If the value of a company doesn't just scream out at you, it's too close. — Charlie Munger Copy Share Image
Determine value apart from price; progress apart from activity; wealth apart from size. — Charlie Munger Copy Share Image
The game of life is the game of everlasting learning. At least it is if you want to win. — 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
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 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
The only intelligence investing is value investing...to acquire more than one is paying for. — Charlie Munger Copy Share Image
The harder you work, the more confidence you get. But you may be working hard on something that is false. — Charlie Munger Copy Share Image
We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were… — Charlie Munger Copy Share Image
While no real money came down, my family gave me a good education and a marvelous example of how people should behave,… — 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
If you buy something because it's undervalued, then you have to think about selling it when it approaches your calculation of its… — 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
The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic… — 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
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
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
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
Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in… — Charlie Munger Copy Share Image
Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess… — 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
[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
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
![“We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were bought at a discount to liquidation value.” quote by Charlie Munger](https://sms4smile.com/q/img-quotes/802/charlie-munger-458_calamity_we-bought-a-doomed-textile-mill-berkshir_858385.jpg)
![“[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)
