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Warren Buffett on Business: Principles from the Sage of Omaha by Richard J. Connors

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12.7. Lessons Learned According to Charlie Munger

"Smart, hard-working people aren't exempted from the professional disaster of overconfidence. Often, they just go aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods."[]

"When the final chapter is written, the behavior evinced by Salomon in other similar cases, people will be smart enough to realize this is the response we want—super prompt—even if it means cashiering some people who may not deserve it."[]

"Face your big troubles. Don't sweep them under the rug."[]

"Warren and I will never stop criticizing some aspect of investment banking culture. It's hard to have people floating around in a miasma of billions without an occasional regrettable act."[]

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