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
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
Of course the self-serving bias is something you want to get out of yourself. Thinking that what's good for you is good… — Charlie Munger Copy Share Image
To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational.… — Charlie Munger Copy Share Image
I think you'll make more money in the end with good ethics than bad. Even though there are some people who do… — Charlie Munger Copy Share Image
I'm a bull on Berkshire Hathaway. There may be some considerable waiting, but I think there are some good days ahead. — Charlie Munger Copy Share Image
I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and… — Charlie Munger Copy Share Image
It's been my experience in life if you just keep thinking and reading, you don't have to work. — Charlie Munger Copy Share Image
And maybe the cereal makers by and large have learned to be less crazy about fighting for market share-because if you get… — 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
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
I do not think you can trust bankers to control themselves. They are like heroin addicts. — Charlie Munger Copy Share Image
In the 1930s, there was a stretch where you could borrow more against the real estate than you could sell it for.… — Charlie Munger Copy Share Image
If you turn on the television, you'll find the mothers of the most obvious criminals that man could ever diagnose, and they… — Charlie Munger Copy Share Image
I think the reason why we got into such idiocy in investment management is best illustrated by a story that I tell… — Charlie Munger Copy Share Image
'Crowd folly', the tendency of humans, under some circumstances, to resemble lemmings, explains much foolish thinking of brilliant men and much foolish… — Charlie Munger Copy Share Image
Failure to handle psychological denial is a common way for people to go broke: you have made an enormous commitment to something.… — Charlie Munger Copy Share Image
I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to… — Charlie Munger Copy Share Image
Berkshire has the lowest turnover of any major company in the U.S.The Walton family owns more of Wal-Mart than Buffett owns of… — Charlie Munger Copy Share Image
I feel that by getting rich in the way I did, I think my own example has hurt my own country. — Charlie Munger Copy Share Image
Although I am very interested in the subject of human misjudgment - and lord knows I've created a good bit of it… — 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 think it would be a great improvement if there were no D&O insurance . The counter-argument is that no-one with any… — Charlie Munger Copy Share Image
I get flack for saying [when I visit a college and give a speech], "This is a nice college, but the really… — 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
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