Taken from PDF by Sanjay Bakshi
p 137 Charlie Munger: Boiling frog effect is a frequent cause of business failure. Cognition, misled by tiny changes involving low contrast, will often miss a trend that is destiny. Example given on p 138: digital camera’s effect on photography; p 139 mobile phone effects on fixed line tech.
p 141: The remedy would be to learn to focus on a few key factors which may be changing slowly.
p 216: Buffett: Severe change and exceptional returns usually don’t mix. Most investors, of course, bhave as if just the opposite were true.
p 324: Instead of focussing on becoming too smart, I urge you to focus on avoiding foolish behaviour.