Never, ever, think about something else when you should be thinking about the power of incentives. — Charlie Munger Copy Share Image
I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and… — Charlie Munger Copy Share Image
You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some… — Charlie Munger Copy Share Image
They made a mistake. And it was an easy mistake to make. I don't regard setting incentives aggressively as a mistake. I… — Charlie Munger Copy Share Image
It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment… — Charlie Munger Copy Share Image
If you take sales presentations and brokers of commercial real estate and businesses... I'm 70 years old, I've never seen one I… — Charlie Munger Copy Share Image
A different set of incentives from rising in an economic establishment where the rewards system, again, the reinforcement, comes from being a… — 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
It's my guess that something like 5% of GDP goes to money management and itsattendant friction. I define it broadly - annuities,… — 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
![“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)
![“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)