Our biggest mistakes, were things we didn't do, companies we didn't buy. — Charlie Munger Copy Share Image
See's candy company was the first high-quality business we ever bought. — 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
Investing is where you find a few great companies and then sit on your ass. — 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
A director who gets $150,000 per year from a company and needs the money is not independent. — Charlie Munger Copy Share Image
Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and companies like Wal-Mart. The muscle power… — Charlie Munger Copy Share Image
Well in the history of the See's Candy Company they always say, "I never did it before, and I'm never going to… — Charlie Munger Copy Share Image
A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable… — 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
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
We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in… — Charlie Munger Copy Share Image
It took us months of buying all the Coke stock we could to accumulate $1 billion worth - equal to 7% of… — Charlie Munger Copy Share Image
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 Copy Share Image
We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came… — 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
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 Copy Share Image
I'd say 3/4 of advertising works on pure Pavlov. Think how association, pure association, works. Take Coca-Cola company (we're the biggest share-holder).… — Charlie Munger Copy Share Image
We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent… — 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… — 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
Where you have complexity, by nature you can have fraud and mistakes. You'll have more of that than in a company that… — Charlie Munger Copy Share Image
Bernie Ebbers and Ken Lay were caricatures - they were easy to spot. They were almost psychopaths. But it's much harder to… — Charlie Munger Copy Share Image
If you buy something because it's undervalued, then you have to think about selling it when it approaches your calculation of its… — Charlie Munger Copy Share Image
The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to… — Charlie Munger Copy Share Image
An investment decision in the common stock of a company frequently involves a whole lot of factors interacting ... the one thing… — 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
![“We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting; it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/274/charlie-munger-458_board-meetings_we-don-t-have-an-isolated-group-of-senio_2685453.jpg)
![“We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/50c/charlie-munger-458_candy_we-regard-using-a-stock-s-volatility-as_1564654.jpg)
![“Bernie Ebbers and Ken Lay were caricatures - they were easy to spot. They were almost psychopaths. But it's much harder to spot problems at companies like Royal Dutch [Shell].” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/582/charlie-munger-458_caricatures_bernie-ebbers-and-ken-lay-were-caricatur_1930979.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)
![“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)