I know a few things, but I still got a lot to learn.

“If you have a dumb incentive system, you get dumb outcomes.” The late Charlie Munger was endlessly quotable, but this pearl of pith from the famed investor is one that every manager should remember.

There are plenty of dumb examples to choose from. Some are apocryphal: the Soviet nail factory that produced a single, uselessly gigantic nail to meet... See more