I think it is undeniably true that the human brain must work in models. The trick is to have your brain work… — Charlie Munger Copy Share Image
Our success has come from the lack of oversight we've provided, and our success will continue to be from a lack of… — Charlie Munger Copy Share Image
Early Charlie Munger is a horrible career model for the young, because not enough was delivered to civilization in return for what… — Charlie Munger Copy Share Image
You need a different checklist and different mental models for different companies. — Charlie Munger Copy Share Image
The model I like to sort of simplify the notion of what goes on in a market for common stocks is the… — Charlie Munger Copy Share Image
Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And… — Charlie Munger Copy Share Image
Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed… — Charlie Munger Copy Share Image
You've got to have models in your head and you've got to array you experience - both vicarious and direct - onto… — Charlie Munger Copy Share Image
You need a different checklist and different mental models for different companies. I can never make it easy by saying, 'Here are… — Charlie Munger Copy Share Image
I don't have too much interest in teaching other people how to get rich. And that isn't because I fear the competition… — Charlie Munger Copy Share Image
Derivative trading with mark-to-market accounting degenerates into mark-to-model. Two firms make a big derivative trade and the accountants on both sides show… — Charlie Munger Copy Share Image
One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible.… — Charlie Munger Copy Share Image
The possibility that stock value in aggregate can become irrationally high is contrary to the hard-form "efficient market" theory that many of… — Charlie Munger Copy Share Image
You have to realize the truth of biologist Julian Huxley's idea that 'Life is just one damn relatedness after another' "So you… — 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
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
![“Everyone caved, adopted loose [accounting] standards, and created exotic derivatives…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/3d3/charlie-munger-458_accountants_everyone-caved-adopted-loose-accounting_1383135.jpg)
![“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)
