The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of… — 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
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time. — Charlie Munger Copy Share Image
The game of investing is one of making better predictions about the future than other people. How are you going to do… — Charlie Munger Copy Share Image
To me, it's obvious that the winner has to bet very selectively. It's been obvious to me since very early in life.… — Charlie Munger Copy Share Image
I think corporate managers should learn to be better investors because it would make them better managers. — 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
Quoting Demosthenes, 'For what each man wishes, that he also believes to be true.' I would rather make money playing a piano… — Charlie Munger Copy Share Image
The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a… — Charlie Munger Copy Share Image
You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time. — Charlie Munger Copy Share Image
Move only when you have an advantage. It's very basic. You have to understand the odds and have the discipline to bet… — 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
A lot of people with high IQs are terrible investors because they've got terrible temperaments. And that is why we say that… — Charlie Munger Copy Share Image
The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to… — Charlie Munger Copy Share Image
I remember the $0.05 hamburger and a $0.40-per-hour minimum wage, so I've seen a tremendous amount of inflation in my lifetime. Did… — Charlie Munger Copy Share Image
The best thing a human being can do is to help another human being know more. — Charlie Munger Copy Share Image
What's fascinating . . .is that you could now have a business that might have been selling for $10 billion where the… — 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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