It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't. — Charlie Munger Copy Share Image
I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced… — Charlie Munger Copy Share Image
The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened… — Charlie Munger Copy Share Image
Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the… — Charlie Munger Copy Share Image
We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in… — Charlie Munger Copy Share Image
One of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. And the aftermath was… — Charlie Munger Copy Share Image
I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects"… — Charlie Munger Copy Share Image
I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made… — Charlie Munger Copy Share Image
Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money,… — 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
![“It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/ff9/charlie-munger-458_being-nice_it-would-be-nice-if-this-finding-really_1697359.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)