Charlie Munger

Who would want one's children growing up buying things like bitcoin? I hope to God my family doesn't buy it. It's noxious poison. ”

They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I think the mistake was, when the bad news came, they didn't recognize it directly. I don't think that impairs the future of Wells Fargo. They'll be better for it. ”

Wall Street has too much wealth and political power. ”

I believe Costco does more for civilization than the Rockefeller Foundation. I think it's a better place. You get a bunch of very intelligent people sitting around trying to do good, I immediately get kind of suspicious and squirm in my seat. ”

The first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form. ”

Most people don't grab the right ideas or don't know what to do with them. ”

You need a different checklist and different mental models for different companies. ”

Alternatives to gold and currency and to make a big speculative vehicle - I never considered for one second having anything to do with it. I detested it the minute it had been raised. ”

I regard the bitcoin craze as totally asinine to create some manufactured currency. ”

A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it. ”