Thread by @trengriffin

13/ Charlie Munger: "Harvard Business School early on started out with a history of business and they'd take you through the building of the canals and railroads and so on and you saw the ebb and flow of industry and the creative destruction of economic changes."

14/ Charlie Munger: "If you stop to think about it, business success long-term is a lot like biology and in biology what happens is the individuals all die and eventually so do all the species and capitalism is almost as brutal as that. Think of what's died in my lifetime."

15/ Charlie Munger: "Just think of the things that were once prosperous that are now in failure or gone. Whoever dreamed when I was young that Kodak would go bankrupt? It's incredible what's happened in terms of the destruction. Of course, that history is useful to know."

16/ "Jerry didn't know one thing about Daily Journal when we made him head of it, but he knew how to learn what he didn't know. It's hard to teach. Some people have a natural trend toward good judgment and other people their life is just a series of mistakes over and over again."

17/ "Psychology gets really useful when you integrate it with all other knowledge. But the academic system rewards little experiments that develop more insight into psychological tendencies instead of synthesizing what's already been discovered with the rest of knowledge." Munger

18/ On circle of competence: "If a new technology is created that you don't understand at all, you're at something of a disadvantage. My advice would be, if you have a fixable disadvantage, remove it. If it's unfixable, learn to live without it. What else can you do?" Munger

19/ "I'm not equipped to comment on a subject until I can state the arguments against my conclusion better than people on the other side. If you do that all the time, if you're looking for disconfirming evidence and putting yourself on a grill, that's a way remove ignorance."

20/ "What happens is every human being tends to believe way more than he should in what he's worked hard to find out or what he's announced publicly that he already believes. In other words, while we shout our knowledge out, we're really pounding it in, we're not enlarging it."

21/ "Warren and I are better at buying mature industries than we are at backing startups like Sequoia. I would hate to compete with Sequoia in their field. I think they'd run rings around me. For some folks, early stage investing is best. For other folks, what I've done is best."

22/ "BYD wasn't a startup, but it was so small that we were buying into a venture capital type investment, but in a public market. But with that one exception, I've stayed out of Sequoia's business because they're much better at it. I don't know how to do it the way they do it."

23/ Charlie Munger: "A lot of the old moats are going away, and of course, people are creating new moats all the time. That's the nature of capitalism. It's like evolution in biology. New species are created and old species are dying."

24/ Charlie Munger: "A lot of the moats that looked impassable, people found a way to just [get around]. Of course it's hard to negotiate in such a field. But there's no rule that life has to be easy on the mental side. Of course, it's going to be difficult."

25/ "People have a theory that any intelligent, hardworking person can get to be a great investor. Any intelligent person can get to be pretty good as an investor and avoid certain obvious traps. But I don't think everybody can be a great investor or a great chess player." CM

26/ Charlie Munger: "It's not easy to handle accumulated money in the current environment when stocks are so high and many parcels of real estate of certain kinds are also very inflated. So it's very difficult. All I can say is, 'We'll do the best we can.'"

27/ Charlie Munger: "But when it gets difficult, I don't think there's any automatic fix for difficulty. I think when difficulty comes, I expect to have my share."

28/ Charlie Munger: "The first rule of a happy life is low expectations. If you have unrealistic expectations, you're going to be miserable all your life. When you get reverses, it helps if you don't just fretfully stew yourself into a lot of misery."

29/ "Ben Franklin was one of the wisest men who ever lived, and yet he made a lot of mistakes in the course of living his life. Of course, if he had a chance to do it over again, he would avoid those mistakes. The number of people who ever got a chance to do it again is zero." CM

30/ Charlie Munger: "It's difficult to be a good investor. I'm satisfied with the way things have worked out and I'm not gnashing my teeth that other people are doing better. I think that the methods that I've used are the correct methods."[end of thread].

31/

My Neighbor's Dog: "30 tweets on the Munger Q&A is a lot."

Me: "Yep."

Neighbor's Dog: "He's still sharp. What did you think of his answers?"

Me: "I like his process. It works for me, even in my technology circle of competence. Other than that I have nothing to add."

31/ My Neighbor's Dog: "Why doesn't Warren make more bets like Berkshire's $570M bet on Snowflake."

Me: "Todd or Ted did that. Don't expect any style drift outside Buffett's circle of competence."

Neighbor's Dog: "Why?"

Me: "It is better to do nothing, than something stupid."