“One thing we've learned is, if it's clear that something is a mistake, is to fix it quickly. It doesn't get better while you wait.”

“Being able to recognize when you're wrong is a godsend. A good bit of the Munger fortune came from liquidating things we originally purchased because we were wrong. I actually work at trying to discard beliefs.”

“Getting it done is when it's done, not when it's in somebody else's inbox.”

“Those are opportunity-cost billions. They don't show up on the financial statements, but the amount of money that's been blown by dumb decisions at headquarters at Berkshire Hathaway is awesome.”

“In a world where you sometimes have to amputate a limb to stay alive, you can't expect that every business can stay exactly as it is.”

On shutting the least-productive plants in the downturn.