I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings. — 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 think there's something to be said for developing the disposition to own stocks without fretting. — Charlie Munger Copy Share Image
The game is to keep learning, and I don't think people are going to keep learning who don't like the learning process. — Charlie Munger Copy Share Image
Part of that, I think, is being able to tune out folly, as distinguished from recognizing wisdom. You've got whole categories of… — Charlie Munger Copy Share Image
Is anyone really surprised that Warren, who is the ultimate embodiment of concentrated decision-making power, picked somebody [Bill and Melinda Gates] who… — Charlie Munger Copy Share Image
Some people seem to think there's no trouble just because it hasn't happened yet. If you jump out the window at the… — Charlie Munger Copy Share Image
The quality of the medical care delivered, including the pharmaceutical industry, has improved a lot. I don't think it's crazy for a… — Charlie Munger Copy Share Image
The theory of modern education is that you need a general education before you specialize. And I think to some extent, before… — Charlie Munger Copy Share Image
Organized common (or uncommon) sense -- very basic knowledge -- is an enormously powerful tool. There are huge dangers with computers. People… — Charlie Munger Copy Share Image
I think it is undeniably true that the human brain must work in models. The trick is to have your brain work… — Charlie Munger Copy Share Image
Bull markets go to people's heads. If you're a duck on a pond, and it's rising due to a downpour, you start… — Charlie Munger Copy Share Image
Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in… — 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… — Charlie Munger Copy Share Image
A lot of people think if you just had more process and more compliance -- checks and doublechecks and so forth --… — 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
The Berkshire-style investors tend to be less diversified than other people. The academics have done a terrible disservice to intelligent investors by… — Charlie Munger Copy Share Image
The ethical rule is from Samuel Johnson who believed that maintenance of easily removable ignorance by a responsible office holder was treacherous… — Charlie Munger Copy Share Image
People like the robber barons assumed that the doctrine of the survival of the fittest authenticated them as deserving power. You know,… — Charlie Munger Copy Share Image
Obviously if you want to get good at something which is competitive, you have to think about it and practice a lot.… — Charlie Munger Copy Share Image
I think track records are very important. If you start early trying to have a perfect one in some simple thing like… — Charlie Munger Copy Share Image
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
Accounting is a big subject and there are huge forces in play. The entire momentum of existing thinking and existing custom is… — Charlie Munger Copy Share Image
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
Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's… — 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
I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the… — Charlie Munger Copy Share Image
Common stock investors can make money by predicting the outcomes of practice evolution. You can't derive this by fundamental analysis - you… — 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
I'm not entitled to have an opinion unless I can state the arguments against my position better than the people who are… — Charlie Munger Copy Share Image
I think liberal art faculties at major universities have views that are not very sound, at least on public policy issues -… — Charlie Munger Copy Share Image
I think the notion...that liquidity is this - of tradable common stock - is a great contributor to capitalism - I think… — Charlie Munger Copy Share Image
I think we have some special talents. That being said, I think it's dangerous to rely on special talents - it's better… — Charlie Munger Copy Share Image
I think gold is a great thing to sew onto your garments if you're a Jewish family in Vienna in 1939, but… — Charlie Munger Copy Share Image
I always like it when someone attractive to me agrees with me, so I have fond memories of Phil Fisher. The idea… — 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
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
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
![“Is anyone really surprised that Warren, who is the ultimate embodiment of concentrated decision-making power, picked somebody [Bill and Melinda Gates] who he thinks is like him in many important ways? It was a noble and sensible decision.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/e33/charlie-munger-458_bills_is-anyone-really-surprised-that-warren-w_1449574.jpg)
![“Black-Scholes works for short-term options, but if it's a long-term option and you think you know something [about the underlying asset], it's insane to use Black-Scholes.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/491/charlie-munger-458_assets_black-scholes-works-for-short-term-optio_947554.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)
![“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)