There's more honor in investment management than in investment banking. — Charlie Munger Copy Share Image
A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business — Charlie Munger Copy Share Image
If you have the opportunities of Berkshire, an investment in gold is dumb. — Charlie Munger Copy Share Image
The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends… — 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
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
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
The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing… — Charlie Munger Copy Share Image
I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell… — 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
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
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
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
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
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 Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by… — 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
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
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 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
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
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
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
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
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
