“It's very difficult to invest money well, and I think it's all but impossible to do it time after time after time in venture capital. Some of the deals get so hot, and you have to decide so quickly, that you're all just sort of gambling.”

“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.”

“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. There must be some wisdom in the folk saying: 'It's the strong swimmers who drown.'”

Extended form as printed in the Almanack; the first sentence is the widely quoted core.

“It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent. People are trying to be smart — all I am trying to do is not to be idiotic, but it's harder than most people think.”

“We try more to profit from always remembering the obvious than from grasping the esoteric.”

From Munger's Wesco chairman's letter; it immediately precedes the famous 'consistently not stupid' line.