The best thing a company can do is compound capital efficiently over a long period of time. That's what creates shareholder value. Most companies don't do it because they're distracted by quarterly earnings, acquisitions that destroy value, or just bad capital allocation decisions.

Charlie Munger — Berkshire Hathaway Annual Meeting Q&A

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The best way to think about the future is not by extrapolating the past, but by understanding the incentive structures and constraints that will shape decisions.

Charlie Munger — Berkshire Hathaway Annual Meeting

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I was just appalled at how absurd the entire ecosystem is. And not just the technology, which is a big part of it. There are also just terrible incentives that make every broker push plans that pay them more.

Alex Konrad

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