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“When any person offers you a chance to earn lots of money without risk, don’t listen to the rest of their sentence. Follow this and you’ll save yourself a lot of misery.”

"Where you have complexity, by nature you can have fraud and mistakes."

Charlie Munger
"Taking on risk only makes sense when it is sufficiently outweighed by the potential reward, which is why we only buy stocks when there is a margin of safety. " Charlie Munger morningstar.com/articles/16939…
"Any time anybody offers you anything with a big commission and a 200-page prospectus, don’t buy it. Occasionally, you’ll be wrong if you adopt 'Munger’s Rule.' However, over a lifetime, you’ll be a long way ahead — and you will miss a lot of unhappy experiences." Charlie Munger
"What do you think a derivative trading desk is? It’s a casino in drag. They make the witch doctors look good.”

"It's just so useful dealing with people you can trust and getting all the others the hell out of your life. It ought to be taught as a catechism."

Charlie Munger
About these few words from the WSJ article:

"Needing to play catch-up with his retirement portfolio..."

so much pain is traceable "catch-up" approaches. As Howard Marks has pointed out: “If riskier investments necessarily delivered higher returns they wouldn’t be risky.”
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