Charlie Munger

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

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

If any successes has come to me, it came because I insisted on thinking things through. That's all I was capable of…

— Charlie Munger

The model I like to sort of simplify the notion of what goes on in a market for common stocks is the…

— Charlie Munger

[Lawyers who file class-action securities suits] is not a group you would want to marry into your family. "That said, more than…

— Charlie Munger

The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of…

— Charlie Munger

A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for…

— Charlie Munger

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

People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep…

— Charlie Munger

Although I am very interested in the subject of human misjudgment - and lord knows I've created a good bit of it…

— Charlie Munger

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

If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they…

— Charlie Munger

It would be one of the most irritating experiences in the world to do a lot of work to uncover a fraud…

— Charlie Munger

Even bright people are going to have limited, really valuable insights in a very competitive world when they're fighting against other very…

— Charlie Munger

If you take sales presentations and brokers of commercial real estate and businesses... I'm 70 years old, I've never seen one I…

— Charlie Munger

It is one thing to think gold has some marvelous store of value because man has no way of inventing more gold…

— Charlie Munger

I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane.…

— Charlie Munger

Projections are put together by people who have an interest in a particular outcome, have a subconscious bias, and its apparent precision…

— Charlie Munger

[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You…

— Charlie Munger

I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more…

— Charlie Munger

We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of…

— Charlie Munger

I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that…

— Charlie Munger

Sears had layers and layers of people it didn't need. It was very bureaucratic. It was slow to think. And there was…

— Charlie Munger

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