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
The secret to happiness is to lower your expectations. ...that is what you compare your experience with. If your expectations and standards… — Charlie Munger Copy Share Image
In Gillette's case, they keep surfing along new technology which is fairly simple by the standards of microchips. But it's hard for… — Charlie Munger Copy Share Image
Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up. — Charlie Munger Copy Share Image
Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed… — Charlie Munger Copy Share Image
...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much… — 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
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much… — 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
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
![“Anyone with an engineering frame of mind will look at [accounting standards] and want to throw up.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/2ad/charlie-munger-458_accounting_anyone-with-an-engineering-frame-of-mind_1070052.jpg)
![“Everyone caved, adopted loose [accounting] standards, and created exotic derivatives linked to theoretical models. As a result, all kinds of earnings, blessed by accountants, are not really being earned. When you reach for the money, it melts away. It was never there. It [accounting for…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/3d3/charlie-munger-458_accountants_everyone-caved-adopted-loose-accounting_1383135.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)