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1. "I’ve been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I’ve underestimated it." Munger
2. "The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety)..." Mencken
2. "The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety)..." Mencken
3. "Free cash flow is something that investors can spend. Investors can’t spend percentage margins." Bezos
4. "Anybody can sell merchandise for low prices. The trick is to be able to do it well and to make money while you’re doing it.” Sinegal
4. "Anybody can sell merchandise for low prices. The trick is to be able to do it well and to make money while you’re doing it.” Sinegal
5. "When a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact" Buffett
