Sublime

Charlie Munger, Warren Buffett’s late and longtime business partner, once said, “Show me the incentive and I'll show you the outcome.

I think a select few—a small percentage of the investment managers—can deliver  value added. But I don't think brilliance alone is enough to do it. I think that you have  to have a little of this discipline of calling your shots and loading up—you want to  maximize your chances of becoming one who provides above average real returns ... See more

Charlie Munger’s formula: “There is an old two-part rule that often works wonders in business, science, and elsewhere: (1) Take a simple, basic idea and (2) take it very seriously.”