Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group… — Charlie Munger Copy Share Image
The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for… — Charlie Munger Copy Share Image
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… — Charlie Munger Copy Share Image
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 Copy Share Image
It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all… — Charlie Munger Copy Share Image
Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation… — Charlie Munger Copy Share Image
Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When… — 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 whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension… — Charlie Munger Copy Share Image
Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better… — Charlie Munger Copy Share Image
People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know,… — Charlie Munger Copy Share Image
The game of investing is one of making better predictions about the future than other people. How are you going to do… — Charlie Munger Copy Share Image
It is an unfortunate fact that great and foolish excess can come into prices of common stocks in the aggregate. They are… — Charlie Munger Copy Share Image
I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit… — Charlie Munger Copy Share Image
It's my guess that something like 5% of GDP goes to money management and itsattendant friction. I define it broadly - annuities,… — Charlie Munger Copy Share Image
All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have… — Charlie Munger Copy Share Image
So you can get very remarkable investment results if you think more like a winning pari-mutuel player. Just think of it as… — Charlie Munger Copy Share Image
'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish… — Charlie Munger Copy Share Image
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much… — Charlie Munger Copy Share Image
A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really… — Charlie Munger Copy Share Image
A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable… — Charlie Munger Copy Share Image
Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money playing a piano… — Charlie Munger Copy Share Image
If you're going to be an investor, you're going to make some investments where you don't have all the experience you need.… — Charlie Munger Copy Share Image
To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one… — Charlie Munger Copy Share Image
Projections are put together by people who have an interest in a particular outcome, have a subconscious bias, and its apparent precision… — 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
You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy… — 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
The model I like to sort of simplify the notion of what goes on in a market for common stocks is the… — Charlie Munger Copy Share Image
And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get… — Charlie Munger Copy Share Image
Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been… — Charlie Munger Copy Share Image
A few major opportunities, clearly recognizable as such, will usually come to one who continuously searches and waits, with a curious mind,… — Charlie Munger Copy Share Image
And, partly, I had found that theory-structure was a superpower in helping one get what one wanted. As I had early discovered… — Charlie Munger Copy Share Image
We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent… — Charlie Munger Copy Share Image
Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and… — Charlie Munger Copy Share Image
It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment… — Charlie Munger Copy Share Image
I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to… — Charlie Munger Copy Share Image
Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably rich and someone else is getting richer… — Charlie Munger Copy Share Image
A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is why we say that… — Charlie Munger Copy Share Image
I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea… — 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)
![“Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been a long slog to a perfectly respectable outcome - not as good as Berkshire Hathaway or Microsoft, but there's always someone in life who's done better.” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/c1e/charlie-munger-458_billions_wesco-had-a-market-capitalization-of-40_2073813.jpg)
![“We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two…” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/50c/charlie-munger-458_candy_we-regard-using-a-stock-s-volatility-as_1564654.jpg)
![“I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to realize they have a duty to the rest of us to act as exemplars... You do not want your first-grade school teacher to be fornicating on the floor or drinking booze in the classroom; similarly you…” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/6bb/charlie-munger-458_alcohol_i-think-we-have-lost-our-way-when-people_2506159.jpg)
