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Charlie Munger Quotes
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Charlie Munger Quote: “For years I have read the morning paper and harrumphed. There’s a lot to harrumph about now.”
Charlie Munger Quote: “The tax code gives you an enormous advantage if you can find some things you can just sit with.”
Charlie Munger Quote: “The idea of excessive diversification is madness. Wide diversification, which necessarily includes investment in mediocre businesses, only guarantees ordinary results.”
Charlie Munger Quote: “I regard it as very unfair, but capitalism without failure is like religion without hell.”
Charlie Munger Quote: “If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands.”
Charlie Munger Quote: “The liabilities are always 100 percent good. It’s the assets you have to worry about.”
Charlie Munger Quote: “The game of investing is one of making better predictions about the future than other people. How are you going to do that? One way is to limit your tries to areas of competence. If you try to predict the future of everything, you attempt too much.”
Charlie Munger Quote: “Of course the self-serving bias is something you want to get out of yourself. Thinking that what’s good for you is good for the wider civilization and rationalizing all these ridiculous conclusions based on this subconscious tendency to serve one’s self is a terribly inaccurate way to think.”
Charlie Munger Quote: “In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few variables – like the discount warehouses of Costco.”
Charlie Munger Quote: “It’s not the bad ideas that do you in, but the good ones.”
Charlie Munger Quote: “In engineering, people have a big margin of safety. But in the financial world, people don’t give a damn about safety. They let it balloon and balloon and balloon. It’s aided by false accounting.”
Charlie Munger Quote: “See’s candy company was the first high-quality business we ever bought.”
Charlie Munger Quote: “Don’t confuse correlation and causation. Almost all great records eventually dwindle...”
Charlie Munger Quote: “There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash – and I don’t want to go back.”
Charlie Munger Quote: “The number one idea is to view a stock as an ownership of the business and to judge the staying quality of the business in terms of its competitive advantage. Look for more value in terms of discounted future cash-flow than you are paying for. Move only when you have an advantage.”
Charlie Munger Quote: “People always underestimate the ability of earth to increase its carrying capacity.”
Charlie Munger Quote: “The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for in price. It’s just that simple.”
Charlie Munger Quote: “Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens, you realize you’re wrong, and you get out. But if you develop correct confidence in your judgment, buy more and take advantage of stock prices.”
Charlie Munger Quote: “If you rise in life, you have to behave in a certain way. You can go to a strip club if you’re a beer-swilling sand shoveler, but if you’re the Bishop of Boston, you shouldn’t go.”
Charlie Munger Quote: “If the value of a company doesn’t just scream out at you, it’s too close.”
Charlie Munger Quote: “I think gold is a great thing to sew onto your garments if you’re a Jewish family in Vienna in 1939, but civilized people don’t buy gold, they invest in productive businesses.”
Charlie Munger Quote: “We don’t claim to have perfect morals, but at least we have a huge area of things that, while legal, are beneath us. We won’t do them. Currently, there’s a culture in Americathat says that anything that won’t send you to prison is OK.”
Charlie Munger Quote: “A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable to look at companies that were aggressively buying their own shares. They were motivated simply to buy below what it was worth.”
Charlie Munger Quote: “We’re emphasizing the knowable by predicting how certain people and companies will swim against the current. We’re not predicting the fluctuation in the current.”
Charlie Munger Quote: “With so much money riding on reported numbers, human nature is to manipulate them. And with so many doing it, you get Serpico effects, where everyone rationalizes that it’s okay because everyone else is doing it. It is always thus.”
Charlie Munger Quote: “If we mix only a moderate minority share of turds with the raisins each year, probably no one will recognize what will ultimately become a very large collection of turds.”
Charlie Munger Quote: “We have the same problem as everyone else: It’s very hard to predict the future...”
Charlie Munger Quote: “I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I’ve seen a tremendous amount of inflation in my lifetime. Did it ruin the investment climate? I think not.”
Charlie Munger Quote: “The idea of excessive diversification is madness.”
Charlie Munger Quote: “If you have competence, you know the edge. It wouldnt be a competence if you didnt know where the boundaries lie. Asking whether youve passed the boundary is a question that almost answers itself.”
Charlie Munger Quote: “I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea that it was hard to find good investments, so concentrate in a few, seems to me to be an obviously good idea. But 98% of the investment world doesn’t think this way.”
Charlie Munger Quote: “Even if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment of the richest paying low or no taxes screams of injustice. You have to have a fair system.”
Charlie Munger Quote: “I think you’ll make more money in the end with good ethics than bad. Even though there are some people who do very well, like Marc Rich-who plainly has never had any decent ethics, or seldom anyway. But in the end, Warren Buffett has done better than Marc Rich-in money-not just in reputation.”
Charlie Munger Quote: “The basic concept of value to a private owner and being motivated when you’re buying and selling securities by reference to intrinsic value instead of price momentum – I don’t think that will ever be outdated.”
Charlie Munger Quote: “It took us months of buying all the Coke stock we could to accumulate $1 billion worth – equal to 7% of the company. It’s very hard to accumulate major positions.”
Charlie Munger Quote: “Here’s one truth that perhaps your typical investment counselor would disagree with: if you’re comfortably rich and someone else is getting richer faster than you by, for example, investing in risky stocks, so what?! Someone will always be getting richer faster than you. This is not a tragedy.”
Charlie Munger Quote: “We don’t have any miraculous way of avoiding taxes at Wesco and Berkshire.”
Charlie Munger Quote: “Ben Franklin and Samuel Johnson, he credits their wisdom for his success. “They were both utterly brilliant men. And powerful communicators. Both have helped me all the way through life. Their lessons are easy to assimilate.””
Charlie Munger Quote: “To some extent, stocks are like Rembrandts. They sell based on what they’ve sold in the past. Bonds are much more rational. No-one thinks a bond’s value will soar to the moon.”
Charlie Munger Quote: “In the corporate world, if you have analysts, due diligence, and no horse sense, you’ve just described hell.”
Charlie Munger Quote: “We look for a horse with one chance in two of winning and which pays you three to one.”
Charlie Munger Quote: “We’re the tortoise that has outrun the hare because it chose the easy predictions.”
Charlie Munger Quote: “The harder you work, the more confidence you get. But you may be working hard on something that is false.”
Charlie Munger Quote: “There’s more honor in investment management than in investment banking.”
Charlie Munger Quote: “You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t know what to do with them.”
Charlie Munger Quote: “Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It’s called the graph.”
Charlie Munger Quote: “Quoting Demosthenes, ‘For what each man wishes, that he also believes to be true.’ I would rather make money playing a piano in a whorehouse than arguing that no cost is incurred when employees are paid in stock options instead of cash. I am not kidding.”
Charlie Munger Quote: “One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work hard all year and there is your profit sitting in the yard. We avoid businesses like that. We prefer those that can write us a check at the end of the year.”
Charlie Munger Quote: “Avoid working directly under somebody you don’t admire and don’t want to be like.”
Charlie Munger Quote: “The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened – people get status, etc. – it’s impossible to get it back into the bottle.”
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