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
A Lesson on Elementary, Worldly Wisdom As It Relates To Investment Management & Business — Charlie Munger Copy Share Image
It's natural that you'd have more brains going into money management. There are so many huge incomes in money management and investment… — Charlie Munger Copy Share Image
I think the idea that the hedge fund manager gets lower taxes than the taxi driver or the physics professor is insane.… — Charlie Munger Copy Share Image
It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this. — Charlie Munger Copy Share Image
The general systems of money management [today] require people to pretend to do something they can't do and like something they don't.… — Charlie Munger Copy Share Image
There's more honor in investment management than in investment banking. — Charlie Munger Copy Share Image
Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy… — Charlie Munger Copy Share Image
Understanding how to be a good investor makes you a better business manager and vice versa. — Charlie Munger Copy Share Image
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much… — 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
I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell… — Charlie Munger Copy Share Image
'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish… — Charlie Munger Copy Share Image
It's my guess that something like 5% of GDP goes to money management and itsattendant friction. I define it broadly - annuities,… — Charlie Munger Copy Share Image
We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came… — Charlie Munger Copy Share Image
I think corporate managers should learn to be better investors because it would make them better managers. — Charlie Munger Copy Share Image
I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they'd say,… — Charlie Munger Copy Share Image
[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you… — 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
![“The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/246/charlie-munger-458_life_the-general-systems-of-money-management_798109.jpg)
![“We don't have an isolated group [of senior managers] surrounded by servants. Berkshire's headquarters is a tiny little suite. We just came back from Berkshire's board meeting; it had moved up to the board room of the Kiewit company and [it was so large and luxurious that] I felt uncomfortable.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/274/charlie-munger-458_board-meetings_we-don-t-have-an-isolated-group-of-senio_2685453.jpg)
![“[With] closet indexing....you're paying a manager a fortune and he has 85% of his assets invested parallel to the indexes. If you have such a system, you're being played for a sucker.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/9d9/charlie-munger-458_assets_with-closet-indexing-you-re-paying-a-man_3084217.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)