You need a different checklist and different mental models for different companies. — Charlie Munger Copy Share Image
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
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
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
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
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
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
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
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
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 linked to theoretical models. As a result, all kinds of earnings, blessed by accountants, are not really being earned. When you reach for the money, it melts away. It was never there. It [accounting for…” 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 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)