---
title: "33 Long Quotes By Charlie Munger"
description: "33 Long quotes by Charlie Munger. Plus more from Charlie Munger and more Long sayings from other authors."
image: "https://sms4smile.com/quotes/i/436/charlie-munger-458_business_we-have-found-in-a-long-life-that-one-co_2485083.jpg"
---

> [We have found in a long life that one competitor is frequently enough to ruin a business.](https://sms4smile.com/quotes/charlie-munger/we-have-found-in-a-long-life-that-one-competitor-is-frequently-enough/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/436/charlie-munger-458_business_we-have-found-in-a-long-life-that-one-co_2485083.jpg)

> [Over the very long term, history shows that the chances of any business surviving in a manner agreeable to a company's owners…](https://sms4smile.com/quotes/charlie-munger/over-the-very-long-term-history-shows-that-the-chances-of-any/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/c46/charlie-munger-458_business_over-the-very-long-term-history-shows-th_1403685.jpg)

> [You don't have to have perfect wisdom to get very rich - just a bit better than average over a long period…](https://sms4smile.com/quotes/charlie-munger/you-don-t-have-to-have-perfect-wisdom-to-get-very-rich-just-a-bit/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/db5/charlie-munger-458_average_you-don-t-have-to-have-perfect-wisdom-to_313610.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… ](https://sms4smile.com/quotes/charlie-munger/black-scholes-works-for-short-term-options-but-if-it-s-a-long-term/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/491/charlie-munger-458_assets_black-scholes-works-for-short-term-optio_947554.jpg)

> [The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a…](https://sms4smile.com/quotes/charlie-munger/the-normal-expectancy-of-the-average-investor-for-example-the-pension/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/1de/charlie-munger-458_average_the-normal-expectancy-of-the-average-inv_2799237.jpg)

> [If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of…](https://sms4smile.com/quotes/charlie-munger/if-you-don-t-keep-learning-other-people-will-pass-you-by-temperament/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/abb/charlie-munger-458_curiosity_if-you-don-t-keep-learning-other-people_2242311.jpg)

> [I did not succeed in life by intelligence. I succeeded because I have a long attention span.](https://sms4smile.com/quotes/charlie-munger/i-did-not-succeed-in-life-by-intelligence-i-succeeded-because-i-have/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/cd6/charlie-munger-458_attention_i-did-not-succeed-in-life-by-intelligenc_420028.jpg)

> [You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time.](https://sms4smile.com/quotes/charlie-munger/you-don-t-have-to-be-brilliant-only-a-little-bit-wiser-than-the-other/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/3fe/charlie-munger-458_average_you-don-t-have-to-be-brilliant-only-a-li_2812219.jpg)

> [People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep…](https://sms4smile.com/quotes/charlie-munger/people-have-always-had-this-craving-to-have-someone-tell-them-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/dd8/charlie-munger-458_craving_people-have-always-had-this-craving-to-h_2483582.jpg)

> [Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in…](https://sms4smile.com/quotes/charlie-munger/our-experience-tends-to-confirm-a-long-held-notion-that-being/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/fec/charlie-munger-458_financial_our-experience-tends-to-confirm-a-long-h_2765558.jpg)

> [If you, like me, lived through 1973-74 or even the early 1990s... There was a waiting list to get OUT of the…](https://sms4smile.com/quotes/charlie-munger/if-you-like-me-lived-through-1973-74-or-even-the-early-1990s-there/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/0a2/charlie-munger-458_clubs_if-you-like-me-lived-through-1973-74-or_594284.jpg)

> [ Wesco had a market capitalization of $40 million when we bought it \[in the early 1970s\]. It's $2 billion now. It's been… ](https://sms4smile.com/quotes/charlie-munger/wesco-had-a-market-capitalization-of-40-million-when-we-bought-it-in/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/c1e/charlie-munger-458_billions_wesco-had-a-market-capitalization-of-40_2073813.jpg)

> [A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really…](https://sms4smile.com/quotes/charlie-munger/a-lot-of-opportunities-in-life-tend-to-last-a-short-while-due-to-some/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/180/charlie-munger-458_dues_a-lot-of-opportunities-in-life-tend-to-l_1711419.jpg)

> [I constantly see people rise in life who are not the smartest -- sometimes not even the most diligent. But they are…](https://sms4smile.com/quotes/charlie-munger/i-constantly-see-people-rise-in-life-who-are-not-the-smartest-2/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/904/charlie-munger-458_bed_i-constantly-see-people-rise-in-life-who_1822561.jpg)

