Customer Quotes by Charlie Munger

Wall Street has too much wealth and political power.

— Charlie Munger

All sensible investing is value investing

— Charlie Munger

The idea of excessive diversification is madness.

— Charlie Munger

It's dangerous to short stocks.

— Charlie Munger

Investing is where you find a few great companies and then sit on your ass.

— Charlie Munger

There's more honor in investment management than in investment banking.

— Charlie Munger

Understanding how to be a good investor makes you a better business manager and vice versa.

— Charlie Munger

The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a…

— Charlie Munger

Beta and modern portfolio theory and the like - none of it makes any sense to me.

— Charlie Munger

I think there's something to be said for developing the disposition to own stocks without fretting.

— Charlie Munger

Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it.

— Charlie Munger

It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.

— Charlie Munger

If all you needed to do is to figure out what company is better than others, everyone would make a lot of…

— Charlie Munger

We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were…

— Charlie Munger

It took us months of buying all the Coke stock we could to accumulate $1 billion worth - equal to 7% of…

— Charlie Munger

Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to…

— Charlie Munger

For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs…

— Charlie Munger

You're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is…

— Charlie Munger

The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends…

— Charlie Munger

In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for.…

— Charlie Munger

The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of…

— Charlie Munger

Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you…

— Charlie Munger

It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets.…

— Charlie Munger

Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid…

— Charlie Munger

We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to…

— Charlie Munger

A lot of people think if you just had more process and more compliance -- checks and doublechecks and so forth --…

— Charlie Munger

Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of…

— Charlie Munger

The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing…

— Charlie Munger

Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And…

— Charlie Munger

If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at…

— Charlie Munger

At most corporations if you make an acquisition and it turns out to be a disaster, all the paperwork and presentations that…

— Charlie Munger

Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns.…

— Charlie Munger

The great lesson in microeconomics is to discriminate between when technology is going to help you and when it's going to kill…

— Charlie Munger

Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money,…

— Charlie Munger

You have a real asset-price bubble in places like parts of California and the suburbs of Washington, D.C.

— Charlie Munger

I think corporate managers should learn to be better investors because it would make them better managers.

— Charlie Munger

All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to…

— Charlie Munger

The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to…

— Charlie Munger

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

The idea of excessive diversification is madness. Wide diversification, which necessarily includes investment in mediocre businesses, only guarantees ordinary results.

— Charlie Munger