Accounting incomes were reduced by discrepancy [ but] "the net amount paid by lawyers for lawyerly discrepancy is close to zippo. In… — Charlie Munger Copy Share Image
The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting… — Charlie Munger Copy Share Image
To say accounting for derivatives is Americais a sewer is an insult to sewage. — Charlie Munger Copy Share Image
Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up. — Charlie Munger Copy Share Image
Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed… — Charlie Munger Copy Share Image
The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened… — Charlie Munger Copy Share Image
Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show… — Charlie Munger Copy Share Image
In engineering, people have a big margin of safety. But in the financial world, people don't give a damn about safety. They… — Charlie Munger Copy Share Image
Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is… — Charlie Munger Copy Share Image
Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we… — Charlie Munger Copy Share Image
Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using… — Charlie Munger Copy Share Image
I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced… — Charlie Munger Copy Share Image
I talked to one accountant, a very nice fellow who I would have been glad to have his family marry into mine.… — Charlie Munger Copy Share Image
I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that… — Charlie Munger Copy Share Image
You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization.… — Charlie Munger Copy Share Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share Image
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 Image
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 Image
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 Image
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 Image
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share Image
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 Image
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 Image
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 Image
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 Image
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 Image
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![“Everyone caved, adopted loose [accounting] standards, and created exotic derivatives…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/3d3/charlie-munger-458_accountants_everyone-caved-adopted-loose-accounting_1383135.jpg)
![“They [Mc Donalds] take people and give them a first…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/a55/charlie-munger-458_be-good_they-mc-donalds-take-people-and-give-the_41809.jpg)
