--- title: "12 Crazy Quotes By Charlie Munger" description: "12 Crazy quotes by Charlie Munger. Plus more from Charlie Munger and more Crazy sayings from other authors." image: "https://sms4smile.com/quotes/i/0bc/charlie-munger-458_being-crazy_it-takes-almost-no-capital-to-open-a-new_1955752.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) > [I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think…](https://sms4smile.com/quotes/charlie-munger/i-think-the-notion-that-liquidity-is-this-of-tradable-common-stock-is/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/d4a/charlie-munger-458_capitalism_i-think-the-notion-that-liquidity-is-thi_919359.jpg) > [Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry…](https://sms4smile.com/quotes/charlie-munger/missing-out-on-some-opportunity-never-bothers-us-what-s-wrong-with/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/272/charlie-munger-458_bother_missing-out-on-some-opportunity-never-bo_643889.jpg) > [A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy…](https://sms4smile.com/quotes/charlie-munger/a-banker-who-is-allowed-to-borrow-money-at-x-and-loan-it-out-at-x/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/9c2/charlie-munger-458_banker_a-banker-who-is-allowed-to-borrow-money_588533.jpg) > [The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot. I don't think it's crazy for a…](https://sms4smile.com/quotes/charlie-munger/the-quality-of-the-medical-care-delivered-including-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/8a3/charlie-munger-458_bigs_the-quality-of-the-medical-care-delivere_1644369.jpg) > [And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get…](https://sms4smile.com/quotes/charlie-munger/and-maybe-the-cereal-makers-by-and-large-have-learned-to-be-less/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/826/charlie-munger-458_bent_and-maybe-the-cereal-makers-by-and-large_2271601.jpg) > [People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep…](https://sms4smile.com/quotes/charlie-munger/people-have-always-had-this-craving-to-have-someone-tell-them-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/dd8/charlie-munger-458_craving_people-have-always-had-this-craving-to-h_2483582.jpg) > [A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is why we say that…](https://sms4smile.com/quotes/charlie-munger/a-lot-of-people-with-high-iqs-are-terrible-investors-because-they-ve/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/cf6/charlie-munger-458_ability_a-lot-of-people-with-high-iqs-are-terrib_2900093.jpg) > [In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much…](https://sms4smile.com/quotes/charlie-munger/in-investment-management-today-everybody-wants-not-only-to-win-but-to/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/848/charlie-munger-458_artificial_in-investment-management-today-everybody_2136607.jpg) > [I mean people are really crazy about minor decrements down. And then, if you act on them, then you get into reciprocation…](https://sms4smile.com/quotes/charlie-munger/i-mean-people-are-really-crazy-about-minor-decrements-down-and-then/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/14a/charlie-munger-458_affection_i-mean-people-are-really-crazy-about-min_322565.jpg) > [Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess…](https://sms4smile.com/quotes/charlie-munger/black-scholes-is-a-know-nothing-system-if-you-know-nothing-about/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/f87/charlie-munger-458_black_black-scholes-is-a-know-nothing-system-i_2011004.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 Crazy ## 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/crazy/charlie-munger/#itemlist", "name": "12 Crazy Quotes By Charlie Munger", "numberOfItems": 12, "itemListElement": [ { "@type": "ListItem", "position": 1, "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. 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The liquidity gives us these crazy booms, which have many problems as well as virtues.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/i-think-the-notion-that-liquidity-is-this-of-tradable-common-stock-is/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d4a/charlie-munger-458_capitalism_i-think-the-notion-that-liquidity-is-thi_919359.jpg", "contentUrl": "https://sms4smile.com/quotes/i/d4a/charlie-munger-458_capitalism_i-think-the-notion-that-liquidity-is-thi_919359.jpg", "url": "https://sms4smile.com/quotes/i/d4a/charlie-munger-458_capitalism_i-think-the-notion-that-liquidity-is-thi_919359.jpg", "width": 1080, "height": 1080, "caption": "“I think the notion...that liquidity is this - of tradable common stock - is a great contributor to…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry about this.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/missing-out-on-some-opportunity-never-bothers-us-what-s-wrong-with/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/272/charlie-munger-458_bother_missing-out-on-some-opportunity-never-bo_643889.jpg", "contentUrl": "https://sms4smile.com/quotes/i/272/charlie-munger-458_bother_missing-out-on-some-opportunity-never-bo_643889.jpg", "url": "https://sms4smile.com/quotes/i/272/charlie-munger-458_bother_missing-out-on-some-opportunity-never-bo_643889.jpg", "width": 1080, "height": 1080, "caption": "“Missing out on some opportunity never bothers us. 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I don't think it's crazy for a rich country like the USto spend 15% of GDP on healthcare, and if it rose to 16-17%, it's not a big worry.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/the-quality-of-the-medical-care-delivered-including-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/8a3/charlie-munger-458_bigs_the-quality-of-the-medical-care-delivere_1644369.jpg", "contentUrl": "https://sms4smile.com/quotes/i/8a3/charlie-munger-458_bigs_the-quality-of-the-medical-care-delivere_1644369.jpg", "url": "https://sms4smile.com/quotes/i/8a3/charlie-munger-458_bigs_the-quality-of-the-medical-care-delivere_1644369.jpg", "width": 1080, "height": 1080, "caption": "“The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot. I…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get even one person who's hell-bent on gaining market share… For example, if I were Kellogg and I decided that I had to have 60% of the market, I think I could take most of the profit out of cereals. I'd ruin Kellogg in the process. But I think I could do it.