> [You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves…](https://sms4smile.com/quotes/charlie-munger/you-need-to-have-a-passionate-interest-in-why-things-are-happening/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/220/charlie-munger-458_ability_you-need-to-have-a-passionate-interest-i_1359206.jpg)

> [Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes…](https://sms4smile.com/quotes/charlie-munger/those-of-us-who-have-been-very-fortunate-have-a-duty-to-give-back/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/1f7/charlie-munger-458_ask-me_those-of-us-who-have-been-very-fortunate_971586.jpg)

> [The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of…](https://sms4smile.com/quotes/charlie-munger/the-hedge-fund-known-as-long-term-capital-management-collapsed-last/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/2c0/charlie-munger-458_appraisal_the-hedge-fund-known-as-long-term-capita_2253577.jpg)

> [Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So you know how it's going to end.…](https://sms4smile.com/quotes/charlie-munger/over-the-long-term-the-eclipse-rate-of-great-civilizations-being/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/fea/charlie-munger-458_civilization_over-the-long-term-the-eclipse-rate-of-g_1823277.jpg)

> [Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns.…](https://sms4smile.com/quotes/charlie-munger/over-the-long-term-it-s-hard-for-a-stock-to-earn-a-much-better-return/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/48b/charlie-munger-458_business_over-the-long-term-it-s-hard-for-a-stock_2784038.jpg)

> [We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's…](https://sms4smile.com/quotes/charlie-munger/we-get-these-questions-a-lot-from-the-enterprising-young-it-s-a-very/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/3de/charlie-munger-458_asks_we-get-these-questions-a-lot-from-the-en_1263548.jpg)

> [I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that…](https://sms4smile.com/quotes/charlie-munger/i-also-want-to-raise-the-possibility-that-there-are-in-the-very-long/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/79f/charlie-munger-458_accounting_i-also-want-to-raise-the-possibility-tha_2993526.jpg)

> [If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at…](https://sms4smile.com/quotes/charlie-munger/if-you-re-going-to-buy-something-which-compounds-for-30-years-at-15/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/913/charlie-munger-458_compounds_if-you-re-going-to-buy-something-which-c_1801712.jpg)

> [ The lawyers have escaped most criticism \[and undeservedly so\]. The tax shelters \[were approved by lawyers, who got paid huge commissions to… ](https://sms4smile.com/quotes/charlie-munger/the-lawyers-have-escaped-most-criticism-and-undeservedly-so-the-tax/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/18b/charlie-munger-458_approved_the-lawyers-have-escaped-most-criticism_2142390.jpg)

> [ I think democracies are prone to inflation because politicians will naturally spend \[excessively\] - they have the power to print money and… ](https://sms4smile.com/quotes/charlie-munger/i-think-democracies-are-prone-to-inflation-because-politicians-will/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/3d6/charlie-munger-458_absolutes_i-think-democracies-are-prone-to-inflati_1006251.jpg)

> [It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying…](https://sms4smile.com/quotes/charlie-munger/it-is-remarkable-how-much-long-term-advantage-people-like-us-have/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/fa7/charlie-munger-458_advantage_it-is-remarkable-how-much-long-term-adva_2284421.jpg)

> [I've been associated with Warren ( Buffett) so long, I thought I'd be just a footnote.](https://sms4smile.com/quotes/charlie-munger/i-ve-been-associated-with-warren-buffett-so-long-i-thought-i-d-be/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/6a9/charlie-munger-458_buffett_i-ve-been-associated-with-warren-buffett_3204523.jpg)

> [Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.](https://sms4smile.com/quotes/charlie-munger/cicero-s-words-also-increased-my-personal-satisfaction-by-supporting/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/4b0/charlie-munger-458_conventional_cicero-s-words-also-increased-my-persona_1398007.jpg)

> [I love when I think we're taking territory - if it makes sense in the long term, we just don't give a…](https://sms4smile.com/quotes/charlie-munger/i-love-when-i-think-we-re-taking-territory-if-it-makes-sense-in-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/af8/charlie-munger-458_business_i-love-when-i-think-we-re-taking-territo_1807660.jpg)

> [Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you…](https://sms4smile.com/quotes/charlie-munger/anytime-anybody-offers-you-anything-with-a-big-commission-and-a-200/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/dc3/charlie-munger-458_bigs_anytime-anybody-offers-you-anything-with_1509709.jpg)

> [The interesting thing about it to me is the mindset. With all these "helpers" running around, they talk about doing deals. We…](https://sms4smile.com/quotes/charlie-munger/the-interesting-thing-about-it-to-me-is-the-mindset-with-all-these/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/bb6/charlie-munger-458_deals_the-interesting-thing-about-it-to-me-is_1399014.jpg)

