Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt "Munger's Rule." However, over a lifetime, you'll be a long way ahead - and you will miss a lot of unhappy experiences.
"A Lesson on Elementary, Worldly Wisdom as it Relates to Investment Management and Business". Charlie Munger's lecture to the students at the University of Southern California in Los Angeles, 1994.
