When it gets into these spikes, with shortages and uproar and so forth, people go bananas, but that's capitalism. — Charlie Munger Copy Share Image
Gold is a great thing to sew into your garments if you're a Jewish family in Vienna in 1939, but I think… — Charlie Munger Copy Share Image
The world of derivatives is full of holes that very few people are really aware of. It's like hydrogen and oxygen sitting… — Charlie Munger Copy Share Image
If you always tell people why, they'll understand it better, they'll consider it more important, and they'll be more likely to comply. — Charlie Munger Copy Share Image
I like people admitting they were complete stupid horses' asses. I know I'll perform better if I rub my nose in my… — Charlie Munger Copy Share Image
Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to… — Charlie Munger Copy Share Image
I have a name for people who went to the extreme efficient market theory-which is "bonkers". It was an intellectually consistent theory… — 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
What matters most: passion or competence that was born in? Berkshireis full of people who have a peculiar passion for their own… — Charlie Munger Copy Share Image
One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work… — Charlie Munger Copy Share Image
There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going… — Charlie Munger Copy Share Image
Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes… — Charlie Munger Copy Share Image
I have a black belt in chutzpah. I was born with it. Some people, like some of the women I know, have… — Charlie Munger Copy Share Image
There are exceptional loyalties and there are old fashion ideas about how you get loyalties, and after all the auditorium is full… — Charlie Munger Copy Share Image
I talked to one accountant, a very nice fellow who I would have been glad to have his family marry into mine.… — Charlie Munger Copy Share Image
I mean people are really crazy about minor decrements down. And then, if you act on them, then you get into reciprocation… — 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
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
Obviously if you want to get good at something which is competitive, you have to think about it and practice a lot.… — Charlie Munger Copy Share Image
Our standard prescription for the know-nothing investor with a long-term time horizon is a no-load index fund. I think that works better… — 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
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
...People need to ask, "How do I play the hand that has been dealt me?" The world is not going to give… — Charlie Munger Copy Share Image
There has never been a master plan. Anyone who wanted to do it, we fired because it takes on a life of… — 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
I think the main figure that matters to all of us, including people in the media, is: How does GDP per capita… — Charlie Munger Copy Share Image
Of course you want to drive that out of yourself because you want to be wise, not foolish. You also have to… — Charlie Munger Copy Share Image
The game of investing is one of making better predictions about the future than other people. How are you going to do… — 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… — Charlie Munger Copy Share Image
There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get… — Charlie Munger Copy Share Image
I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are… — Charlie Munger Copy Share Image
There's danger in just shoveling out money to people who say, 'My life is a little harder than it used to be.'… — Charlie Munger Copy Share Image
The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron… — 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
You must have the confidence to override people with more credentials than you whose cognition is impaired by incentive-caused bias or some… — Charlie Munger Copy Share Image
I believe in the discipline of mastering the best that other people have ever figured out. I don't believe in just sitting… — Charlie Munger Copy Share Image
Most people early achieve and later intensify a tendency to process new and disconfirming information so that any original conclusion remains intact.… — Charlie Munger Copy Share Image
I constantly see people rise in life who are not the smartest -- sometimes not even the most diligent. But they are… — 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
I'm used to people with very high IQs knowing how to recognize reality, but there's a huge human tendency where it may… — 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
![“Most people will see declining returns [due to inflation]. One of the great defenses if you're worried about inflation is not to have a lot of silly needs in your life - you don't need a lot of material goods.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/c1b/charlie-munger-458_defense_most-people-will-see-declining-returns-d_2532092.jpg)
![“There's a lot wrong [with American universities]. I'd remove 3/4 of the faculty - everything but the hard sciences. But nobody's going to do that, so we'll have to live with the defects. It's amazing how wrongheaded [the teaching is]. There is fatal disconnectedness. You have these squirrelly…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8ea/charlie-munger-458_american-universitie_there-s-a-lot-wrong-with-american-univer_2372237.jpg)
![“Those of us who have been very fortunate have a duty to give back. Whether one gives a lot as one goes along as I do or a little and then a lot [when one dies] as Warrendoes is a matter of personal preference. I would hate to have people ask me for money all day long.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/1f7/charlie-munger-458_ask-me_those-of-us-who-have-been-very-fortunate_971586.jpg)
![“I talked to one accountant, a very nice fellow who I would have been glad to have his family marry into mine. He said, "What these other accounting firms have done is very unethical. The [tax avoidance scheme] works best if it's not found out [by the IRS], so we only give it to our best clients…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/b14/charlie-munger-458_accountants_i-talked-to-one-accountant-a-very-nice-f_2980092.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)