--- title: "11 Cost Quotes By Charlie Munger" description: "11 Cost quotes by Charlie Munger. Plus more from Charlie Munger and more Cost sayings from other authors." image: "https://sms4smile.com/quotes/i/b64/charlie-munger-458_cost_intelligent-people-make-decisions-based_2679227.jpg" --- > [Intelligent people make decisions based on opportunity costs.](https://sms4smile.com/quotes/charlie-munger/intelligent-people-make-decisions-based-on-opportunity-costs/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/b64/charlie-munger-458_cost_intelligent-people-make-decisions-based_2679227.jpg) > [The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to…](https://sms4smile.com/quotes/charlie-munger/the-cost-of-being-a-publicly-traded-stock-has-gone-way-way-up-it/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/eeb/charlie-munger-458_company_the-cost-of-being-a-publicly-traded-stoc_3017860.jpg) > [After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity…](https://sms4smile.com/quotes/charlie-munger/after-nearly-making-a-terrible-mistake-not-buying-see-s-we-ve-made/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/9af/charlie-munger-458_billions_after-nearly-making-a-terrible-mistake-n_2444772.jpg) > [Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one…](https://sms4smile.com/quotes/charlie-munger/opportunity-cost-is-a-huge-filter-in-life-if-you-ve-got-two-suitors/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/3c4/charlie-munger-458_buying_opportunity-cost-is-a-huge-filter-in-lif_599205.jpg) > [I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more…](https://sms4smile.com/quotes/charlie-munger/i-think-there-s-an-awful-lot-of-twaddle-and-bullshit-on-eva-the-whole/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/c04/charlie-munger-458_awful_i-think-there-s-an-awful-lot-of-twaddle_1737025.jpg) > [We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of…](https://sms4smile.com/quotes/charlie-munger/we-re-guessing-at-our-future-opportunity-cost-warrenis-guessing-that/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/cf1/charlie-munger-458_cost_we-re-guessing-at-our-future-opportunity_3036743.jpg) > [All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have…](https://sms4smile.com/quotes/charlie-munger/all-the-equity-investors-in-total-will-surely-bear-a-performance/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg) > [Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money playing a piano…](https://sms4smile.com/quotes/charlie-munger/quoting-demosthenes-for-what-each-man-wishes-that-he-also-believes-to/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/4cd/charlie-munger-458_arguing_quoting-demosthenes-for-what-each-man-wi_2785864.jpg) > [It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has almost…](https://sms4smile.com/quotes/charlie-munger/it-takes-almost-no-capital-to-open-a-new-see-s-candy-store-we-re/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/0bc/charlie-munger-458_being-crazy_it-takes-almost-no-capital-to-open-a-new_1955752.jpg) > [Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real…](https://sms4smile.com/quotes/charlie-munger/finding-a-single-investment-that-will-return-20-per-year-for-40-years/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/ece/charlie-munger-458_attractive_finding-a-single-investment-that-will-re_445967.jpg) > [Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of…](https://sms4smile.com/quotes/charlie-munger/obviously-consideration-of-costs-is-key-including-opportunity-costs/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/d98/charlie-munger-458_borrowing_obviously-consideration-of-costs-is-key_268592.jpg) ## Other authors on Cost ## More by Charlie Munger > [Almost all good businesses engage in 'pain today, gain tomorrow' activities.](https://sms4smile.com/quotes/charlie-munger/almost-all-good-businesses-engage-in-pain-today-gain-tomorrow/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [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…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to…](https://sms4smile.com/quotes/charlie-munger/acquire-worldly-wisdom-and-adjust-your-behavior-accordingly-if-your/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [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…](https://sms4smile.com/quotes/charlie-munger/i-think-time-and-time-again-in-reality-psychological-notions-and/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and…](https://sms4smile.com/quotes/charlie-munger/i-have-what-i-call-an-iron-prescription-that-helps-me-keep-sane-when/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [The tax code gives you an enormous advantage if you can find some things you can just sit with.](https://sms4smile.com/quotes/charlie-munger/the-tax-code-gives-you-an-enormous-advantage-if-you-can-find-some/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [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…](https://sms4smile.com/quotes/charlie-munger/the-great-lesson-in-microeconomics-is-to-discriminate-between-when/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.