The big money is not in the buying and selling ... but in the waiting. — Charlie Munger Copy Share Image
The interesting thing is the field is so big - it's enormous. One thing a modern civilization needs is energy. — Charlie Munger Copy Share Image
Wells Fargo behaves better than the average big bank. But nobody's perfect. — Charlie Munger Copy Share Image
The wise ones bet heavily when the world offers them that opportunity. They bet big when they have the odds. And the… — 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
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
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 Copy Share Image
It's very useful to have a good grasp of all the big ideas in hard and soft science. A, it gives perspective.… — Charlie Munger Copy Share Image
The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot. I don't think it's crazy for a… — Charlie Munger Copy Share Image
If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef… — 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
I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made… — Charlie Munger Copy Share Image
Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers.… — Charlie Munger Copy Share Image
Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years… — Charlie Munger Copy Share Image
There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going… — Charlie Munger Copy Share Image
Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid… — Charlie Munger Copy Share Image
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few.… — Charlie Munger Copy Share Image
One of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. And the aftermath was… — Charlie Munger Copy Share Image
Another thing I think should be avoided is extremely intense ideology because it cabbages up one's mind. You see it a lot… — Charlie Munger Copy Share Image
It's not given to human beings to have such talent that they can just know everything about everything all the time. But… — 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
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 Copy Share Image
For some odd reason, I had an early and extreme multidisciplinary cast of mind. I couldn't stand reaching for a small idea… — Charlie Munger Copy Share Image
To finish first you have to first finish. Don't get in a position where you go back to go. What's interesting is… — Charlie Munger Copy Share Image
Every business tries to turn this year's success into next year's greater success. It's hard for me to see why Microsoft is… — 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
![“If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.” quote by Charlie Munger](https://sms4smile.com/quotes/i/cf5/charlie-munger-458_bigs_if-the-same-family-were-always-on-the-bo_3003042.jpg)
![“There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going to do that, so we'll have to live with the defects. It's amazing how wrongheaded [the teaching is]. There is fatal disconnectedness. You have these squirrelly…” quote by Charlie Munger](https://sms4smile.com/quotes/i/8ea/charlie-munger-458_american-universitie_there-s-a-lot-wrong-with-american-univer_2372237.jpg)
