--- title: "9 Happened Quotes By Charlie Munger" description: "9 Happened quotes by Charlie Munger. Plus more from Charlie Munger and more Happened sayings from other authors." image: "https://sms4smile.com/quotes/i/ff9/charlie-munger-458_being-nice_it-would-be-nice-if-this-finding-really_1697359.jpg" --- > [ It would be nice if this \[finding really cheap stocks\] happened all the time. Unfortunately, it doesn't. ](https://sms4smile.com/quotes/charlie-munger/it-would-be-nice-if-this-finding-really-cheap-stocks-happened-all-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/ff9/charlie-munger-458_being-nice_it-would-be-nice-if-this-finding-really_1697359.jpg) > [I would argue that a majority of the horrors we face would not have happened if the accounting profession developed and enforced…](https://sms4smile.com/quotes/charlie-munger/i-would-argue-that-a-majority-of-the-horrors-we-face-would-not-have/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/132/charlie-munger-458_accounting_i-would-argue-that-a-majority-of-the-hor_2487152.jpg) > [One of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. And the aftermath was…](https://sms4smile.com/quotes/charlie-munger/one-of-the-first-big-bubbles-of-course-was-the-huge-and-horrible/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/140/charlie-munger-458_aftermath_one-of-the-first-big-bubbles-of-course-w_2983936.jpg) > [The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on derivatives books. And once this has happened…](https://sms4smile.com/quotes/charlie-munger/the-stupid-and-dishonest-accountants-allowed-the-genie-of-totally/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/6d4/charlie-munger-458_accountants_the-stupid-and-dishonest-accountants-all_1736359.jpg) > [We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in…](https://sms4smile.com/quotes/charlie-munger/we-have-a-higher-percentage-of-the-intelligentsia-engaged-in-buying/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/774/charlie-munger-458_activity_we-have-a-higher-percentage-of-the-intel_712578.jpg) > [Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the…](https://sms4smile.com/quotes/charlie-munger/some-people-seem-to-think-there-s-no-trouble-just-because-it-hasn-t/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/ce2/charlie-munger-458_addresses_some-people-seem-to-think-there-s-no-tro_2048962.jpg) > [Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money,…](https://sms4smile.com/quotes/charlie-munger/harvard-and-yale-concentrated-with-venture-capitalists-that-got-the/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/17c/charlie-munger-458_amount_harvard-and-yale-concentrated-with-ventu_136398.jpg) > [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…](https://sms4smile.com/quotes/charlie-munger/i-d-say-that-berkshire-hathaway-s-system-is-adapting-to-the-nature-of/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg) > [I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects"…](https://sms4smile.com/quotes/charlie-munger/i-have-concluded-that-most-phd-economists-under-appraise-the-power-of/) [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) [Image](https://sms4smile.com/quotes/i/2ee/charlie-munger-458_academic_i-have-concluded-that-most-phd-economist_788569.jpg) ## Other authors on Happened ## 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/happened/charlie-munger/#itemlist", "name": "9 Happened Quotes By Charlie Munger", "numberOfItems": 9, "itemListElement": [ { "@type": "ListItem", "position": 1, "item": { "@type": "Quotation", "text": "It would be nice if this [finding really cheap stocks] happened all the time. 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And the aftermath was interesting. Many of you probably don't remember what happened after the South Sea Bubble, which caused an enormous financial contraction, and a lot of pain. They banned publicly traded stock in England for decades.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/one-of-the-first-big-bubbles-of-course-was-the-huge-and-horrible/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/140/charlie-munger-458_aftermath_one-of-the-first-big-bubbles-of-course-w_2983936.jpg", "contentUrl": "https://sms4smile.com/quotes/i/140/charlie-munger-458_aftermath_one-of-the-first-big-bubbles-of-course-w_2983936.jpg", "url": "https://sms4smile.com/quotes/i/140/charlie-munger-458_aftermath_one-of-the-first-big-bubbles-of-course-w_2983936.jpg", "width": 1080, "height": 1080, "caption": "“One of the first big bubbles, of course, was the huge and horrible South Sea Bubble in England. 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And once this has happened - people get status, etc. - it's impossible to get it back into the bottle.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/the-stupid-and-dishonest-accountants-allowed-the-genie-of-totally/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/6d4/charlie-munger-458_accountants_the-stupid-and-dishonest-accountants-all_1736359.jpg", "contentUrl": "https://sms4smile.com/quotes/i/6d4/charlie-munger-458_accountants_the-stupid-and-dishonest-accountants-all_1736359.jpg", "url": "https://sms4smile.com/quotes/i/6d4/charlie-munger-458_accountants_the-stupid-and-dishonest-accountants-all_1736359.jpg", "width": 1080, "height": 1080, "caption": "“The stupid and dishonest accountants allowed the genie of totally inappropriate accounting to descend on…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 5, "item": { "@type": "Quotation", "text": "We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in any past era. A lot of what I see now reminds me of Sodomand Gomorrah. You get activity feeding on itself, envy and imitation. It has happened in the past that there came bad consequences.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/we-have-a-higher-percentage-of-the-intelligentsia-engaged-in-buying/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/774/charlie-munger-458_activity_we-have-a-higher-percentage-of-the-intel_712578.jpg", "contentUrl": "https://sms4smile.com/quotes/i/774/charlie-munger-458_activity_we-have-a-higher-percentage-of-the-intel_712578.jpg", "url": "https://sms4smile.com/quotes/i/774/charlie-munger-458_activity_we-have-a-higher-percentage-of-the-intel_712578.jpg", "width": 1080, "height": 1080, "caption": "“We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 6, "item": { "@type": "Quotation", "text": "Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the 42nd floor and you're still doing fine as you pass the 27th floor, that doesn't mean you don't have a serious problem. I would want to address the problem right now.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/some-people-seem-to-think-there-s-no-trouble-just-because-it-hasn-t/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/ce2/charlie-munger-458_addresses_some-people-seem-to-think-there-s-no-tro_2048962.jpg", "contentUrl": "https://sms4smile.com/quotes/i/ce2/charlie-munger-458_addresses_some-people-seem-to-think-there-s-no-tro_2048962.jpg", "url": "https://sms4smile.com/quotes/i/ce2/charlie-munger-458_addresses_some-people-seem-to-think-there-s-no-tro_2048962.jpg", "width": 1080, "height": 1080, "caption": "“Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 7, "item": { "@type": "Quotation", "text": "Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money, and they made it in just a few periods. Everyone else returned between mediocre and lousy. When returns happened, envy rippled through institutional money management. The amount invested in venture capital went up 10 times post-1999. That later money was lost very quickly. It will happen again. I don't know anyone who successfully resists this stuff. It becomes a new orthodoxy.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/harvard-and-yale-concentrated-with-venture-capitalists-that-got-the/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/17c/charlie-munger-458_amount_harvard-and-yale-concentrated-with-ventu_136398.jpg", "contentUrl": "https://sms4smile.com/quotes/i/17c/charlie-munger-458_amount_harvard-and-yale-concentrated-with-ventu_136398.jpg", "url": "https://sms4smile.com/quotes/i/17c/charlie-munger-458_amount_harvard-and-yale-concentrated-with-ventu_136398.jpg", "width": 1080, "height": 1080, "caption": "“Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 8, "item": { "@type": "Quotation", "text": "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 the money out of high quality businesses. In some cases, we bought the whole business. And in some cases, we just bought a big block of stock. But when you analyze what happened, the big money’s been made in the high quality businesses. And most of the other people who’ve made a lot of money have done so in high quality businesses.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/i-d-say-that-berkshire-hathaway-s-system-is-adapting-to-the-nature-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg", "contentUrl": "https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg", "url": "https://sms4smile.com/quotes/i/3a6/charlie-munger-458_adapting_i-d-say-that-berkshire-hathaway-s-system_1687521.jpg", "width": 1080, "height": 1080, "caption": "“I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } }, { "@type": "ListItem", "position": 9, "item": { "@type": "Quotation", "text": "I have concluded that most PhD economists under appraise the power of the common-stock-based \"wealth effect,\" under current extreme conditions... \"Wealth effects\" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from \"wealth effects\" in reverse.", "creator": { "@type": "Person", "name": "Charlie Munger" }, "url": "https://sms4smile.com/quotes/charlie-munger/i-have-concluded-that-most-phd-economists-under-appraise-the-power-of/", "image": { "@type": "ImageObject", "@id": "https://sms4smile.com/quotes/i/2ee/charlie-munger-458_academic_i-have-concluded-that-most-phd-economist_788569.jpg", "contentUrl": "https://sms4smile.com/quotes/i/2ee/charlie-munger-458_academic_i-have-concluded-that-most-phd-economist_788569.jpg", "url": "https://sms4smile.com/quotes/i/2ee/charlie-munger-458_academic_i-have-concluded-that-most-phd-economist_788569.jpg", "width": 1080, "height": 1080, "caption": "“I have concluded that most PhD economists under appraise the power of the common-stock-based \"wealth…” — Charlie Munger", "creditText": "SMS4Smile Quotes", "creator": { "@id": "https://sms4smile.com/quotes/#organization" } } } } ] }, { "@type": "CollectionPage", "@id": "https://sms4smile.com/quotes/about/happened/charlie-munger/#webpage", "url": "https://sms4smile.com/quotes/about/happened/charlie-munger/", "name": "Happened Quotes by Charlie Munger", "isPartOf": { "@id": "https://sms4smile.com/quotes/#website" }, "mainEntity": { "@id": "https://sms4smile.com/quotes/about/happened/charlie-munger/#itemlist" }, "primaryImageOfPage": { "@id": "https://sms4smile.com/quotes/i/ff9/charlie-munger-458_being-nice_it-would-be-nice-if-this-finding-really_1697359.jpg" }, "description": "9 Happened quotes by Charlie Munger. 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