Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet… — Charlie Munger Copy Share Image
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying… — Charlie Munger Copy Share Image
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share Image
While no real money came down, my family gave me a good education and a marvelous example of how people should behave,… — Charlie Munger Copy Share Image
there are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more… — Charlie Munger Copy Share Image
We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices.… — Charlie Munger Copy Share Image
Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens,… — Charlie Munger Copy Share Image
The number one idea is to view a stock as an ownership of the business and to judge the staying quality of… — Charlie Munger Copy Share Image
When we were young, there weren't very many smart people in the investment world. You should have seen the people in the… — Charlie Munger Copy Share Image
[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You… — Charlie Munger Copy Share Image
It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper… — Charlie Munger Copy Share Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share
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… — Charlie Munger Copy Share
Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to… — Charlie Munger Copy Share
I think time and time again, in reality, psychological notions and economic notions interplay, and the man who doesn't understand both is a damned… — Charlie Munger Copy Share
I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and… — Charlie Munger Copy Share
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share
The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill you. And… — Charlie Munger Copy Share
Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.… — Charlie Munger Copy Share
They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good… — Charlie Munger Copy Share
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good… — Charlie Munger Copy Share
It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling… — Charlie Munger Copy Share
In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell. — Charlie Munger Copy Share
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… — Charlie Munger Copy Share
I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up… — Charlie Munger Copy Share
![“[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You have to know a lot about the maintainability of competitive advantage. You have to have a mind that quantifies things in terms of value. And you have to be able to compare…” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/496/charlie-munger-458_able_in-picking-stocks-you-really-have-to-kno_2554597.jpg)
![“It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that…” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/8d0/charlie-munger-458_advantage_it-is-way-less-certain-to-be-a-wonderful_59627.jpg)