…](https://sms4smile.com/quotes/charlie-munger/some-years-ago-one-oil-company-bought-a-fertilizer-company-and-every/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [ They \[Mc Donalds\] take people and give them a first job, which enables them to get a second job. They do a very good… ](https://sms4smile.com/quotes/charlie-munger/they-mc-donalds-take-people-and-give-them-a-first-job-which-enables/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [What good is envy? It’s the one sin you can’t have any fun at.](https://sms4smile.com/quotes/charlie-munger/what-good-is-envy-it-s-the-one-sin-you-can-t-have-any-fun-at/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good…](https://sms4smile.com/quotes/charlie-munger/we-believe-that-almost-all-really-good-investment-records-will/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling…](https://sms4smile.com/quotes/charlie-munger/it-is-way-less-certain-to-be-a-wonderful-business-in-the-future-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.](https://sms4smile.com/quotes/charlie-munger/in-the-corporate-world-if-you-have-analysts-due-diligence-and-no/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [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…](https://sms4smile.com/quotes/charlie-munger/we-have-to-have-a-special-insight-or-we-ll-put-it-in-the-too-tough/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) > [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…](https://sms4smile.com/quotes/charlie-munger/i-ve-heard-that-one-half-of-the-students-at-elite-schools-want-to-go/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) ```json { "@context": "https://schema.org", "@graph": [ { "@type": "ItemList", "@id": "https://sms4smile.com/quotes/about/cost/charlie-munger/#itemlist", "name": "11 Cost Quotes By Charlie Munger", "numberOfItems": 11, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "Intelligent people make decisions based on opportunity costs.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/intelligent-people-make-decisions-based-on-opportunity-costs/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/b64/charlie-munger-458_cost_intelligent-people-make-decisions-based_2679227.jpg", "contentUrl": "https://sms4smile.com/quotes/i/b64/charlie-munger-458_cost_intelligent-people-make-decisions-based_2679227.jpg", "url": "https://sms4smile.com/quotes/i/b64/charlie-munger-458_cost_intelligent-people-make-decisions-based_2679227.jpg", "width": 1080, "height": 1080, "caption": "“Intelligent people make decisions based on opportunity costs.” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to be public anymore. A lot of little companies are going private to be rid of these burdensome requirements.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/the-cost-of-being-a-publicly-traded-stock-has-gone-way-way-up-it/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/eeb/charlie-munger-458_company_the-cost-of-being-a-publicly-traded-stoc_3017860.jpg", "contentUrl": "https://sms4smile.com/quotes/i/eeb/charlie-munger-458_company_the-cost-of-being-a-publicly-traded-stoc_3017860.jpg", "url": "https://sms4smile.com/quotes/i/eeb/charlie-munger-458_company_the-cost-of-being-a-publicly-traded-stoc_3017860.jpg", "width": 1080, "height": 1080, "caption": "“The cost of being a publicly traded stock has gone way, way up. 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These opportunity costs don't show up on financial statements, but have cost us many billions.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/after-nearly-making-a-terrible-mistake-not-buying-see-s-we-ve-made/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/9af/charlie-munger-458_billions_after-nearly-making-a-terrible-mistake-n_2444772.jpg", "contentUrl": "https://sms4smile.com/quotes/i/9af/charlie-munger-458_billions_after-nearly-making-a-terrible-mistake-n_2444772.jpg", "url": "https://sms4smile.com/quotes/i/9af/charlie-munger-458_billions_after-nearly-making-a-terrible-mistake-n_2444772.jpg", "width": 1080, "height": 1080, "caption": "“After nearly making a terrible mistake not buying See's, we've made this mistake many times. 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And that's the way we filter out buying opportunities.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/opportunity-cost-is-a-huge-filter-in-life-if-you-ve-got-two-suitors/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/3c4/charlie-munger-458_buying_opportunity-cost-is-a-huge-filter-in-lif_599205.jpg", "contentUrl": "https://sms4smile.com/quotes/i/3c4/charlie-munger-458_buying_opportunity-cost-is-a-huge-filter-in-lif_599205.jpg", "url": "https://sms4smile.com/quotes/i/3c4/charlie-munger-458_buying_opportunity-cost-is-a-huge-filter-in-lif_599205.jpg", "width": 1080, "height": 1080, "caption": "“Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more earnings. EVA has ideas about cost of capital that make no sense. Of course, if a company generates high returns on capital and can maintain this over time, it will do well. But the mental system as a whole does not work.