Charlie Munger is a pretty outspoken person: "If you mix raisins with turds, they're still turds".
Some other quotes:
”Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it’s time.”
”I think that, every time you saw the word EBITDA [earnings], you should substitute the word “bullshit” earnings.”
"If you buy something because it’s undervalued, then you have to think about selling it when it approaches your calculation of its intrinsic value. That’s hard. But if you buy a few great companies, then you can sit on your ass. That’s a good thing.”
”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.”
”In my whole life, I have known no wise people who didn’t read all the time – none, zero. You’d be amazed at how much Warren reads, at how much I read. My children laugh at me. They think I’m a book with a couple of legs sticking out.”
”Well, the questioner came from Singapore which has perhaps the best economic record in the history of any developing economy and therefore he referred to 15% per annum as modest. It’s not modest–it’s arrogant. Only someone from Singapore would call it modest.”
”Everywhere there is a large commission, there is a high probability of a ripoff.”
Acknowledging what you don’t know is the dawning of wisdom.”
”Beta and modern portfolio theory and the like – none of it makes any sense to me."