--- title: "7 Dues Quotes By Charlie Munger" description: "7 Dues quotes by Charlie Munger. Plus more from Charlie Munger and more Dues sayings from other authors." image: "https://sms4smile.com/quotes/i/cbd/charlie-munger-458_analysts_in-the-corporate-world-if-you-have-analy_64440.jpg" --- > [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/) [Image](https://sms4smile.com/quotes/i/cbd/charlie-munger-458_analysts_in-the-corporate-world-if-you-have-analy_64440.jpg) > [The definition of hell in the legal system is: endless due process and no justice; (in the corporate world) it would be:…](https://sms4smile.com/quotes/charlie-munger/the-definition-of-hell-in-the-legal-system-is-endless-due-process-and/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/d9c/charlie-munger-458_corporate_the-definition-of-hell-in-the-legal-syst_633658.jpg) > [ Everyone caved, adopted loose \[accounting\] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed… ](https://sms4smile.com/quotes/charlie-munger/everyone-caved-adopted-loose-accounting-standards-and-created-exotic/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/3d3/charlie-munger-458_accountants_everyone-caved-adopted-loose-accounting_1383135.jpg) > [Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start…](https://sms4smile.com/quotes/charlie-munger/bull-markets-go-to-people-s-heads-if-you-re-a-duck-on-a-pond-and-it-s/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/20b/charlie-munger-458_bull-market_bull-markets-go-to-people-s-heads-if-you_1525642.jpg) > [A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really…](https://sms4smile.com/quotes/charlie-munger/a-lot-of-opportunities-in-life-tend-to-last-a-short-while-due-to-some/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/180/charlie-munger-458_dues_a-lot-of-opportunities-in-life-tend-to-l_1711419.jpg) > [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…](https://sms4smile.com/quotes/charlie-munger/kellogg-s-and-campbell-s-moats-have-also-shrunk-due-to-the-increased/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/edc/charlie-munger-458_buying_kellogg-s-and-campbell-s-moats-have-also_2188991.jpg) > [ Most people will see declining returns \[due to inflation\]. One of the great defenses if you're worried about inflation is not to… ](https://sms4smile.com/quotes/charlie-munger/most-people-will-see-declining-returns-due-to-inflation-one-of-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/c1b/charlie-munger-458_customer_most-people-will-see-declining-returns-d_2532092.jpg) ## Other authors on Dues ## 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/dues/charlie-munger/#itemlist", "name": "7 Dues Quotes By Charlie Munger", "numberOfItems": 7, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/in-the-corporate-world-if-you-have-analysts-due-diligence-and-no/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/cbd/charlie-munger-458_analysts_in-the-corporate-world-if-you-have-analy_64440.jpg", "contentUrl": "https://sms4smile.com/quotes/i/cbd/charlie-munger-458_analysts_in-the-corporate-world-if-you-have-analy_64440.jpg", "url": "https://sms4smile.com/quotes/i/cbd/charlie-munger-458_analysts_in-the-corporate-world-if-you-have-analy_64440.jpg", "width": 1080, "height": 1080, "caption": "“In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 2, "item": { "@type": "Quotation", "text": "The definition of hell in the legal system is: endless due process and no justice; (in the corporate world) it would be: endless due diligence and no horse sense.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/the-definition-of-hell-in-the-legal-system-is-endless-due-process-and/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/d9c/charlie-munger-458_corporate_the-definition-of-hell-in-the-legal-syst_633658.jpg", "contentUrl": "https://sms4smile.com/quotes/i/d9c/charlie-munger-458_corporate_the-definition-of-hell-in-the-legal-syst_633658.jpg", "url": "https://sms4smile.com/quotes/i/d9c/charlie-munger-458_corporate_the-definition-of-hell-in-the-legal-syst_633658.jpg", "width": 1080, "height": 1080, "caption": "“The definition of hell in the legal system is: endless due process and no justice; (in the corporate world)…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 3, "item": { "@type": "Quotation", "text": "Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed by accountants, are not really being earned. When you reach for the money, it melts away. It was never there. It [accounting for derivatives] is just disgusting. It is a sewer, and if I'm right, there will be hell to pay in due course. 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If you're a duck on a pond, and it's rising due to a downpour, you start going up in the world. But you think it's you, not the pond.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/bull-markets-go-to-people-s-heads-if-you-re-a-duck-on-a-pond-and-it-s/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/20b/charlie-munger-458_bull-market_bull-markets-go-to-people-s-heads-if-you_1525642.jpg", "contentUrl": "https://sms4smile.com/quotes/i/20b/charlie-munger-458_bull-market_bull-markets-go-to-people-s-heads-if-you_1525642.jpg", "url": "https://sms4smile.com/quotes/i/20b/charlie-munger-458_bull-market_bull-markets-go-to-people-s-heads-if-you_1525642.jpg", "width": 1080, "height": 1080, "caption": "“Bull markets go to people's heads. 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The muscle power of Wal-Mart and Costco has increased dramatically.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/kellogg-s-and-campbell-s-moats-have-also-shrunk-due-to-the-increased/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/edc/charlie-munger-458_buying_kellogg-s-and-campbell-s-moats-have-also_2188991.jpg", "contentUrl": "https://sms4smile.com/quotes/i/edc/charlie-munger-458_buying_kellogg-s-and-campbell-s-moats-have-also_2188991.jpg", "url": "https://sms4smile.com/quotes/i/edc/charlie-munger-458_buying_kellogg-s-and-campbell-s-moats-have-also_2188991.jpg", "width": 1080, "height": 1080, "caption": "“Kellogg's and Campbell's moats have also shrunk due to the increased buying power of supermarkets and…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "Most people will see declining returns [due to inflation]. 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