Let me know what your problem is, and I will try to make it more difficult for you. — 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 know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very… — 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
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
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
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
I never allow myself to have an opinion on anything that I don't know the other side's argument better than they do. — 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
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
You have to know accounting. It's the language of practical business life. It was a very useful thing to deliver to civilization.… — 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
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
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
[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
I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that… — 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
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
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
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
I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my… — 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
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
If you have competence, you pretty much know its boundaries already. To ask the question (of whether you are past the boundary)… — 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
You have to have a temperament to grab ideas and do sensible things. Most people don’t grab the right ideas or don’t… — 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
I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have… — Charlie Munger Copy Share Image
People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep… — Charlie Munger Copy Share Image
Although I am very interested in the subject of human misjudgment - and lord knows I've created a good bit of it… — 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
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few.… — 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
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
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
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
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
![“[In picking stocks] You really have to know a lot about business. You have to know a lot about competitive advantage. You have to know a lot about the maintainability of competitive advantage. You have to have a mind that quantifies things in terms of value. And you have to be able to compare…” quote by Charlie Munger](https://sms4smile.com/quotes/i/496/charlie-munger-458_able_in-picking-stocks-you-really-have-to-kno_2554597.jpg)
![“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 insane to use Black-Scholes.” quote by Charlie Munger](https://sms4smile.com/quotes/i/491/charlie-munger-458_assets_black-scholes-works-for-short-term-optio_947554.jpg)
