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
Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been… — Charlie Munger Copy Share Image
To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational.… — Charlie Munger Copy Share Image
For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs… — Charlie Munger Copy Share Image
Understanding how to be a good investor makes you a better business manager and vice versa. — Charlie Munger Copy Share Image
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much… — 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
To us, investing is the equivalent of going out and betting against the pari-mutuel system. We look for a horse with one… — Charlie Munger Copy Share Image
Here's one truth that perhaps your typical investment counselor would disagree with: if you're comfortably rich and someone else is getting richer… — 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
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
It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying… — Charlie Munger Copy Share Image
Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better… — Charlie Munger Copy Share Image
The only intelligence investing is value investing...to acquire more than one is paying for. — Charlie Munger Copy Share Image
All intelligent investing is value investing - acquiring more that you are paying for. You must value the business in order to… — Charlie Munger Copy Share Image
I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit… — Charlie Munger Copy Share Image
There are worse situations than drowning in cash and sitting, sitting, sitting. I remember when I wasn’t awash in cash — and… — Charlie Munger Copy Share Image
The number one idea is to view a stock as an ownership of the business and to judge the staying quality of… — Charlie Munger Copy Share Image
I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell… — Charlie Munger Copy Share Image
One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible.… — Charlie Munger Copy Share Image
'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish… — Charlie Munger Copy Share Image
I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to… — Charlie Munger Copy Share Image
I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory… — Charlie Munger Copy Share Image
[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You… — 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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![“They [Mc Donalds] take people and give them a first…” 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)
