“Show me the incentive and I’ll show you the outcome. If you have a dumb incentive, you get a dumb outcome.”
It’s the most famous public quip of Charlie Munger, Warren Buffet’s long time business partner and confidante at investment giant Berkshire Hathaway.
Munger, who died late last year at age 99 said that he had been in the top 5 per cent of his age cohort all his business life just by understanding the powerful interplay of culture and reward systems in investment, business, and policy.
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