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/and-maybe-the-cereal-makers-by-and-large-have-learned-to-be-less/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/826/charlie-munger-458_bent_and-maybe-the-cereal-makers-by-and-large_2271601.jpg", "contentUrl": "https://sms4smile.com/quotes/i/826/charlie-munger-458_bent_and-maybe-the-cereal-makers-by-and-large_2271601.jpg", "url": "https://sms4smile.com/quotes/i/826/charlie-munger-458_bent_and-maybe-the-cereal-makers-by-and-large_2271601.jpg", "width": 1080, "height": 1080, "caption": "“And maybe the cereal makers by and large have learned to be less crazy about fighting for market…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There's always been a market for people who pretend to know the future. Listening to today's forecasters is just as crazy as when the king hired the guy to look at the sheep guts.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/people-have-always-had-this-craving-to-have-someone-tell-them-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/dd8/charlie-munger-458_craving_people-have-always-had-this-craving-to-h_2483582.jpg", "contentUrl": "https://sms4smile.com/quotes/i/dd8/charlie-munger-458_craving_people-have-always-had-this-craving-to-h_2483582.jpg", "url": "https://sms4smile.com/quotes/i/dd8/charlie-munger-458_craving_people-have-always-had-this-craving-to-h_2483582.jpg", "width": 1080, "height": 1080, "caption": "“People have always had this craving to have someone tell them the future. Long ago, kings would hire people…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is why we say that having a certain kind of temperament is more important than brains. You need to keep raw irrational emotion under control. You need patience and discipline and an ability to take losses and adversity without going crazy. You need an ability to not be driven crazy by extreme success", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/a-lot-of-people-with-high-iqs-are-terrible-investors-because-they-ve/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/cf6/charlie-munger-458_ability_a-lot-of-people-with-high-iqs-are-terrib_2900093.jpg", "contentUrl": "https://sms4smile.com/quotes/i/cf6/charlie-munger-458_ability_a-lot-of-people-with-high-iqs-are-terrib_2900093.jpg", "url": "https://sms4smile.com/quotes/i/cf6/charlie-munger-458_ability_a-lot-of-people-with-high-iqs-are-terrib_2900093.jpg", "width": 1080, "height": 1080, "caption": "“A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/in-investment-management-today-everybody-wants-not-only-to-win-but-to/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/848/charlie-munger-458_artificial_in-investment-management-today-everybody_2136607.jpg", "contentUrl": "https://sms4smile.com/quotes/i/848/charlie-munger-458_artificial_in-investment-management-today-everybody_2136607.jpg", "url": "https://sms4smile.com/quotes/i/848/charlie-munger-458_artificial_in-investment-management-today-everybody_2136607.jpg", "width": 1080, "height": 1080, "caption": "“In investment management today, everybody wants not only to win, but to have a yearly outcome path that…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 10, "item": { "@type": "Quotation", "text": "I mean people are really crazy about minor decrements down. And then, if you act on them, then you get into reciprocation tendency, because you don't just reciprocate affection, you reciprocate animosity, and the whole thing can escalate. And so huge insanities can come from just subconsciously over-weighing the importance of what you're losing or almost getting and not getting.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/i-mean-people-are-really-crazy-about-minor-decrements-down-and-then/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/14a/charlie-munger-458_affection_i-mean-people-are-really-crazy-about-min_322565.jpg", "contentUrl": "https://sms4smile.com/quotes/i/14a/charlie-munger-458_affection_i-mean-people-are-really-crazy-about-min_322565.jpg", "url": "https://sms4smile.com/quotes/i/14a/charlie-munger-458_affection_i-mean-people-are-really-crazy-about-min_322565.jpg", "width": 1080, "height": 1080, "caption": "“I mean people are really crazy about minor decrements down. And then, if you act on them, then you get into…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 11, "item": { "@type": "Quotation", "text": "Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess at what a 90-day option might be worth. But the minute you get into longer periods of time, it's crazy to get into Black-Scholes. For example, at Costco we issued stock options with strike prices of $30 and $60, and Black-Scholes valued the $60 ones higher. This is insane.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/black-scholes-is-a-know-nothing-system-if-you-know-nothing-about/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/f87/charlie-munger-458_black_black-scholes-is-a-know-nothing-system-i_2011004.jpg", "contentUrl": "https://sms4smile.com/quotes/i/f87/charlie-munger-458_black_black-scholes-is-a-know-nothing-system-i_2011004.jpg", "url": "https://sms4smile.com/quotes/i/f87/charlie-munger-458_black_black-scholes-is-a-know-nothing-system-i_2011004.jpg", "width": 1080, "height": 1080, "caption": "“Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 12, "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. It's…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/crazy/charlie-munger/#webpage", "url": "https://sms4smile.com/quotes/about/crazy/charlie-munger/", "name": "Crazy Quotes by Charlie Munger", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/crazy/charlie-munger/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/0bc/charlie-munger-458_being-crazy_it-takes-almost-no-capital-to-open-a-new_1955752.jpg" }, "description": "12 Crazy quotes by Charlie Munger. 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