Charlie Munger: Simple, old-fashioned discipline

“We have this simple, old-fashioned discipline, which Warren likens to Ted Williams waiting for a fat pitch. I don’t know about Warren, but if you said to me, ‘Charlie, you can go into the business of managing money the way other people do, where you’re measured against indexes and you got consultants choosing consultants that are reviewing you to committees,’ I would just hate it. I would regard it as being put into shackles. And shackles where the very system was preventing me from delivering value…. The general system for money management requires people to pretend that they can do something that they can’t do, and to pretend to like it when they really don’t.” —Charlie Munger.