---
title: "124 Ifs Quotes By Charlie Munger"
description: "124 Ifs quotes by Charlie Munger. Plus more from Charlie Munger and more Ifs sayings from other authors."
image: "https://sms4smile.com/quotes/i/a29/charlie-munger-458_cognition_forgetting-your-mistakes-is-a-terrible-e_895820.jpg"
---

> [Forgetting your mistakes is a terrible error if you are trying to improve your cognition.](https://sms4smile.com/quotes/charlie-munger/forgetting-your-mistakes-is-a-terrible-error-if-you-are-trying-to/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/a29/charlie-munger-458_cognition_forgetting-your-mistakes-is-a-terrible-e_895820.jpg)

> [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/)

[Image](https://sms4smile.com/quotes/i/14a/charlie-munger-458_advantage_the-tax-code-gives-you-an-enormous-advan_37933.jpg)

> [It's not a competency if you don't know the edge of it.](https://sms4smile.com/quotes/charlie-munger/it-s-not-a-competency-if-you-don-t-know-the-edge-of-it/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/53b/charlie-munger-458_competencies_it-s-not-a-competency-if-you-don-t-know_2359396.jpg)

> [How could economics not be behavioral? If it isn't behavioral, what the hell is it?](https://sms4smile.com/quotes/charlie-munger/how-could-economics-not-be-behavioral-if-it-isn-t-behavioral-what-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/d78/charlie-munger-458_behavioral_how-could-economics-not-be-behavioral-if_290183.jpg)

> [It's been my experience in life if you just keep thinking and reading, you don't have to work.](https://sms4smile.com/quotes/charlie-munger/it-s-been-my-experience-in-life-if-you-just-keep-thinking-and-reading/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/2f2/charlie-munger-458_ifs_it-s-been-my-experience-in-life-if-you-j_2248982.jpg)

> [Assume life will be really tough, and then ask if you can handle it. If the answer is yes, you've won.](https://sms4smile.com/quotes/charlie-munger/assume-life-will-be-really-tough-and-then-ask-if-you-can-handle-it-if/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/5d2/charlie-munger-458_answers_assume-life-will-be-really-tough-and-the_1588113.jpg)

> [If you can get good at destroying your own wrong ideas, that is a great gift.](https://sms4smile.com/quotes/charlie-munger/if-you-can-get-good-at-destroying-your-own-wrong-ideas-that-is-a/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/900/charlie-munger-458_destroying_if-you-can-get-good-at-destroying-your-o_1824815.jpg)

> [If it happens every year like clockwork, what's so extraordinary about it?](https://sms4smile.com/quotes/charlie-munger/if-it-happens-every-year-like-clockwork-what-s-so-extraordinary-about/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/bb7/charlie-munger-458_clockwork_if-it-happens-every-year-like-clockwork_1978728.jpg)

> [It never ceases to amaze me to see how much territory can be grasped if one merely masters and consistently uses all…](https://sms4smile.com/quotes/charlie-munger/it-never-ceases-to-amaze-me-to-see-how-much-territory-can-be-grasped/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/61e/charlie-munger-458_cease_it-never-ceases-to-amaze-me-to-see-how-m_2886893.jpg)

> [Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group…](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/)

[Image](https://sms4smile.com/quotes/i/777/charlie-munger-458_acquire_acquire-worldly-wisdom-and-adjust-your-b_15110.jpg)

> [I think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any…](https://sms4smile.com/quotes/charlie-munger/i-think-it-would-be-a-great-improvement-if-there-were-no-d-o/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/265/charlie-munger-458_argument_i-think-it-would-be-a-great-improvement_2856400.jpg)

> [If you, like me, lived through 1973-74 or even the early 1990s... There was a waiting list to get OUT of the…](https://sms4smile.com/quotes/charlie-munger/if-you-like-me-lived-through-1973-74-or-even-the-early-1990s-there/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/0a2/charlie-munger-458_clubs_if-you-like-me-lived-through-1973-74-or_594284.jpg)

