Charlie Munger

If all you needed to do is to figure out what company is better than others, everyone would make a lot of money. But that is not the case. They keep raising the prices to the point when the odds change.

I believe Costco does more for civilization than the Rockefeller Foundation. I think it's a better place. You get a bunch of very intelligent people sitting around trying to do good, I immediately get kind of suspicious and squirm in my seat.

And I think that still is true of this business - which is basically research and development - that you probably spend more time in planning and training and designing for things to go wrong, and how you cope with them, than you do for things to go right.

What a piece of garbage this smart car is. There's a commercial - the smart car has zero percent interest for six years. Well, good, I got zero percent in six years in buying this smart car. I'll tell you that much. I mean, it's ridiculous. My buddy has a smart car, totaled it. He hit a deer tick.