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
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
Wells Fargo had a glitch - the truth of the matter is they made a business judgement that was wrong. I don't… — Charlie Munger Copy Share Image
I think we have some special talents. That being said, I think it's dangerous to rely on special talents - it's better… — Charlie Munger Copy Share Image
At most corporations if you make an acquisition and it turns out to be a disaster, all the paperwork and presentations that… — Charlie Munger Copy Share Image
Another thing I think should be avoided is extremely intense ideology because it cabbages up one's mind. You see it a lot… — Charlie Munger Copy Share Image
We believe there should be a huge area between everything you should do and everything you can do without getting into legal… — Charlie Munger Copy Share Image
I’d say that Berkshire Hathaway’s system is adapting to the nature of the investment problem as it really is. We’ve really made… — 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
Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding,… — Charlie Munger Copy Share Image
Chris Davis [of the Davisfunds] has a temple of shame. He celebrates the things they did that lost them a lot of… — Charlie Munger Copy Share Image
If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do… — Charlie Munger Copy Share Image
After nearly making a terrible mistake not buying See's, we've made this mistake many times. We are apparently slow learners. These opportunity… — Charlie Munger Copy Share Image
Failure to handle psychological denial is a common way for people to go broke: you have made an enormous commitment to something.… — Charlie Munger Copy Share Image
Economists get very uncomfortable when you talk about virtue and vice. It doesn't lend itself to a lot of columns with numbers.… — 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
![“Chris Davis [of the Davisfunds] has a temple of shame. He celebrates the things they did that lost them a lot of money. What is also needed is a temple of shame squared for things you didn't do that would have made you rich. Forgetting your mistakes is a terrible error if you are trying to improve…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/5af/charlie-munger-458_categories_chris-davis-of-the-davisfunds-has-a-temp_1992003.jpg)
![“If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar]…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.jpg)
![“They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good job of educating troubled young people to be good citizens and they're probably more successful than charter schools.” 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)
![“It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling to parlay their existing advantage into dominance on the Internet. But it is way less sure [that this will occur] than the certainty 20 years ago that…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8d0/charlie-munger-458_advantage_it-is-way-less-certain-to-be-a-wonderful_59627.jpg)