When I run into a paradox I think either I'm a total horse's ass to have gotten to this point, or I'm… — 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
The interesting thing about it to me is the mindset. With all these "helpers" running around, they talk about doing deals. We… — Charlie Munger Copy Share Image
We like our current shareholders and don't want to entice anyone to become one. It would help current shareholders to hear our… — Charlie Munger Copy Share Image
I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus… — Charlie Munger Copy Share Image
The total amount paid out in dividends is roughly equal to the amount lost in trading and investment advice, so net dividends… — 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
Like the stocks of both Berkshire and Wesco to trade within hailing distance of what we think of as intrinsic value. When… — Charlie Munger Copy Share Image
For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs… — Charlie Munger Copy Share Image
The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to… — Charlie Munger Copy Share Image
The hedge fund known as "Long Term Capital Management" collapsed last fall through overconfidence in its highly leveraged methods, despite I.Q.'s of… — Charlie Munger Copy Share Image
If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do… — Charlie Munger Copy Share Image
Fancy computers are engaging in legalized front-running. The profits are clearly coming from the rest of us - our college endowments and… — 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
![“We like our current shareholders and don't want to entice anyone to become one. It would help current shareholders to hear our CEOs [of the Berkshireoperating subsidiaries], but we promised them they could spend 100% of their time on their business. We place no impediments on them running their…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8a2/charlie-munger-458_activity_we-like-our-current-shareholders-and-don_1762758.jpg)
![“I think the foundation at Berkshire [Buffett's stake in Berkshirewill pass to the Buffett Foundation upon his death] will be a plus because there will be a continuation of the culture. We'd still take in fine businesses run by people who love them.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8e7/charlie-munger-458_buffett_i-think-the-foundation-at-berkshire-buff_1777199.jpg)
![“For many of our shareholders, our stock is all they own, and we're acutely aware of that. Our culture [of conservatism] runs pretty deep.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/f5f/charlie-munger-458_conservatism_for-many-of-our-shareholders-our-stock-i_2097753.jpg)
![“The lawyers have escaped most criticism [and undeservedly so]. The tax shelters [were approved by lawyers, who got paid huge commissions to do so] and every miscreant had a high-falutin' lawyer at his side. Why don't more law firms vote with their feet and not take clients who have signs on them…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/18b/charlie-munger-458_approved_the-lawyers-have-escaped-most-criticism_2142390.jpg)
![“If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar]…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.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)