This is a transcript from a speech that Charles Munger of Berkshire did at USC Business School, 1994. A great read.
If you don’t get this elementary, but mildly unnatural, mathematics of elementary probability into your repertoire, then you go through a long life like a onelegged man in an asskicking contest. You’re giving a huge advantage to everybody else.
– Charles Munger
A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business