Charlie Munger

We have a high moral responsibility to be rational

— Charlie Munger

Capitalism is a pretty brutal place.

— Charlie Munger

The investment game is getting more and more competitive.

— Charlie Munger

It's dishonourable to stay stupider than you need to be

— Charlie Munger

We want very good leaders who have a lot of power.

— Charlie Munger

Step by step you get ahead, but rarely in fast spurts.

— Charlie Munger

It's not the bad ideas that do you in, but the good ones.

— Charlie Munger

Wall Street has too much wealth and political power.

— Charlie Munger

It's a good habit to trumpet your failures and be quiet about your successes.

— Charlie Munger

In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.

— Charlie Munger

Litigation is notoriously time-consuming, inefficient, costly and unpredictable.

— Charlie Munger

There are always people who will be better at some thing than you are.

— Charlie Munger

The big money is not in the buying and selling ... but in the waiting.

— Charlie Munger

We don't have any miraculous way of avoiding taxes at Wesco and Berkshire.

— Charlie Munger

We have never had the will to enforce the immigration laws. What you see is what you'll continue to get.

— Charlie Munger

A lot of our respected financial institutions are just casinos in drag.

— Charlie Munger

Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet…

— Charlie Munger

If all you needed to do is to figure out what company is better than others, everyone would make a lot of…

— Charlie Munger

If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary)…

— Charlie Munger

If you rise in life, you have to behave in a certain way. You can go to a strip club if you're…

— Charlie Munger

Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount…

— Charlie Munger

Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don't need these kinds of innovation in finance. It's OK to…

— Charlie Munger

I'm proud to be associated with the value system at Berkshire Hathaway; I think you'll make more money in the end with…

— Charlie Munger

We bought a doomed textile mill [Berkshire Hathaway] and a California S&L [Savings & Loan; Wesco] just before a calamity. Both were…

— Charlie Munger

Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a…

— Charlie Munger

“I constantly see people rise in life who are not the smartest, sometimes not even the most diligent, but they are learning…

— Charlie Munger

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

Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you…

— Charlie Munger

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

I don't have too much interest in teaching other people how to get rich. And that isn't because I fear the competition…

— Charlie Munger

I got at a very early age, the idea that the safest way to try and get what you want, is to…

— Charlie Munger

Of course the self-serving bias is something you want to get out of yourself. Thinking that what's good for you is good…

— Charlie Munger

Personally, I’ve gotten so that I now use a kind of two-track analysis. First, what are the factors that really govern the…

— Charlie Munger

The ethical rule is from Samuel Johnson who believed that maintenance of easily removable ignorance by a responsible office holder was treacherous…

— Charlie Munger

I talked to one accountant, a very nice fellow who I would have been glad to have his family marry into mine.…

— Charlie Munger

Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And…

— Charlie Munger

The interesting thing about it to me is the mindset. With all these "helpers" running around, they talk about doing deals. We…

— Charlie Munger

The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to…

— Charlie Munger

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

At most corporations if you make an acquisition and it turns out to be a disaster, all the paperwork and presentations that…

— Charlie Munger