If you buy something because it's undervalued, then you have to think about selling it when it approaches your calculation of its… — Charlie Munger Copy Share Image
Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years… — Charlie Munger Copy Share Image
We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in… — Charlie Munger Copy Share Image
The big money is not in the buying and selling ... but in the waiting. — Charlie Munger Copy Share Image
The basic concept of value to a private owner and being motivated when you're buying and selling securities by reference to intrinsic… — Charlie Munger Copy Share Image
You'll better understand the evil when top audit firms started selling fraudulent tax shelters when I tell you that one told me… — Charlie Munger Copy Share Image
I knew a guy who had $5 million and owned his house free and clear. But he wanted to make a bit… — Charlie Munger Copy Share Image
What's fascinating . . .is that you could now have a business that might have been selling for $10 billion where the… — 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
![“You'll better understand the evil when top audit firms started selling fraudulent tax shelters when I tell you that one told me that they're better [than the others] because they only sold [the schemes] to their top-20 clients, so no-one would notice.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/421/charlie-munger-458_clients_you-ll-better-understand-the-evil-when-t_2315705.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)