> [Berkshire's past record has been almost ridiculous. If Berkshirehad used even half the leverage of, say, Rupert Murdoch, it would be five…](https://sms4smile.com/quotes/charlie-munger/berkshire-s-past-record-has-been-almost-ridiculous-if-berkshirehad/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/96a/charlie-munger-458_currents_berkshire-s-past-record-has-been-almost_2856653.jpg)

> [The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting…](https://sms4smile.com/quotes/charlie-munger/the-sec-does-way-more-good-than-harm-the-last-thing-i-would-do-is-get/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/9e5/charlie-munger-458_accounting_the-sec-does-way-more-good-than-harm-the_772464.jpg)

> [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.](https://sms4smile.com/quotes/charlie-munger/if-you-always-tell-people-why-they-ll-understand-it-better-they-ll/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/1cf/charlie-munger-458_ifs_if-you-always-tell-people-why-they-ll-un_217514.jpg)

> [We don't train executives, we find them. If a mountain stands up like Everest, you don't have to be a genius to…](https://sms4smile.com/quotes/charlie-munger/we-don-t-train-executives-we-find-them-if-a-mountain-stands-up-like/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/158/charlie-munger-458_everest_we-don-t-train-executives-we-find-them-i_2268781.jpg)

> [And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get…](https://sms4smile.com/quotes/charlie-munger/and-maybe-the-cereal-makers-by-and-large-have-learned-to-be-less/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/826/charlie-munger-458_bent_and-maybe-the-cereal-makers-by-and-large_2271601.jpg)

> [A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for…](https://sms4smile.com/quotes/charlie-munger/a-few-public-hangings-will-really-change-behavior-one-of-our/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/1ca/charlie-munger-458_behavior_a-few-public-hangings-will-really-change_1534983.jpg)

> [The model I like to sort of simplify the notion of what goes on in a market for common stocks is the…](https://sms4smile.com/quotes/charlie-munger/the-model-i-like-to-sort-of-simplify-the-notion-of-what-goes-on-in-a/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/7bd/charlie-munger-458_common_the-model-i-like-to-sort-of-simplify-the_1135542.jpg)

> [When we were young, there weren't very many smart people in the investment world. You should have seen the people in the…](https://sms4smile.com/quotes/charlie-munger/when-we-were-young-there-weren-t-very-many-smart-people-in-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/1f3/charlie-munger-458_advantage_when-we-were-young-there-weren-t-very-ma_2170298.jpg)

> [Sears had layers and layers of people it didn't need. It was very bureaucratic. It was slow to think. And there was…](https://sms4smile.com/quotes/charlie-munger/sears-had-layers-and-layers-of-people-it-didn-t-need-it-was-very/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/5ea/charlie-munger-458_bigs_sears-had-layers-and-layers-of-people-it_3116289.jpg)

> [I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more…](https://sms4smile.com/quotes/charlie-munger/i-think-there-s-an-awful-lot-of-twaddle-and-bullshit-on-eva-the-whole/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/c04/charlie-munger-458_awful_i-think-there-s-an-awful-lot-of-twaddle_1737025.jpg)

> [We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of…](https://sms4smile.com/quotes/charlie-munger/we-re-guessing-at-our-future-opportunity-cost-warrenis-guessing-that/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/cf1/charlie-munger-458_cost_we-re-guessing-at-our-future-opportunity_3036743.jpg)

> [If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they…](https://sms4smile.com/quotes/charlie-munger/if-you-turn-on-the-television-you-ll-find-the-mothers-of-the-most/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/afe/charlie-munger-458_bearable_if-you-turn-on-the-television-you-ll-fin_2465013.jpg)

> [At most corporations if you make an acquisition and it turns out to be a disaster, all the paperwork and presentations that…](https://sms4smile.com/quotes/charlie-munger/at-most-corporations-if-you-make-an-acquisition-and-it-turns-out-to/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/fae/charlie-munger-458_acquisition_at-most-corporations-if-you-make-an-acqu_1133619.jpg)

