Some of my most bone-headed (and insanely expensive) mistakes have been hiring fancy people from big Fortune 500 corporate gigs and putting them in charge of smaller companies.

There’s a saying, “You can take the man out of IBM, but you can’t take the IBM out of the man.”…

Andrew Wilkinson Agreed.

Reality is that not many people are good at doing things they aren't currently doing.

I asked Munger about finding talent. He gave a curt answer: 'I only hire people who have done it.'

I then followed up and asked about hiring younger people.

His reply: 'I don't.'