We're emphasizing the knowable by predicting how certain people and companies will swim against the current. We're not predicting the fluctuation in… — Charlie Munger Copy Share Image
there are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more… — Charlie Munger Copy Share Image
Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and… — Charlie Munger Copy Share Image
I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea… — Charlie Munger Copy Share Image
I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think… — Charlie Munger Copy Share Image
If (investing) weren't a little difficult, everybody would be rich. — Charlie Munger Copy Share Image
The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing… — Charlie Munger Copy Share Image
A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable… — 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
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
Hard work, honesty, if you keep at it, will get you almost anything. — Charlie Munger Copy Share Image
There's more honor in investment management than in investment banking. — Charlie Munger Copy Share Image
The theory of modern education is that you need a general education before you specialize. And I think to some extent, before… — Charlie Munger Copy Share Image
Mankind invented a system to cope with the fact that we are so intrinsically lousy at manipulating numbers. It's called the graph. — Charlie Munger Copy Share Image
Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And… — Charlie Munger Copy Share Image
I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings. — Charlie Munger Copy Share Image
Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily. — Charlie Munger Copy Share Image
All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have… — Charlie Munger Copy Share Image
I think there's something to be said for developing the disposition to own stocks without fretting. — Charlie Munger Copy Share Image
You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy… — Charlie Munger Copy Share Image
Our job is to find a few intelligent things to do, not to keep up with every damn thing in the world. — Charlie Munger Copy Share Image
The whole concept of dividing it up into 'value' and 'growth' strikes me as twaddle. It's convenient for a bunch of pension… — Charlie Munger Copy Share Image
Being short and seeing a promoter take the stock up is very irritating. It's not worth it to have that much irritation… — Charlie Munger Copy Share Image
Over many decades, our usual practice is that if something we like goes down, we buy more and more. Sometimes something happens,… — 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
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