The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You… — Charlie Munger Copy Share Image
I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any… — Charlie Munger Copy Share Image
Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in… — 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
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
[GEICO] got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses. All… — Charlie Munger Copy Share Image
The general systems of money management [today] require people to pretend to do something they can't do and like something they don't.… — 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
Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money,… — Charlie Munger Copy Share Image
I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they'd say,… — 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
With Congress and the S.E.C. so heavily peopled by lawyers, and with lawyers having been so heavily involved in drafting financial disclosure… — Charlie Munger Copy Share Image
Chris Davis [of the Davisfunds] has a temple of shame. He celebrates the things they did that lost them a lot of… — 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
![“The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You can push credit too far, do a dumb acquisition, leverage yourself excessively - it's not just derivatives [that can bring about your downfall].” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/628/charlie-munger-458_acquisition_the-beauty-of-a-financial-institution-is_1034580.jpg)
![“[GEICO] got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses. All they had to do was to cut out all the folly and go back to the perfectly wonderful business that was lying there.” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/885/charlie-munger-458_business_geico-got-to-thinking-that-because-they_3226286.jpg)
![“The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/246/charlie-munger-458_life_the-general-systems-of-money-management_798109.jpg)
![“Chris Davis [of the Davisfunds] has a temple of shame. He celebrates the things they did that lost them a lot of money. What is also needed is a temple of shame squared for things you didn't do that would have made you rich. Forgetting your mistakes is a terrible error if you are trying to improve…” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/5af/charlie-munger-458_categories_chris-davis-of-the-davisfunds-has-a-temp_1992003.jpg)