> [Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using…](https://sms4smile.com/quotes/charlie-munger/creative-accounting-is-an-absolute-curse-to-a-civilization-one-could/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/f6f/charlie-munger-458_absolutes_creative-accounting-is-an-absolute-curse_2224721.jpg)

> [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…](https://sms4smile.com/quotes/charlie-munger/our-standard-prescription-for-the-know-nothing-investor-with-a-long/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/8e3/charlie-munger-458_becoming_our-standard-prescription-for-the-know-n_2323065.jpg)

> [...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much…](https://sms4smile.com/quotes/charlie-munger/in-terms-of-business-mistakes-that-i-ve-seen-over-a-long-lifetime-i/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/9c9/charlie-munger-458_advice_in-terms-of-business-mistakes-that-i-ve_2005422.jpg)

## Other authors on Long

## More by Charlie Munger

> [Almost all good businesses engage in 'pain today, gain tomorrow' activities.](https://sms4smile.com/quotes/charlie-munger/almost-all-good-businesses-engage-in-pain-today-gain-tomorrow/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to…](https://sms4smile.com/quotes/charlie-munger/acquire-worldly-wisdom-and-adjust-your-behavior-accordingly-if-your/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/i-think-time-and-time-again-in-reality-psychological-notions-and/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and…](https://sms4smile.com/quotes/charlie-munger/i-have-what-i-call-an-iron-prescription-that-helps-me-keep-sane-when/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [The tax code gives you an enormous advantage if you can find some things you can just sit with.](https://sms4smile.com/quotes/charlie-munger/the-tax-code-gives-you-an-enormous-advantage-if-you-can-find-some/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/the-great-lesson-in-microeconomics-is-to-discriminate-between-when/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.…](https://sms4smile.com/quotes/charlie-munger/some-years-ago-one-oil-company-bought-a-fertilizer-company-and-every/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [ They \[Mc Donalds\] take people and give them a first job, which enables them to get a second job. They do a very good… ](https://sms4smile.com/quotes/charlie-munger/they-mc-donalds-take-people-and-give-them-a-first-job-which-enables/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [What good is envy? It’s the one sin you can’t have any fun at.](https://sms4smile.com/quotes/charlie-munger/what-good-is-envy-it-s-the-one-sin-you-can-t-have-any-fun-at/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good…](https://sms4smile.com/quotes/charlie-munger/we-believe-that-almost-all-really-good-investment-records-will/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling…](https://sms4smile.com/quotes/charlie-munger/it-is-way-less-certain-to-be-a-wonderful-business-in-the-future-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.](https://sms4smile.com/quotes/charlie-munger/in-the-corporate-world-if-you-have-analysts-due-diligence-and-no/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/we-have-to-have-a-special-insight-or-we-ll-put-it-in-the-too-tough/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/i-ve-heard-that-one-half-of-the-students-at-elite-schools-want-to-go/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