> [Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns.…](https://sms4smile.com/quotes/charlie-munger/over-the-long-term-it-s-hard-for-a-stock-to-earn-a-much-better-return/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/48b/charlie-munger-458_business_over-the-long-term-it-s-hard-for-a-stock_2784038.jpg)

> [We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's…](https://sms4smile.com/quotes/charlie-munger/we-get-these-questions-a-lot-from-the-enterprising-young-it-s-a-very/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/3de/charlie-munger-458_asks_we-get-these-questions-a-lot-from-the-en_1263548.jpg)

> [I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that…](https://sms4smile.com/quotes/charlie-munger/i-also-want-to-raise-the-possibility-that-there-are-in-the-very-long/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/79f/charlie-munger-458_accounting_i-also-want-to-raise-the-possibility-tha_2993526.jpg)

> [If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at…](https://sms4smile.com/quotes/charlie-munger/if-you-re-going-to-buy-something-which-compounds-for-30-years-at-15/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/913/charlie-munger-458_compounds_if-you-re-going-to-buy-something-which-c_1801712.jpg)

> [ The lawyers have escaped most criticism \[and undeservedly so\]. The tax shelters \[were approved by lawyers, who got paid huge commissions to… ](https://sms4smile.com/quotes/charlie-munger/the-lawyers-have-escaped-most-criticism-and-undeservedly-so-the-tax/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/18b/charlie-munger-458_approved_the-lawyers-have-escaped-most-criticism_2142390.jpg)

> [If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then,…](https://sms4smile.com/quotes/charlie-munger/if-you-have-only-a-little-capital-and-are-young-today-there-are-fewer/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/b15/charlie-munger-458_abuse_if-you-have-only-a-little-capital-and-ar_949303.jpg)

> [ Everyone caved, adopted loose \[accounting\] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed… ](https://sms4smile.com/quotes/charlie-munger/everyone-caved-adopted-loose-accounting-standards-and-created-exotic/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/3d3/charlie-munger-458_accountants_everyone-caved-adopted-loose-accounting_1383135.jpg)

> [If it is wisdom you're after, you're going to spend a lot of time on your ass reading.](https://sms4smile.com/quotes/charlie-munger/if-it-is-wisdom-you-re-after-you-re-going-to-spend-a-lot-of-time-on/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/6eb/charlie-munger-458_ass_if-it-is-wisdom-you-re-after-you-re-goin_624416.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)

> [If you have the opportunities of Berkshire, an investment in gold is dumb.](https://sms4smile.com/quotes/charlie-munger/if-you-have-the-opportunities-of-berkshire-an-investment-in-gold-is/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/bcc/charlie-munger-458_dumb_if-you-have-the-opportunities-of-berkshi_1978179.jpg)

> [If only I had the influence with my wife and children that I have in some other quarters!](https://sms4smile.com/quotes/charlie-munger/if-only-i-had-the-influence-with-my-wife-and-children-that-i-have-in/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/48f/charlie-munger-458_children_if-only-i-had-the-influence-with-my-wife_1290431.jpg)

> [If you don't allow for self-serving bias in the conduct of others, you are, again, a fool.](https://sms4smile.com/quotes/charlie-munger/if-you-don-t-allow-for-self-serving-bias-in-the-conduct-of-others-you/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/868/charlie-munger-458_bias_if-you-don-t-allow-for-self-serving-bias_807510.jpg)

> [Avoid evil, particularly if they're attractive members of the opposite sex.](https://sms4smile.com/quotes/charlie-munger/avoid-evil-particularly-if-they-re-attractive-members-of-the-opposite/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/83b/charlie-munger-458_attractive_avoid-evil-particularly-if-they-re-attra_177431.jpg)

> [If (investing) weren't a little difficult, everybody would be rich.](https://sms4smile.com/quotes/charlie-munger/if-investing-weren-t-a-little-difficult-everybody-would-be-rich/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/e79/charlie-munger-458_difficult_if-investing-weren-t-a-little-difficult_919820.jpg)

