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
And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not… — 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
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
The model I like to sort of simplify the notion of what goes on in a market for common stocks is the… — 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
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
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
Berkshire's whole record has been achieved without paying one ounce of attention to the efficient market theory in its hard form. And… — 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
I think there's something to be said for developing the disposition to own stocks without fretting. — 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
You'll find many markets where bottlers of Pepsi and Coke both make a lot of money and many others where they destroy… — 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
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
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
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
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
I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more… — 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
So you can get very remarkable investment results if you think more like a winning pari-mutuel player. Just think of it as… — 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
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
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…” 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)
