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
So, economics should emulate physics' basic ethos, but its search for precision in physics-like formulas is almost always wrong in economics. — Charlie Munger Copy Share Image
I think that one should recognize reality even when one doesn't like it; indeed, especially when one doesn't like it. — 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
Just as a man working with his tools should know its limitations, a man working with his cognitive apparatus must know its… — Charlie Munger Copy Share Image
Even in pure mathematics they can't remove all paradox, and the rest of us should also recognize we are going to have… — Charlie Munger Copy Share Image
How should the best parts of psychology and economics interrelate in an enlightened economist's mind?... I think that these behavioral economics...or economists… — Charlie Munger Copy Share Image
I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings. — Charlie Munger Copy Share Image
Another thing I think should be avoided is extremely intense ideology because it cabbages up one's mind. You see it a lot… — 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
Why should it be easy to do something that, if done well, two or three times, will make your family rich for… — Charlie Munger Copy Share Image
What do you want to avoid? Such an easy answer: sloth and unreliability. If you're unreliable it doesn't matter what your virtues… — Charlie Munger Copy Share Image
A board member should be perfectly willing to leave at any time and willing to make the tough calls. — Charlie Munger Copy Share Image
Over the long term, the eclipse rate of great civilizations being overtaken is 100%. So you know how it's going to end.… — Charlie Munger Copy Share Image
Our approach has worked for us. Look at the fun we, our managers, and our shareholders are having. More people should copy… — Charlie Munger Copy Share Image
When we were young, there weren't very many smart people in the investment world. You should have seen the people in the… — Charlie Munger Copy Share Image
Being rational is a moral Imperative. You should never be stupider than you need to be. — Charlie Munger Copy Share Image
Never, ever, think about something else when you should be thinking about the power of incentives. — Charlie Munger Copy Share Image
One of the smartest things a person can do is dampen investment expectations, especially with Berkshire. That would be mature and responsible.… — Charlie Munger Copy Share Image
I don't want to sell credit to people who are going to hurt themselves with it. You should only sell products that… — Charlie Munger Copy Share Image
I think corporate managers should learn to be better investors because it would make them better managers. — Charlie Munger Copy Share Image
I also want to raise the possibility that there are, in the very long term, "virtue effects" in economics- for instance that… — 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
![“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)