QuestionerMr. Munger, I am intrigued by your marshalling of the Commodore and Aristotle to support your points. Could you elaborate on what role, a study of history of civilization plays in developing a sound investment philosophy? Thanks.
CharlieWell, I don't want to praise Aristotle too much. He was the one who thought that women had a different number of teeth from men and never looked in his wife's mouth. Maybe his wife did. I'm all in favor of a good general education, and I think it helps investment performance and it helps business performance, and it helps one be a better citizen. And some of the things people say are quite memorable, and therefore they're helpful to the mind by the very ease of which they're remembered. And I think you'd be surprised. how many bright investment professionals could talk a lot about Aristotle or even people I can't stand, like Hegel.
QuestionerDo you want to quote a little more from anybody?
WarrenOne of my favorite quotations in the whole world is from Einstein. He says, everything should be made as simple as possible, but no more simple. And I think that describes the reality that we all face. Charlie's favorite, though, is Ben Franklin at, that's probably true, isn't it, Charlie?
CharlieYeah. We get more from Ben than anybody else. Keep thy shop and it will keep thee, that sort of thing. I mean, we're loaded with that stuff. Three removes are as good as a fire. It's hard for an empty sack to stand upright. That's the Bible around Berkshire.
WarrenI once heard Warren say, the reason I'm so financially concerned, as I don't want to find out how badly I might behave if I were stretched. I think we better cut them off here.