All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers’ costs they have jointly elect… - Charlie Munger

First (prescription for misery), be unreliable. Do not faithfully do what you have engaged to do. If you will only master this one habit, you will more that counterbalance the combined effect of all your virtues, howsoever great. If you like being distrusted and excluded from the best human contribution and company, this prescription is for you. Master this one habit, and you will always play the role of the hare in the fable, except that instead of being outrun by the one fine turtle, you will be outrun by hordes and hordes of mediocre turtles and even some mediocre turtles on crutches.

Opportunity doesn’t come often, so seize it when it does. Opportunity meeting the prepared mind — that’s the game.

Fourth, in filling scarce academic vacancies, professors of superstrong, passionate political ideology, whether on the left or right, should usually be avoided. So also for students. Best-form multidisciplinarity requires an objectivity such passionate people have lost, and a difficult synthesis is not likely to be achieved by minds in ideological fetters. In our day, some Harvard Law professors could and did point to a wonderful example of just such ideology-based folly. This, of course, was the law school at Yale, which was then viewed by many at Harvard as trying to improve legal education by importing a particular political ideology as a dominant factor.