Charlie Munger：Munger's 1994 USC Talk, Additional Excerpt 49

And GEICO had a perfectly magnificent business submerged in a mess, but still working. Misled by success, GEICO had done some foolish things. They got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses.

Source： https://web.archive.org/web/20140625062802/http://ycombinator.com/munger.html
Locator：Archived transcript, additional excerpt 49 · Verified：2026-10-19 · Verification：Short excerpt

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