"You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some similar psychology force that is obviously present."
"In fact, anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally you will be wrong if you adopt Munger's rule. However, over a lifetime, you'll be a long way ahead - and will miss a lot of unhappy experiences that might otherwise reduce your love for your fellow man."
"And it makes sense to load up on the very few good insights you have instead of pretending to know everything about everything at all times."
"You have to figure out where you've got an edge. And you've got to play within your own circle of competence."
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