Munger was so deeply skeptical of his fellow man that Buffett dubbed him “the abominable no-man.” This, in fact, provided a clue to Munger’s unique talent as Buffett’s consigliere. His approach to life—of particular use to an investor—was to ask what could go wrong. He liked to quote the algebraist Carl Jacobi: “Invert, always invert.” Thus, at a high school commencement, Munger gave a sermon not on the qualities that would lead to happiness, but on those that would guarantee a miserable life. Always
