Clever derivatives broke dozens of companies. It killed them. Bankrupt. We don't need these kinds of innovation in finance. It's OK to… — Charlie Munger Copy Share Image
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
It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and… — 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
While no real money came down, my family gave me a good education and a marvelous example of how people should behave,… — Charlie Munger Copy Share Image
You don't have to have perfect wisdom to get very rich - just a bit better than average over a long period… — Charlie Munger Copy Share Image
Where you have complexity, by nature you can have fraud and mistakes. You'll have more of that than in a company that… — Charlie Munger Copy Share Image
Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you… — Charlie Munger Copy Share Image
With so much money riding on reported numbers, human nature is to manipulate them. And with so many doing it, you get… — Charlie Munger Copy Share Image
A banker who is allowed to borrow money at X and loan it out at X plus Y will just go crazy… — Charlie Munger Copy Share Image
Missing out on some opportunity never bothers us. What's wrong with someone getting a little richer than you? It's crazy to worry… — Charlie Munger Copy Share Image
There are a lot of things in life way more important than money. All that said, some people do get confused. I… — Charlie Munger Copy Share Image
We've had the most massive creation of wealth for people a lot younger than those who formerly got wealth in the history… — Charlie Munger Copy Share Image
With Congress and the S.E.C. so heavily peopled by lawyers, and with lawyers having been so heavily involved in drafting financial disclosure… — Charlie Munger Copy Share Image
I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects"… — 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 are all kinds of wonderful new inventions that give you nothing as owners except the opportunity to spend a lot more… — Charlie Munger Copy Share Image
The big money is not in the buying and selling ... but in the waiting. — Charlie Munger Copy Share Image
If (investing) weren't a little difficult, everybody would be rich. — Charlie Munger Copy Share Image
Rationality is not just something you do so that you can make more money, it is a binding principle. Rationality is a… — Charlie Munger Copy Share Image
I think democracies are prone to inflation because politicians will naturally spend [excessively] - they have the power to print money and… — Charlie Munger Copy Share Image
The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You… — 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
Since those don’t hit financial reports, the opportunities you had but didn’t accept, most people don’t bother thinking about them very much.… — 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
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