“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.”

“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.”

“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.”

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

“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.