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/i-think-there-s-an-awful-lot-of-twaddle-and-bullshit-on-eva-the-whole/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/c04/charlie-munger-458_awful_i-think-there-s-an-awful-lot-of-twaddle_1737025.jpg", "contentUrl": "https://sms4smile.com/quotes/i/c04/charlie-munger-458_awful_i-think-there-s-an-awful-lot-of-twaddle_1737025.jpg", "url": "https://sms4smile.com/quotes/i/c04/charlie-munger-458_awful_i-think-there-s-an-awful-lot-of-twaddle_1737025.jpg", "width": 1080, "height": 1080, "caption": "“I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/we-re-guessing-at-our-future-opportunity-cost-warrenis-guessing-that/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/cf1/charlie-munger-458_cost_we-re-guessing-at-our-future-opportunity_3036743.jpg", "contentUrl": "https://sms4smile.com/quotes/i/cf1/charlie-munger-458_cost_we-re-guessing-at-our-future-opportunity_3036743.jpg", "url": "https://sms4smile.com/quotes/i/cf1/charlie-munger-458_cost_we-re-guessing-at-our-future-opportunity_3036743.jpg", "width": 1080, "height": 1080, "caption": "“We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have jointly elected to bear. This is an inescapable fact of life. And it is also inescapable that exactly half of the investors will get a result below the median result after the croupiers' take, which median result may well be somewhere between unexciting and lousy.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/all-the-equity-investors-in-total-will-surely-bear-a-performance/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg", "contentUrl": "https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg", "url": "https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg", "width": 1080, "height": 1080, "caption": "“All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money playing a piano in a whorehouse than arguing that no cost is incurred when employees are paid in stock options instead of cash. I am not kidding.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/quoting-demosthenes-for-what-each-man-wishes-that-he-also-believes-to/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/4cd/charlie-munger-458_arguing_quoting-demosthenes-for-what-each-man-wi_2785864.jpg", "contentUrl": "https://sms4smile.com/quotes/i/4cd/charlie-munger-458_arguing_quoting-demosthenes-for-what-each-man-wi_2785864.jpg", "url": "https://sms4smile.com/quotes/i/4cd/charlie-munger-458_arguing_quoting-demosthenes-for-what-each-man-wi_2785864.jpg", "width": 1080, "height": 1080, "caption": "“Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has almost no cost. It would be crazy to franchise stores like some capital-starved pancake house. We like owning our own stores as a matter of quality control.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/it-takes-almost-no-capital-to-open-a-new-see-s-candy-store-we-re/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/0bc/charlie-munger-458_being-crazy_it-takes-almost-no-capital-to-open-a-new_1955752.jpg", "contentUrl": "https://sms4smile.com/quotes/i/0bc/charlie-munger-458_being-crazy_it-takes-almost-no-capital-to-open-a-new_1955752.jpg", "url": "https://sms4smile.com/quotes/i/0bc/charlie-munger-458_being-crazy_it-takes-almost-no-capital-to-open-a-new_1955752.jpg", "width": 1080, "height": 1080, "caption": "“It takes almost no capital to open a new See's candy store. We're drowning in capital of our own that has…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real world, you uncover an opportunity, and then you compare other opportunities with that. And you only invest in the most attractive opportunities. That's your opportunity cost. That's what you learn in freshman economics. The game hasn't changed at all. That's why Modern Portfolio Theory is so asinine.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/finding-a-single-investment-that-will-return-20-per-year-for-40-years/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ece/charlie-munger-458_attractive_finding-a-single-investment-that-will-re_445967.jpg", "contentUrl": "https://sms4smile.com/quotes/i/ece/charlie-munger-458_attractive_finding-a-single-investment-that-will-re_445967.jpg", "url": "https://sms4smile.com/quotes/i/ece/charlie-munger-458_attractive_finding-a-single-investment-that-will-re_445967.jpg", "width": 1080, "height": 1080, "caption": "“Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of borrowing, but theorists went bonkers on the cost of equity capital. They say that if you're generating a 100% return on capital, then you shouldn't invest in something that generates an 80% return on capital. It's crazy.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/obviously-consideration-of-costs-is-key-including-opportunity-costs/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d98/charlie-munger-458_borrowing_obviously-consideration-of-costs-is-key_268592.jpg", "contentUrl": "https://sms4smile.com/quotes/i/d98/charlie-munger-458_borrowing_obviously-consideration-of-costs-is-key_268592.jpg", "url": "https://sms4smile.com/quotes/i/d98/charlie-munger-458_borrowing_obviously-consideration-of-costs-is-key_268592.jpg", "width": 1080, "height": 1080, "caption": "“Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. 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