"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."
"Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners are slim at best."
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Source: Charlie Munger's speech on the psychology of human misjudgment at Harvard University in Cambridge, Massachusetts, June 1995.
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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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