A Quote by Charlie Munger
The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting were thoroughly fixed, a lot of other sins would go away. We're paying a huge price for deterioration of accounting.
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Cyber Leader: Daleks, be warned. You have declared war upon the Cybermen. Dalek Sec: This is not war - this is pest control! Cyber Leader: We have five million Cybermen. How many are you? Dalek Sec: Four. Cyber Leader: You would destroy the Cybermen with four Daleks? Dalek Sec: We would destroy the Cybermen with one Dalek! You superior in only one respect. Cyber Leader: What is that? Dalek Sec: You are better at dying.
I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced better accounting.
What I don't like - and I'm concerned about - as a Houstonian is that the SEC is starting to own Houston... There's more talk about the SEC than there is the Big 12.
I would say from top to bottom, the SEC is strongest. Every now and then, another conference is going to have a great number one team. But week in and week out, having to play a really tough schedule that's preparing you for the postseason, there's no better conference than the SEC.
Quarterbacks running in the SEC typically translate over well to the pro game. If you can run, take off and get 10 yards here and there against SEC defenses, there's a good chance that you can do that at the NFL level as well.
They said 'the SEC this, the SEC that.' I said, 'You talk like all 14 teams are this, that and the other thing.' I said, 'You have to give credit to the first one or two that have won the national championship, but don't act like they're all doing that.'
I always felt like, one of the niches is if you can recruit the SEC, you can be a head coach in the SEC.
Accounting does not make corporate earnings or balance sheets more volatile. Accounting just increases the transparency of volatility in earnings.
I don't mean to sugarcoat the figure on restatements, but I think it is positive - it shows a healthy system. The general impression of the public is that accounting rules are black and white. They are often anything but that, and in many instances the changes in earnings came after new interpretations by the chief accountant of the SEC.
Aggressive accounting does not mean illegal accounting.
Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers.
To be able to bring an entire city together is not easy, and we definitely have one thing in common in the city - that's the Tigers. The history of the school is well-noted around town. It is an SEC kind of country with all the SEC schools, but Memphis trumps all of that in the city. I embrace that.
The other financial genius, John McCain, said the fundamentals of our economy are strong, and then yesterday he wanted to fire the head of the SEC -- except you can't as president fire the SEC chairman, it's a non-governmental job. Sarah Palin said today one more gaffe from McCain, and she's going to drop him from the ticket.
Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we do accounting.
It's never been important to be a huge star or to have some breakout role. If you're the lead, you get a lot more screen time and you get a lot more chances to develop that character more thoroughly than you would if you do it in a little supporting part.
You have to understand accounting and you have to understand the nuances of accounting. It's the language of business and it's an imperfect language, but unless you are willing to put in the effort to learn accounting - how to read and interpret financial statements - you really shouldn't select stocks yourself
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