Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily. — Charlie Munger Copy Share Image
Financial institutions make us nervous when they're trying to do well. — Charlie Munger Copy Share Image
Why should it be easy to do something that, if done well, two or three times, will make your family rich for… — Charlie Munger Copy Share Image
Well, the questioner came from Singapore, which has perhaps the best economic record in the history of developing an economy. And therefore… — 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
We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices.… — Charlie Munger Copy Share Image
I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to… — Charlie Munger Copy Share Image
The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still… — Charlie Munger Copy Share Image
Well in the history of the See's Candy Company they always say, "I never did it before, and I'm never going to… — 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
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
If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them… — Charlie Munger Copy Share Image
If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do… — Charlie Munger Copy Share Image
Berkshire was built on the eternal verities: basic mathematics, basic horse sense, basic fear, and basic diagnosis of human nature to make… — Charlie Munger Copy Share Image
...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much… — 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
I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects"… — Charlie Munger Copy Share Image
Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back.… — Charlie Munger Copy Share Image
Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding,… — 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
If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then,… — Charlie Munger Copy Share Image
We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's… — Charlie Munger Copy Share Image
In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much… — Charlie Munger Copy Share Image
All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have… — 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
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 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
You don't want to be like the motion picture exec who had so many people at his funeral, but they were there… — Charlie Munger Copy Share Image
Wells Fargo behaves better than the average big bank. But nobody's perfect. — Charlie Munger Copy Share Image
I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they'd say,… — 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
![“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/img-quotes/246/charlie-munger-458_life_the-general-systems-of-money-management_798109.jpg)
![“If the technology hadn't changed, they [newspapers] would still be great businesses. Network TV [in its heyday], anyone could run and do well. If Tom Murphy as running it, you'd do very well, but even your idiot nephew could do well. Fortunately, carbide cutting tools [such as those made by Iscar]…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.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)