much based on the elementary mathematics of Fermat and Pascal: It costs so much, and you get so much less likelihood of it breaking if you spend this much. It’s all elementary high school mathematics.

limited partnerships that do some combination of the following: unleveraged investment in high-tech corporations in their infancy; leveraged investments in corporate buyouts; leveraged relative value trades in equities; and leveraged convergence trades and other exotic trades in all kinds of securities and derivatives.