Charlie Munger: ‘We don’t do startups’

“We could make a lot of decisions about a lot of things very fast and very easily. And we’re unusual in that respect. And the reason we’re able to do that is there’s such an enormous other lot of things that we won’t allow ourselves to think about at all. It’s just that simple. I have a little phrase when people make pitches to me, and about halfway through the first sentence, I say, ‘We don’t do startups.’ They don’t exist. Well, if you blot out startups, there’s a whole layer of complexity that goes out of your life. And we’ve got other little blotter-out systems. And using those, we finally find out that what remains is still a pretty large territory that we can handle.”
—Charlie Munger.