If you stop to think about it, a pari-mutual system is a market. Everybody goes there and bets and the odds chance on what’s bet. That’s what happens in the stock market.
“You don’t have to pee on an electric fence to learn not to do it” said Munger on one occasion. At the most recent Berkshire meeting he quipped: “Learning from other people’s mistakes is much more pleasant. The best way to do this is simple: When in doubt, read so you can learn vicariously. Charlie loves to talk about the importance of reading: