If the value of a company doesn't just scream out at you, it's too close. — Charlie Munger Copy Share Image
Intense interest in any subject is indispensable if you're really going to excel in it. — Charlie Munger Copy Share Image
You want to deliver to the world what you would buy if you were on the other end. — Charlie Munger Copy Share Image
If you can buy the best companies, over time the pricing takes care of itself. — Charlie Munger Copy Share Image
If mutual fund directors are independent, then I'm the lead character in the Bolshoi Ballet. — Charlie Munger Copy Share Image
The game of life is the game of everlasting learning. At least it is if you want to win. — Charlie Munger Copy Share Image
In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell. — Charlie Munger Copy Share Image
If (investing) weren't a little difficult, everybody would be rich. — Charlie Munger Copy Share Image
If you get into the mental habit of relating what you're reading to the basic structure of the underlying ideas being demonstrated,… — Charlie Munger Copy Share Image
If we've been a little more successful than other people, is because we always realised that the school of life was always… — Charlie Munger Copy Share Image
Warren is one of the best learning machines on this earth. The turtles who outrun the hares are learning machines. If you… — Charlie Munger Copy Share Image
Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to… — Charlie Munger Copy Share Image
If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary)… — Charlie Munger Copy Share Image
If you rise in life, you have to behave in a certain way. You can go to a strip club if you're… — Charlie Munger Copy Share Image
Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's… — Charlie Munger Copy Share Image
[With] closet indexing…you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you… — Charlie Munger Copy Share Image
The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot. I don't think it's crazy for a… — Charlie Munger Copy Share Image
I don't have the slightest interest in gold. I like understanding what works and what doesn't in human systems. To me that's… — Charlie Munger Copy Share Image
I think that if you have a single payer system and an opt-out for people who want to pay more [for better… — Charlie Munger Copy Share Image
You can hire your advisor and then just apply a windage factor, like I used to do when I was a rifle… — 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… — Charlie Munger Copy Share Image
If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do… — Charlie Munger Copy Share Image
If you took our top fifteen decisions out, we'd have a pretty average record. It wasn't hyperactivity, but a hell of a… — 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
The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by… — Charlie Munger Copy Share Image
The ethical rule is from Samuel Johnson who believed that maintenance of easily removable ignorance by a responsible office holder was treacherous… — Charlie Munger Copy Share Image
The secret to happiness is to lower your expectations. ...that is what you compare your experience with. If your expectations and standards… — Charlie Munger Copy Share Image
We believe there should be a huge area between everything you should do and everything you can do without getting into legal… — Charlie Munger Copy Share Image
If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then,… — Charlie Munger Copy Share Image
Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed… — Charlie Munger Copy Share Image
If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at… — Charlie Munger Copy Share Image
The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to… — Charlie Munger Copy Share Image
Hard work, honesty, if you keep at it, will get you almost anything. — Charlie Munger Copy Share Image
Avoid evil, particularly if they're attractive members of the opposite sex. — Charlie Munger Copy Share Image
If only I had the influence with my wife and children that I have in some other quarters! — Charlie Munger Copy Share Image
If you don't allow for self-serving bias in the conduct of others, you are, again, a fool. — Charlie Munger Copy Share Image
If it happens every year like clockwork, what's so extraordinary about it? — Charlie Munger Copy Share Image
If it is wisdom you're after, you're going to spend a lot of time on your ass reading. — Charlie Munger Copy Share Image
Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won. — Charlie Munger Copy Share Image
If you can get good at destroying your own wrong ideas, that is a great gift. — 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
![“Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to have a lot of silly needs in your life - you don't need a lot of material goods.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/c1b/charlie-munger-458_defense_most-people-will-see-declining-returns-d_2532092.jpg)
![“Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/491/charlie-munger-458_assets_black-scholes-works-for-short-term-optio_947554.jpg)
![“[With] closet indexing…you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/9d9/charlie-munger-458_assets_with-closet-indexing-you-re-paying-a-man_3084217.jpg)
![“I think that if you have a single payer system and an opt-out for people who want to pay more [for better service, etc.], I think it would be better - and I think we'll eventually get there. It wouldn't be better at the top - [our current system] is the best in the world at the top. But the waste…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/333/charlie-munger-458_currents_i-think-that-if-you-have-a-single-payer_3236714.jpg)
![“If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar]…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.jpg)
![“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…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/3d3/charlie-munger-458_accountants_everyone-caved-adopted-loose-accounting_1383135.jpg)
![“The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to do so] and every miscreant had a high-falutin' lawyer at his side. Why don't more law firms vote with their feet and not take clients who have signs on them…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/18b/charlie-munger-458_approved_the-lawyers-have-escaped-most-criticism_2142390.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)