The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a… — Charlie Munger Copy Share Image
Learn how to ignore the examples from others when they are wrong, because few skills are more worth having. — Charlie Munger Copy Share Image
I feel that by getting rich in the way I did, I think my own example has hurt my own country. — Charlie Munger Copy Share Image
The perfect example of Darwinism is what technology has done to businesses. — Charlie Munger Copy Share Image
One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work… — Charlie Munger Copy Share Image
While no real money came down, my family gave me a good education and a marvelous example of how people should behave,… — Charlie Munger Copy Share Image
Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably rich and someone else is getting richer… — Charlie Munger Copy Share Image
To atone, I teach and try to set an example... I love spreading this stuff around. Just because it's trite doesn't mean… — Charlie Munger Copy Share Image
Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using… — Charlie Munger Copy Share Image
Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess… — 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
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few.… — Charlie Munger Copy Share Image
I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to… — 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
And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get… — Charlie Munger Copy Share Image
And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not… — Charlie Munger Copy Share Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share
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
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
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
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
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share
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
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
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
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
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
In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell. — Charlie Munger Copy Share
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… — Charlie Munger Copy Share
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… — Charlie Munger Copy Share
![“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/i/50c/charlie-munger-458_candy_we-regard-using-a-stock-s-volatility-as_1564654.jpg)
![“I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to realize they have a duty to the rest of us to act as exemplars... You do not want your first-grade school teacher to be fornicating on the floor or drinking booze in the classroom; similarly you…” quote by Charlie Munger](https://sms4smile.com/quotes/i/6bb/charlie-munger-458_alcohol_i-think-we-have-lost-our-way-when-people_2506159.jpg)
