It's simplicity itself that its future will be way worse than its past. — Charlie Munger Copy Share Image
There's no way that you can live an adequate life without making many mistakes. — Charlie Munger Copy Share Image
As I continued through Cicero's pages, I found much more material celebrating my way of life. — 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
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
The only way to win is to work, work, work, work, and hope to have a few insights — 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
The SEC does way more good than harm - the last thing I would do is get rid of the SEC...if accounting… — 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
The general systems of money management [today] require people to pretend to do something they can't do and like something they don't.… — 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
The average result has to be the average result. By definition, everybody can't beat the market. As I always say, the iron… — Charlie Munger Copy Share Image
The way to win is to work, work, work, work and hope to have a few insights And you're probably not going… — Charlie Munger Copy Share Image
There’s no way that you can live an adequate life without many mistakes. In fact, one trick in life is to get… — 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
Sears had layers and layers of people it didn't need. It was very bureaucratic. It was slow to think. And there was… — 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
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
Suppose you were a real estate investor with a 1/3 interest in the best apartment complex in town, the best mall, and… — Charlie Munger Copy Share Image
You must know the big ideas in the big disciplines, and use them routinely - all of them, not just a few.… — 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
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
It's hard to predict what will happen with two brands in a market. Sometimes they will behave in a gentlemanly way, and… — Charlie Munger Copy Share Image
At most corporations if you make an acquisition and it turns out to be a disaster, all the paperwork and presentations that… — Charlie Munger Copy Share Image
If you're going to buy something which compounds for 30 years at 15% per annum and you pay one 35% tax at… — 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
I talked to one accountant, a very nice fellow who I would have been glad to have his family marry into mine.… — Charlie Munger Copy Share Image
We don't have any miraculous way of avoiding taxes at Wesco and Berkshire. — 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
I know just enough about thermodynamics to understand that if it takes too much fossil-fuel energy to create ethanol, that's a very… — Charlie Munger Copy Share Image
The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You… — Charlie Munger Copy Share Image
Ben Franklin and Samuel Johnson, he credits their wisdom for his success. "They were both utterly brilliant men. And powerful communicators. Both… — Charlie Munger Copy Share Image
Proper accounting is like engineering. You need a margin of safety. Thank God we don't design bridges and airplanes the way we… — Charlie Munger Copy Share Image
The safest way to try to get what you want is to try to deserve what you want. It's such a simple… — 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
The cost of being a publicly traded stock has gone way, way up. It doesn't make sense for a little company to… — Charlie Munger Copy Share Image
A rough rule in life is that an organization foolish in one way in dealing with a complex system is all too… — 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
Almost all good businesses engage in 'pain today, gain tomorrow' activities. — Charlie Munger Copy Share
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
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
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
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
The tax code gives you an enormous advantage if you can find some things you can just sit with. — Charlie Munger Copy Share
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
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
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
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
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
In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell. — Charlie Munger Copy Share
We have to have a special insight, or we'll put it in the 'too tough' basket. All of you have to look for a… — Charlie Munger Copy Share
I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to keep up… — Charlie Munger Copy Share
![“The general systems of money management [today] require people to pretend to do something they can't do and like something they don't. It's a terrible way to spend your life, but it's very well paid.” quote by Charlie Munger](https://sms4smile.com/quotes/i/246/charlie-munger-458_life_the-general-systems-of-money-management_798109.jpg)
![“I think we have lost our way when people like the [board of] governors and the CEO of the NYSE fail to realize they have a duty to the rest of us to act as exemplars... You do not want your first-grade school teacher to be fornicating on the floor or drinking booze in the classroom; similarly you…” quote by Charlie Munger](https://sms4smile.com/quotes/i/6bb/charlie-munger-458_alcohol_i-think-we-have-lost-our-way-when-people_2506159.jpg)
![“I talked to one accountant, a very nice fellow who I would have been glad to have his family marry into mine. He said, "What these other accounting firms have done is very unethical. The [tax avoidance scheme] works best if it's not found out [by the IRS], so we only give it to our best clients…” quote by Charlie Munger](https://sms4smile.com/quotes/i/b14/charlie-munger-458_accountants_i-talked-to-one-accountant-a-very-nice-f_2980092.jpg)
![“The beauty of a financial institution is that there are a lot of ways to go to hell in a bucket. You can push credit too far, do a dumb acquisition, leverage yourself excessively - it's not just derivatives [that can bring about your downfall].” quote by Charlie Munger](https://sms4smile.com/quotes/i/628/charlie-munger-458_acquisition_the-beauty-of-a-financial-institution-is_1034580.jpg)
![“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/i/e33/charlie-munger-458_bills_is-anyone-really-surprised-that-warren-w_1449574.jpg)