1: What happens when you make it easy for people to cheat?

Charlie Munger had a friend who owned a manufacturing business in Texas.

“He was in a low-margin, tough business,” Charlie writes in Poor Charlie’s Almanack.  Charlie, who died in 2023, was Warren Buffett‘s  business partner and the former Vice Chairman of Berkshire Hathaway, the first non-technology firm in the U.S. to reach a market capitalization … continue reading