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
I think democracies are prone to inflation because politicians will naturally spend [excessively] - they have the power to print money and… — Charlie Munger Copy Share Image
The interesting thing about it to me is the mindset. With all these "helpers" running around, they talk about doing deals. We… — Charlie Munger Copy Share Image
Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners… — Charlie Munger Copy Share Image
I love when I think we're taking territory - if it makes sense in the long term, we just don't give a… — 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
The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of… — 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
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
I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that… — 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
![“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)
