"Its so daunting to walk into a classroom or a school auditorium. Its like the worlds weirdest blind date. I know all the students are thinking, Who is this tool standing up in front of us?"

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There are exceptional loyalties and there are old fashion ideas about how you get loyalties, and after all the auditorium is full of people who have co-owned shares with the managers for many decades, and in many cases they co-invested when everyone was young and obscure. Also when you come back to a place like that you are celebrating old loyalties, and of course the basic idea behind so much of Berkshire is the old fashioned idea that the best way to get loyalty is to deserve loyalty.

— Charlie Munger