"You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization. I've heard it came to civilization through Venice which of course was once the great commercial power in the Mediterranean. However, double entry bookkeeping was a hell of an invention."
"It's not supposed to be easy. Anyone who finds it easy is stupid."
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Source: Investment Practices of Leading Charitable Foundations. Charlie Munger's speech to a meeting of the Foundation Financial Officers Group at Miramar Sheraton Hotel, Santa Monica, CA, October 14, 1998.
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"What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues are. You're going to crater immediately. Doing what you have faithfully engaged to do should be an automatic part of your conduct. You want to avoid sloth and unreliability."
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