The game of life is the game of everlasting learning. At least it is if you want to win. — Charlie Munger Copy Share Image
I don't invest in what I don't understand. And I don't want to understand Facebook. — 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
I think corporate managers should learn to be better investors because it would make them better managers. — Charlie Munger Copy Share Image
How could economics not be behavioral? If it isn't behavioral, what the hell is it? — Charlie Munger Copy Share Image
If it is wisdom you're after, you're going to spend a lot of time on your ass reading. — 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're looking for a mispriced gamble. That's what investing is. And you have to know enough to know whether the gamble is… — 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
If you took our top fifteen decisions out, we'd have a pretty average record. It wasn't hyperactivity, but a hell of a… — 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
The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends… — 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
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
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
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
Berkshire was built on the eternal verities: basic mathematics, basic horse sense, basic fear, and basic diagnosis of human nature to make… — Charlie Munger Copy Share Image
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
The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by… — 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
It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets.… — Charlie Munger Copy Share Image
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
We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to… — Charlie Munger Copy Share Image
It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't. — Charlie Munger Copy Share Image
If you have the opportunities of Berkshire, an investment in gold is dumb. — Charlie Munger Copy Share Image
Spend each day trying to be a little wiser than you were when you woke up. — 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
The investment game always involves considering both quality and price, and the trick is to get more quality than you pay for… — 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… — Charlie Munger Copy Share Image
Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show… — 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
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
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
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
We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look… — Charlie Munger Copy Share Image
Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When… — 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
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
The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron… — Charlie Munger Copy Share Image
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share
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
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
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
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
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share
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
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
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
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
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
In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell. — Charlie Munger Copy Share
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… — Charlie Munger Copy Share
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… — Charlie Munger Copy Share
![“It would be nice if this [finding really cheap stocks] happened all the time. Unfortunately, it doesn't.” quote by Charlie Munger](https://sms4smile.com/quotes/i/ff9/charlie-munger-458_being-nice_it-would-be-nice-if-this-finding-really_1697359.jpg)
![“For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.” quote by Charlie Munger](https://sms4smile.com/quotes/i/f5f/charlie-munger-458_conservatism_for-many-of-our-shareholders-our-stock-i_2097753.jpg)
