If you have the opportunities of Berkshire, an investment in gold is dumb. — Charlie Munger Copy Share Image
It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't. — Charlie Munger Copy Share Image
Forgetting your mistakes is a terrible error if you are trying to improve your cognition. — 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
It's been my experience in life if you just keep thinking and reading, you don't have to work. — Charlie Munger Copy Share Image
How could economics not be behavioral? If it isn't behavioral, what the hell is it? — Charlie Munger Copy Share Image
Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many… — Charlie Munger Copy Share Image
Even if you assume that the whole economy would work better had we never had double taxation, having the envy and resentment… — 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
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… — Charlie Munger Copy Share Image
I think track records are very important. If you start early trying to have a perfect one in some simple thing like… — Charlie Munger Copy Share Image
Darwin paid particular attention to disconfirming evidence. Objectivity maintenance routines are totally required in life if you're going to be a great… — Charlie Munger Copy Share Image
Why would you want to invest with a guy whose thought process says, "If a second layer of fees is good, then… — Charlie Munger Copy Share Image
If all you succeed in doing in life is getting rich by buying little pieces of paper, it's a failed life. Life… — 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
Of course I'm troubled by huge consumer debt levels - we've pushed consumer credit very hard in the US. Eventually, if it… — Charlie Munger Copy Share Image
Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in… — Charlie Munger Copy Share Image
Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of… — Charlie Munger Copy Share Image
A lot of people think if you just had more process and more compliance -- checks and doublechecks and so forth --… — 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… — Charlie Munger Copy Share Image
I got at a very early age, the idea that the safest way to try and get what you want, is to… — Charlie Munger Copy Share Image
Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you… — 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
I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that… — Charlie Munger Copy Share Image
We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's… — Charlie Munger Copy Share Image
Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns.… — Charlie Munger Copy Share Image
At most corporations if you make an acquisition and it turns out to be a disaster, all the paperwork and presentations that… — Charlie Munger Copy Share Image
If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of… — Charlie Munger Copy Share Image
I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but… — Charlie Munger Copy Share Image
Why should it be easy to do something that, if done well, two or three times, will make your family rich for… — Charlie Munger Copy Share Image
It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait. If you didn’t get… — Charlie Munger Copy Share Image
If people tell you what you really don't want to hear what's unpleasant-there's an almost automatic reaction of antipathy. You have to… — Charlie Munger Copy Share Image
I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very… — Charlie Munger Copy Share Image
If you have competence, you know the edge. It wouldnt be a competence if you didnt know where the boundaries lie. Asking… — Charlie Munger Copy Share Image
If you skillfully follow the multidisciplinary path, you will never wish to come back. It would be like cutting off your hands. — Charlie Munger Copy Share Image
If you want to understand science, you have to understand math. In business, if you're enumerate, you're going to be a klutz.… — Charlie Munger Copy Share Image
The iron rule of nature is: you get what you reward for. If you want ants to come, you put sugar on… — Charlie Munger Copy Share Image
The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still… — 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
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)
![“Part of [having uncommon sense] is being able to tune out folly, as opposed to recognizing wisdom. If you bat away many things, you don't clutter yourself.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/c7d/charlie-munger-458_able_part-of-having-uncommon-sense-is-being-a_575539.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)