I think that, every time you saw the word EBITDA, you should substitute the word "bullshit" earnings. — Charlie Munger Copy Share Image
In my whole life, I have known no wise people who didn't read all the time - none ... ZERO. — Charlie Munger Copy Share Image
We have the same problem as everyone else: It's very hard to predict the future. — 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
You don't have to have perfect wisdom to get very rich - just a bit better than average over a long period… — Charlie Munger Copy Share Image
It's human nature to extrapolate the recent past into the future, but it's terrible that managements go along with this. — Charlie Munger Copy Share Image
It's stupid the way people extrapolate the past -- and not slightly stupid, but massively stupid. — Charlie Munger Copy Share Image
It's a real pleasure to earn the trust of your customers slowly over time by doing what's right. — 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… — 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
The tradition of always looking for the answer in the most fundamental way available - that is a great tradition, and it… — Charlie Munger Copy Share Image
Opportunity cost is a huge filter in life. If you've got two suitors who are really eager to have you and one… — Charlie Munger Copy Share Image
It's in the nature of stock markets to go way down from time to time. There's no system to avoid bad markets.… — Charlie Munger Copy Share Image
Black-Scholes is a know-nothing system. If you know nothing about value - only price - then Black-Scholes is a pretty good guess… — 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… — Charlie Munger Copy Share Image
We have a higher percentage of the intelligentsia engaged in buying and selling pieces of paper and promoting trading activity than in… — Charlie Munger Copy Share Image
We like our current shareholders and don't want to entice anyone to become one. It would help current shareholders to hear our… — Charlie Munger Copy Share Image
Rationality is not just something you do so that you can make more money, it is a binding principle. Rationality is a… — Charlie Munger Copy Share Image
It's not given to human beings to have such talent that they can just know everything about everything all the time. But… — Charlie Munger Copy Share Image
If it is wisdom you're after, you're going to spend a lot of time on your ass reading. — Charlie Munger Copy Share Image
It's simplicity itself that its future will be way worse than its past. — Charlie Munger Copy Share Image
If you can buy the best companies, over time the pricing takes care of itself. — Charlie Munger Copy Share Image
You don't have to be brilliant, only a little bit wiser than the other guys, on average, for a long, long, time. — Charlie Munger Copy Share Image
It's a rare business that doesn't have a way worse future than it has a past. — Charlie Munger Copy Share Image
Most people are too fretful, they worry to much. Success means being very patient, but aggressive when it's time. — Charlie Munger Copy Share Image
The normal expectancy of the average investor - for example, the pension funds of AT&T or IBM - is 6% for a… — Charlie Munger Copy Share Image
If you don't keep learning, other people will pass you by. Temperament alone won't do it - you need a lot of… — Charlie Munger Copy Share Image
One could imagine a period like Japan13 years ago, however, in which indexing over time wouldn't work. — Charlie Munger Copy Share Image
I don't spend much time regretting the past, once I've taken my lesson from it. I don't dwell on it. — Charlie Munger Copy Share Image
Spend less than you make; always be saving something. Put it into a tax-deferred account. Over time, it will begin to amount… — Charlie Munger Copy Share Image
I think people who multitask pay a huge price. They think they're being extra productive, and I think when you multitask so… — Charlie Munger Copy Share Image
The game of investing is one of making better predictions about the future than other people. How are you going to do… — Charlie Munger Copy Share Image
People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep… — Charlie Munger Copy Share Image
Berkshire's past record has been almost ridiculous. If Berkshirehad used even half the leverage of, say, Rupert Murdoch, it would be five… — 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
![“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)
![“We like our current shareholders and don't want to entice anyone to become one. It would help current shareholders to hear our CEOs [of the Berkshireoperating subsidiaries], but we promised them they could spend 100% of their time on their business. We place no impediments on them running their…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/8a2/charlie-munger-458_activity_we-like-our-current-shareholders-and-don_1762758.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)
