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
Size will hurt returns. Look at Berkshire Hathaway - the last five things Warren has done have generated returns that are splendid… — Charlie Munger Copy Share Image
Obviously, consideration of costs is key, including opportunity costs. Of course capital isn't free. It's easy to figure out your cost of… — Charlie Munger Copy Share Image
Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real… — 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
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
Using volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or… — Charlie Munger Copy Share Image
We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent… — Charlie Munger Copy Share Image
It's a finite and very competitive world. All large aggregations of capital eventually find it hell on earth to grow and thus… — Charlie Munger Copy Share Image
I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more… — Charlie Munger Copy Share Image
If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at… — 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
Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns.… — Charlie Munger Copy Share Image
We're guessing at our future opportunity cost. Warrenis guessing that he'll have the opportunity to put capital out at high rates of… — 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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