The perfect example of Darwinism is what technology has done to businesses. — Charlie Munger Copy Share Image
We have found in a long life that one competitor is frequently enough to ruin a business. — Charlie Munger Copy Share Image
See's candy company was the first high-quality business we ever bought. — Charlie Munger Copy Share Image
A great business at a fair price is superior to a fair business at a great price. — Charlie Munger Copy Share Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share Image
Understanding how to be a good investor makes you a better business manager and vice versa. — Charlie Munger Copy Share Image
Gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939, but I think… — Charlie Munger Copy Share Image
Everyone has the idea of owning good companies. The problem is that they have high prices in relations to assets and earnings,… — Charlie Munger Copy Share Image
If you want to understand science, you have to understand math. In business, if you're enumerate, you're going to be a klutz.… — Charlie Munger Copy Share Image
A lot of success in life and business comes from knowing what you want to avoid: early death, a bad marriage, etc. — Charlie Munger Copy Share Image
Wrigley is a great business, but that doesn't solve the problem. Buying great businesses at advantageous prices is very tough. — Charlie Munger Copy Share Image
I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but… — Charlie Munger Copy Share Image
Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners… — Charlie Munger Copy Share Image
Berkshireis in the business of making easy predictions If a deal looks too hard, the partners simply shelve it. — 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
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 Copy Share Image
[GEICO] got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses. All… — Charlie Munger Copy Share Image
You need a different checklist and different mental models for different companies. I can never make it easy by saying, 'Here are… — 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
There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year.… — 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
Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of… — 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… — Charlie Munger Copy Share Image
Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns.… — Charlie Munger Copy Share Image
What's fascinating . . .is that you could now have a business that might have been selling for $10 billion where the… — 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
It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper… — Charlie Munger Copy Share Image
...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much… — Charlie Munger Copy Share Image
A director who gets $150,000 per year from a company and needs the money is not independent. — Charlie Munger Copy Share Image
It's a rare business that doesn't have a way worse future than it has a past. — Charlie Munger Copy Share Image
Investing is where you find a few great companies and then sit on your ass. — Charlie Munger Copy Share Image
If the value of a company doesn't just scream out at you, it's too close. — Charlie Munger Copy Share Image
If you can buy the best companies, over time the pricing takes care of itself. — Charlie Munger Copy Share Image
In business we often find that the winning system goes almost ridiculously far in maximizing and or minimizing one or a few… — Charlie Munger Copy Share Image
Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business. — Charlie Munger Copy Share Image
In the LBO field there is a buried "covariance" with marketable equities, toward disaster in generally bad business conditions, and competition is… — Charlie Munger Copy Share Image
It would be easier to screw up American Express than Coke or Gillette, but it's an immensely strong business. — 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
![“[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/quotes/img-quotes/496/charlie-munger-458_able_in-picking-stocks-you-really-have-to-kno_2554597.jpg)
![“[GEICO] got to thinking that, because they were making a lot of money, they knew everything. And they suffered huge losses. All they had to do was to cut out all the folly and go back to the perfectly wonderful business that was lying there.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/885/charlie-munger-458_business_geico-got-to-thinking-that-because-they_3226286.jpg)
![“It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8d0/charlie-munger-458_advantage_it-is-way-less-certain-to-be-a-wonderful_59627.jpg)
![“Berkshireis not as good as it was in terms of percentage compounding [going forward], but it's still a hell of a business.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8d1/charlie-munger-458_business_berkshireis-not-as-good-as-it-was-in-ter_2383473.jpg)
![“They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good job of educating troubled young people to be good citizens and they're probably more successful than charter schools.” 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)
