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Charlie Munger Quotes
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Charlie Munger Quote: “There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get so you can handle mistakes. Failure to handle psychological denial is a common way for people to go broke.”
Charlie Munger Quote: “I don’t want to understand Facebook.”
Charlie Munger Quote: “The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends to shareholders are zero. This is a very peculiar way to run a republic.”
Charlie Munger Quote: “Our biggest mistakes, were things we didn’t do, companies we didn’t buy.”
Charlie Munger Quote: “I see almost no change in the price of the composite product that flows through Costco I don’t feel sorry for the people who pay $27 million for an 8,000-square-foot condo in Manhattan. So inflation comes in places.”
Charlie Munger Quote: “In Gillette’s case, they keep surfing along new technology which is fairly simple by the standards of microchips. But it’s hard for competitors to do. So they’ve been able to stay constantly near the edge of improvements in shaving.”
Charlie Munger Quote: “I find it quite useful to think of a free-market economy – or partly free market economy – as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.”
Charlie Munger Quote: “A director who gets $150,000 per year from a company and needs the money is not independent.”
Charlie Munger Quote: “Just avoid things like racing trains to the crossing, doing cocaine, etc. Develop good mental habits.”
Charlie Munger Quote: “Common stock investors can make money by predicting the outcomes of practice evolution. You can’t derive this by fundamental analysis – you must think biologically.”
Charlie Munger Quote: “I call myself the assistant cult leader.”
Charlie Munger Quote: “If you want good behavior, don’t pay on a commission basis. Our judges aren’t paid so much a case. We keep them pretty well isolated with a fixed salary. Judges in this whole thing have come out pretty well – there have been relatively few scandals.”
Charlie Munger Quote: “Trying to prioritize among things we’re unlikely to do is pretty fruitless.”
Charlie Munger Quote: “A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy and do too much of it if the civilization doesn’t have rules that prevent it.”
Charlie Munger Quote: “Understanding how to be a good investor makes you a better business manager and vice versa.”
Charlie Munger Quote: “Well in the history of the See’s Candy Company they always say, “I never did it before, and I’m never going to do it again.” And we cashier them. It would be evil not to, because terrible behavior spreads.”
Charlie Munger Quote: “Economics is in many respects the queen of the soft sciences. It’s expected to be better than the rest. It’s my view that economics is better at the multi-disciplinary stuff than the rest of the soft science. And it’s also my view that it’s still lousy...”
Charlie Munger Quote: “If it happens every year like clockwork, what’s so extraordinary about it?”
Charlie Munger Quote: “It’s a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus find a lower rate of return.”
Charlie Munger Quote: “It’s hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and sometimes they’ll pound each other. I know of no way to predict whether they’ll compete moderately or to the death. If you could figure it out, you could make a lot of money.”
Charlie Munger Quote: “We have a history when things are really horrible of wading in when no one else will.”
Charlie Munger Quote: “I think there’s something to be said for developing the disposition to own stocks without fretting.”
Charlie Munger Quote: “I do not think you can trust bankers to control themselves. They are like heroin addicts.”
Charlie Munger Quote: “I don’t think vengeance is much good.”
Charlie Munger Quote: “It’s dangerous to short stocks.”
Charlie Munger Quote: “You must value the business in order to value the stock.”
Charlie Munger Quote: “We’re partial to putting out large amounts of money where we won’t have to make another decision.”
Charlie Munger Quote: “In the 1930s, there as a stretch here you could borrow more against the real estate than you could sell it for. I think that’s hat’s going on in today’s private-equity world.”
Charlie Munger Quote: “I’m proud to be associated with the value system at Berkshire Hathaway; I think you’ll make more money in the end with good ethics than bad.”
Charlie Munger Quote: “We have never had the will to enforce the immigration laws. What you see is what you’ll continue to get.”
Charlie Munger Quote: “It would be one of the most irritating experiences in the world to do a lot of work to uncover a fraud and then at have it go from X to 3X and at h the crooks happily partying with your money while you’re meeting margin calls. Why would you want to go within hailing distance of that?”
Charlie Munger Quote: “I bet Richard Fuld doesn’t have an ounce of contrition. It’s just megalomania. When it’s like that, you need rules to prevent catastrophe. When banks are borrowing the government’s credit rating, you need rules to prevent stupid things.”
Charlie Munger Quote: “The investment game is getting more and more competitive.”
Charlie Munger Quote: “For some odd reason, I had an early and extreme multidisciplinary cast of mind. I couldn’t stand reaching for a small idea in my own discipline when there was a big idea right over the fence in somebody else’s discipline. So I just grabbed in all directions for the big ideas that would really work.”
Charlie Munger Quote: “I think corporate managers should learn to be better investors because it would make them better managers.”
Charlie Munger Quote: “If you have the opportunities of Berkshire, an investment in gold is dumb.”
Charlie Munger Quote: “The interesting thing is the field is so big – it’s enormous. One thing a modern civilization needs is energy.”
Charlie Munger Quote: “We have to have a special insight, or we’ll put it in the ‘too tough’ basket. All of you have to look for a special area of competency and focus on that.”
Charlie Munger Quote: “A board member should be perfectly willing to leave at any time and willing to make the tough calls.”
Charlie Munger Quote: “Berkshire’s past record has been almost ridiculous. If Berkshirehad used even half the leverage of, say, Rupert Murdoch, it would be five times its current size.”
Charlie Munger Quote: “A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too likely to be foolish in another.”
Charlie Munger Quote: “No CEO examining books today understands what the hell is going on.”
Charlie Munger Quote: “It’s human nature to extrapolate the recent past into the future, but it’s terrible that managements go along with this.”
Charlie Munger Quote: “There is the sheer amount of Franklin’s wisdom. And the talent. Franklin played four instruments. He was the nation’s leading scientist and inventor, plus a leading author, statesman, and philanthropist. There has never been anyone like him.”
Charlie Munger Quote: “We tend to buy things – a lot of things – where we don’t know exactly what will happen, but the outcome will be decent.”
Charlie Munger Quote: “I think the main figure that matters to all of us, including people in the media, is: How does GDP per capita grow? And those figures have been very good. There is a huge flux both up and down, so it isn’t like we’re all static in status. What’s important is that pie grows.”
Charlie Munger Quote: “Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it.”
Charlie Munger Quote: “I’d rather throw a viper down my shirt front than hire a compensation consultant.”
Charlie Munger Quote: “To say accounting for derivatives is Americais a sewer is an insult to sewage.”
Charlie Munger Quote: “How could economics not be behavioral? If it isn’t behavioral, what the hell is it?”
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