There's more honor in investment management than in investment banking. — Charlie Munger Copy Share Image
The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a… — Charlie Munger Copy Share Image
Understanding how to be a good investor makes you a better business manager and vice versa. — Charlie Munger Copy Share Image
If it is wisdom you're after, you're going to spend a lot of time on your ass reading. — Charlie Munger Copy Share Image
Spend each day trying to be a little wiser than you were when you woke up. — Charlie Munger Copy Share Image
I think there's something to be said for developing the disposition to own stocks without fretting. — Charlie Munger Copy Share Image
If you have the opportunities of Berkshire, an investment in gold is dumb. — Charlie Munger Copy Share Image
It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't. — Charlie Munger Copy Share Image
We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in… — Charlie Munger Copy Share Image
It takes character to sit there with all that cash and do nothing. I didn't get to where I am by going… — Charlie Munger Copy Share Image
The idea of excessive diversification is madness. Wide diversification, which necessarily includes investment in mediocre businesses, only guarantees ordinary results. — Charlie Munger Copy Share Image
An investment decision in the common stock of a company frequently involves a whole lot of factors interacting ... the one thing… — Charlie Munger Copy Share Image
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 Copy Share Image
Why would you want to invest with a guy whose thought process says, "If a second layer of fees is good, then… — Charlie Munger Copy Share Image
Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start… — Charlie Munger Copy Share Image
You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto… — Charlie Munger Copy Share Image
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 Copy Share Image
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 Copy Share Image
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to… — 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
Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real… — Charlie Munger Copy Share Image
It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and… — Charlie Munger Copy Share Image
What's fascinating . . .is that you could now have a business that might have been selling for $10 billion where the… — Charlie Munger Copy Share Image
I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made… — Charlie Munger Copy Share Image
I think corporate managers should learn to be better investors because it would make them better managers. — Charlie Munger Copy Share Image
How could economics not be behavioral? If it isn't behavioral, what the hell is it? — Charlie Munger Copy Share Image
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to… — Charlie Munger Copy Share Image
It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get… — Charlie Munger Copy Share Image
I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and… — Charlie Munger Copy Share Image
I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think… — Charlie Munger Copy Share Image
To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational.… — Charlie Munger Copy Share Image
The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron… — Charlie Munger Copy Share Image
There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and… — Charlie Munger Copy Share Image
Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you… — Charlie Munger Copy Share Image
I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting… — Charlie Munger Copy Share Image
In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few… — Charlie Munger Copy Share Image
One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible.… — Charlie Munger Copy Share Image
We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look… — Charlie Munger Copy Share Image
Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show… — 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
![“It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/ff9/charlie-munger-458_being-nice_it-would-be-nice-if-this-finding-really_1697359.jpg)
