Charlie Munger

"A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn't have rules that prevent it."

"Economics profession, they've been - they've been confident in various formulas, but economics is not physics. The same formula that works in one decade doesn't work in the next. Economics is a difficult subject."

"Gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939, but I think civilized people don't buy gold, they invest in productive businesses."

"I will say this: I know no wise person who doesn't read a lot. I suspect that you can read on the computer now and get a lot of benefit out of it, but I doubt that it'll work as well as reading print worked for me."

"I'm proud to be associated with the value system at Berkshire Hathaway; I think you'll make more money in the end with good ethics than bad."

"If you're glued together right and honorable, you will succeed. Get in there and get rid of stupidities and avoid bad people. Try teaching that to your grandchildren. The best way is by example. Fix yourself."

"Look at this generation, with all of its electronic devices and multitasking. I will confidently predict less success than Warren, who just focused on reading."

"That's the last thing on Earth you should think about... There's just a whole lot of things that aren't going to work for you. Figure out what they are and avoid them like the plague. And one of them is bitcoin... It is total insanity."

"There's danger in just shoveling out money to people who say, 'My life is a little harder than it used to be.' At a certain place you've got to say to the people, 'Suck it in and cope, buddy. Suck it in and cope.'"

"Wells Fargo had a glitch - the truth of the matter is they made a business judgement that was wrong. I don't think anything is fundamentally wrong."

"When someone takes their existing business and tries to transform it into something else - they fail. In technology that is often the case. Look at Kodak: it was the dominant imaging company in the world. They did fabulously during the great depression, but then wiped out the shareholders because of technological change."

"Who would want one's children growing up buying things like bitcoin? I hope to God my family doesn't buy it. It's noxious poison."