> [Hard work, honesty, if you keep at it, will get you almost anything.](https://sms4smile.com/quotes/charlie-munger/hard-work-honesty-if-you-keep-at-it-will-get-you-almost-anything/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/969/charlie-munger-458_hard_hard-work-honesty-if-you-keep-at-it-will_1183789.jpg)

## Other authors on Ifs

## 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/)

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                        "text": "And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get even one person who's hell-bent on gaining market share… For example, if I were Kellogg and I decided that I had to have 60% of the market, I think I could take most of the profit out of cereals. I'd ruin Kellogg in the process. But I think I could do it.",
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                        "text": "A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for no cause, it would make it a lot easier to govern. When someone said that's not enough, he said, \"Oh yes it is, because I'd publish the list of people under consideration.\"",
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                        "text": "The model I like to sort of simplify the notion of what goes on in a market for common stocks is the pari-mutuel system at the racetrack. If you stop to think about it, a pari-mutuel system is a market. Everybody goes there and bets and the odds change based on what's bet. That's what happens in the stock market.",
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                        "text": "When we were young, there weren't very many smart people in the investment world. You should have seen the people in the bank trust departments.  Now, there are armies of smart people at private investment funds, etc . If there were a crisis now, there would be a lot more people with a lot of money ready to take advantage.",
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                        "text": "Sears had layers and layers of people it didn't need. It was very bureaucratic. It was slow to think. And there was an established way of thinking. If you poked your head up with a new thought, the system kind of turned against you. It was everything in the way of a dysfunctional big bureaucracy that you would expect.",
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                        "text": "I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more earnings. EVA has ideas about cost of capital that make no sense. Of course, if a company generates high returns on capital and can maintain this over time, it will do well. But the mental system as a whole does not work.",
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                        "text": "We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of return, so he's not willing to put it out at less than 10% now. But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.",
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                        "text": "If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they all think their sons are innocent. That's simple psychological denial. The reality is too painful to bear, so you just distort it until it's bearable. We all do that to some extent, and it's a common psychological misjudgment that causes terrible problems.",
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                        "text": "At most corporations if you make an acquisition and it turns out to be a disaster, all the paperwork and presentations that caused the dumb acquisition to be made are quickly forgotten. You've got denial, you've got everything in the world. You've got Pavlovian association tendency. Nobody even wants to even be associated with the damned thing or even mention it. At Johnson & Johnson, they make everybody revisit their old acquisitions and wade through the presentations. That is a very smart thing to do. And by the way, I do the same thing routinely.",
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                        "text": "Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years, you're not going to make much different than a six percent return - even if you originally buy it at a huge discount. Conversely, if a business earns eighteen percent on capital over twenty or thirty years, even if you pay an expensive looking price, you'll end up with one hell of a result.",
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                        "text": "We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's rich and you ask, 'How can I become like you, except faster?' Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts... Slug it out one inch at a time, day by day, at the end of the day -- if you live long enough -- most people get what they deserve.",
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                        "text": "I also want to raise the possibility that there are, in the very long term, \"virtue effects\" in economics- for instance that widespread corrupt accounting will eventually create bad long term consequences as a sort of obverse effect from the virtue-based boost double-entry book-keeping gave to the heyday of Venice. I suggest that when the financial scene starts reminding you of Sodomand Gomorrah, you should fear practical consequences even if you like to participate in what is going on.",
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                        "text": "If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening.",
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                        "text": "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 that say, \"I'm a skunk and will be hard to handle?\" I've noticed that firms that avoid trouble over long periods of time have an institutional process that tunes bad clients out. Boy, if I were running a law firm, I'd want a system like that because a lot of firms have a lot of bad clients.",
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                        "text": "If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then, we had just come out of a depression. Capitalism was a bad word. There had been abuses in the 1920s. A joke going around then was the guy who said, 'I bought stock for my old age and it worked - in six months, I feel like an old man!' \"It's tougher for you, but that doesn't mean you won't do well - it just may take more time. But what the heck, you may live longer.\"",
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                        "text": "If you have the opportunities of Berkshire, an investment in gold is dumb.",
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