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
How could economics not be behavioral? If it isn't behavioral, what the hell is it? — 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
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
If it happens every year like clockwork, what's so extraordinary about it? — Charlie Munger Copy Share Image
It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all… — 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… — Charlie Munger Copy Share Image
I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any… — Charlie Munger Copy Share Image
If you, like me, lived through 1973-74 or even the early 1990s... There was a waiting list to get OUT of the… — Charlie Munger Copy Share Image
Berkshire's past record has been almost ridiculous. If Berkshirehad used even half the leverage of, say, Rupert Murdoch, it would be five… — Charlie Munger Copy Share Image
The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting… — Charlie Munger Copy Share Image
If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply. — Charlie Munger Copy Share Image
We don't train executives, we find them. If a mountain stands up like Everest, you don't have to be a genius to… — 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
A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for… — Charlie Munger Copy Share Image
The model I like to sort of simplify the notion of what goes on in a market for common stocks is the… — Charlie Munger Copy Share Image
When we were young, there weren't very many smart people in the investment world. You should have seen the people in the… — Charlie Munger Copy Share Image
Sears had layers and layers of people it didn't need. It was very bureaucratic. It was slow to think. And there was… — Charlie Munger Copy Share Image
I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more… — Charlie Munger Copy Share Image
We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of… — Charlie Munger Copy Share Image
If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they… — 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
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
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
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
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
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 it is wisdom you're after, you're going to spend a lot of time on your ass reading. — 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
If you have the opportunities of Berkshire, an investment in gold is dumb. — 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
Avoid evil, particularly if they're attractive members of the opposite sex. — Charlie Munger Copy Share Image
If (investing) weren't a little difficult, everybody would be rich. — Charlie Munger Copy Share Image
Hard work, honesty, if you keep at it, will get you almost anything. — 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
![“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/i/18b/charlie-munger-458_approved_the-lawyers-have-escaped-most-criticism_2142390.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/i/3d3/charlie-munger-458_accountants_everyone-caved-adopted-loose-accounting_1383135.jpg)
![“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/i/ff9/charlie-munger-458_being-nice_it-would-be-nice-if-this-finding-really_1697359.jpg)