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                        "text": "You don't have to have perfect wisdom to get very rich - just a bit better than average over a long period of time.",
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                        "text": "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.",
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                        "text": "The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a long time.",
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                        "text": "If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of curiosity for a long, long time.",
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                        "text": "I did not succeed in life by intelligence. I succeeded because I have a long attention span.",
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                        "text": "People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There's always been a market for people who pretend to know the future. Listening to today's forecasters is just as crazy as when the king hired the guy to look at the sheep guts.",
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                        "text": "Our experience tends to confirm a long-held notion that being prepared, on a few occasions in a lifetime, to act promptly in scale, in doing some simple and logical thing, will often dramatically improve the financial results of that lifetime.",
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                        "text": "If you, like me, lived through 1973-74 or even the early 1990s... There was a waiting list to get OUT of the country club - that's when you know things are tough. If you live long enough, you'll see it.",
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                        "text": "Wesco had a market capitalization of $40 million when we bought it [in the early 1970s]. It's $2 billion now. It's been a long slog to a perfectly respectable outcome - not as good as Berkshire Hathaway or Microsoft, but there's always someone in life who's done better.",
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                        "text": "A lot of opportunities in life tend to last a short while, due to some temporary inefficiency... For each of us, really good investment opportunities aren't going to come along too often and won't last too long, so you've got to be ready to act and have a prepared mind.",
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                        "text": "I constantly see people rise in life who are not the smartest -- sometimes not even the most diligent. But they are learning machines; they go to bed every night a little wiser than when they got up. And, boy, does that habit help, particularly when you have a long run ahead of you.",
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                        "text": "You need to have a passionate interest in why things are happening. That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don't have the cast of mind, you're destined for failure even if you have a high I.Q.",
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                        "text": "Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes along as I do or a little and then a lot [when one dies] as Warrendoes is a matter of personal preference. I would hate to have people ask me for money all day long.",
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                        "text": "The hedge fund known as \"Long Term Capital Management\" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of its principals that must have averaged 160. Smart people aren't exempt from professional disasters from overconfidence. Often, they just run aground in the more difficult voyages they choose, relying on their self-appraisals that they have superior talents and methods.",
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                        "text": "Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So you know how it's going to end. (Laughter) I'm more optimistic about the staying power of what's good in this country. But just because you have a wonderful spouse doesn't mean you should treat her badly. You have the feeling that some of the old virtues [that made this country great] are lessening. But there's so much good and so much strength left that I would not expect this country to suddenly founder.",
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                        "text": "Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns. If the business earns six percent on capital over forty years and you hold it for that forty years, you're not going to make much different than a six percent return - even if you originally buy it at a huge discount. Conversely, if a business earns eighteen percent on capital over twenty or thirty years, even if you pay an expensive looking price, you'll end up with one hell of a result.",
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                        "text": "We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's rich and you ask, 'How can I become like you, except faster?' Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts... Slug it out one inch at a time, day by day, at the end of the day -- if you live long enough -- most people get what they deserve.",
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                        "text": "I also want to raise the possibility that there are, in the very long term, \"virtue effects\" in economics- for instance that widespread corrupt accounting will eventually create bad long term consequences as a sort of obverse effect from the virtue-based boost double-entry book-keeping gave to the heyday of Venice. I suggest that when the financial scene starts reminding you of Sodomand Gomorrah, you should fear practical consequences even if you like to participate in what is going on.",
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                        "text": "If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at the very end, the way that works out is that after taxes, you keep 13.3% per annum. In contrast, if you bought the same investment, but had to pay taxes every year of 35% out of the 15% that you earned, then your return would be 15% minus 35% of 15%-or only 9.75% per year compounded. So the difference there is over 3.5%. And what 3.5% does to the numbers over long holding periods like 30 years is truly eye-opening.",
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                        "text": "The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to do so] and every miscreant had a high-falutin' lawyer at his side. Why don't more law firms vote with their feet and not take clients who have signs on them that say, \"I'm a skunk and will be hard to handle?\" I've noticed that firms that avoid trouble over long periods of time have an institutional process that tunes bad clients out. Boy, if I were running a law firm, I'd want a system like that because a lot of firms have a lot of bad clients.",
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                        "text": "I think democracies are prone to inflation because politicians will naturally spend [excessively] - they have the power to print money and will use money to get votes.  If you look at inflation under the Roman Empire, with absolute rulers, they had much greater inflation, so we don't set the record.  It happens over the long-term under any form of government.",
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                        "text": "It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.",
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                        "text": "I've been associated with Warren ( Buffett) so long, I thought I'd be just a footnote.",
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                        "text": "Cicero's words also increased my personal satisfaction by supporting my long-standing rejection of a conventional point of view.",
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                        "text": "I love when I think we're taking territory - if it makes sense in the long term, we just don't give a damn what it looks like in the short term. After all, we're running a cult, not a normal company.",
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                        "text": "Anytime anybody offers you anything with a big commission and a 200-page prospectus, don't buy it. Occasionally, you'll be wrong if you adopt \"Munger's Rule.\" However, over a lifetime, you'll be a long way ahead - and you will miss a lot of unhappy experiences.",
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                        "text": "The interesting thing about it to me is the mindset. With all these \"helpers\"  running around, they talk about doing deals. We talk about welcoming partners. The  guy doing deals, he wants to do a deal and then unwind it in the near future. It's totally opposite for us. We like to build lasting relationships. I think our system will work  better in the long term than flipping deals. I think there are so many of them [helpers] that they'll get in ea h other's way. I don't  think they'll make enough money to meet their expectations, by flipping, flipping, flipping.",
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                        "text": "Creative accounting is an absolute curse to a civilization. One could argue that double-entry bookkeeping was one of history's great advances. Using accounting for fraud and folly is a disgrace. In a democracy, it often takes a scandal to trigger reform. Enron was the most obvious example of a business culture gone wrong in a long, long time.",
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                        "text": "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 than relying on your stock broker. The people who are telling you to do something else are all being paid by commissions or fees. The result is that while index fund investing is becoming more and more popular, by and large it's not the individual investors that are doing it. It's the institutions.",
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                        "text": "...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes. I see terrible mistakes from people being overly motivated by tax considerations. Warren and I personally don't drill oil wells. We pay our taxes. And we've done pretty well, so far. Anytime somebody offers you a tax shelter from here on in life, my advice would be don't buy it.",
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