Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a… — Charlie Munger Copy Share Image
Harvard and Yale concentrated with venture capitalists that got the best calls and brainpower. Very few firms made most of the money,… — Charlie Munger Copy Share Image
I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues -… — Charlie Munger Copy Share Image
It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and… — Charlie Munger Copy Share Image
People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know,… — 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
Even bright people are going to have limited, really valuable insights in a very competitive world when they're fighting against other very… — Charlie Munger Copy Share Image
If you, like me, lived through 1973-74 or even the early 1990s... There was a waiting list to get OUT of the… — Charlie Munger Copy Share Image
Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years… — Charlie Munger Copy Share Image
If you have competence, you know the edge. It wouldnt be a competence if you didnt know where the boundaries lie. Asking… — Charlie Munger Copy Share Image
We tend to buy things - a lot of things - where we don't know exactly what will happen, but the outcome… — Charlie Munger Copy Share Image
Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its… — Charlie Munger Copy Share Image
Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's… — Charlie Munger Copy Share Image
And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not… — Charlie Munger Copy Share Image
Most people early achieve and later intensify a tendency to process new and disconfirming information so that any original conclusion remains intact.… — 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
It's not given to human beings to have such talent that they can just know everything about everything all the time. But… — Charlie Munger Copy Share Image
If you want to understand science, you have to understand math. In business, if you're enumerate, you're going to be a klutz.… — Charlie Munger Copy Share Image
Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So you know how it's going to end.… — Charlie Munger Copy Share Image
As I talk about strengths and weaknesses in academic economics, one interesting fact you are entitled to know is that I never… — Charlie Munger Copy Share Image
Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess… — Charlie Munger Copy Share Image
You're not going to get very far in life based on what you already know. You're going to advance in life by… — Charlie Munger Copy Share Image
Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back.… — 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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