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— William O. Douglas"Security can only be achieved through constant change, through discarding old ideas that have outlived their usefulness and adapting others to current facts."
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Nearly all great civilizations that perished did so because they had crystallized, because they were incapable of adapting themselves to new conditions, new methods, new points of view. It is as though people would rather die than change.
— Eleanor Roosevelt
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I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.
— Charlie Munger
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