Munger in 2014: "If there’s any secret to Berkshire, it’s the fact that we’re pretty good at ignorance removal. And the nice thing about that is we have a lot of ignorance left to remove." 
"If it weren’t for the fact we were so good at removing our ignorance, step by step, Berkshire would be practically nothing today. What we knew originally wasn’t enough."
"[See's] main contribution to Berkshire was ignorance removal. ... We were pretty damn stupid when we bought See’s. We were just barely smart enough to buy it."
"There’s another trick, which is scrambling out of your mistakes. We’ve been quite good at both, and it’s enormously useful."
"Berkshire, a textile mill sure to go broke because power costs in New England were 2x as they were in TVA country, a sure-to-fail department store, a trading stamp sure to be forced out of business. Out of that comes Berkshire Hathaway. Talk about scrambling out of mistakes."
Buffett: "We’ve done very, very, very well in See’s. It not only has provided us with earnings that we’ve used to buy other businesses, beyond the earning power we’ve added at See’s.
It opened my eyes to the power of brands."
It opened my eyes to the power of brands."
"You could say that we made a lot of money in Coca-Cola partly because we bought See’s. I’d understood brands to some degree, but there’s nothing like owning one and seeing the possibilities as well as the limitations."
"I wouldn’t be at all surprised, if we had not owned See’s, whether we would’ve owned Coca-Cola later on."
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