---
title: "31 Wells Quotes By Charlie Munger"
description: "31 Wells quotes by Charlie Munger. Plus more from Charlie Munger and more Wells sayings from other authors."
image: "https://sms4smile.com/quotes/i/827/charlie-munger-458_average_wells-fargo-behaves-better-than-the-aver_2982203.jpg"
---

> [Wells Fargo behaves better than the average big bank. But nobody's perfect.](https://sms4smile.com/quotes/charlie-munger/wells-fargo-behaves-better-than-the-average-big-bank-but-nobody-s/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/827/charlie-munger-458_average_wells-fargo-behaves-better-than-the-aver_2982203.jpg)

> [Financial institutions make us nervous when they're trying to do well.](https://sms4smile.com/quotes/charlie-munger/financial-institutions-make-us-nervous-when-they-re-trying-to-do-well/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/525/charlie-munger-458_financial_financial-institutions-make-us-nervous-w_2111408.jpg)

> [Why should it be easy to do something that, if done well, two or three times, will make your family rich for…](https://sms4smile.com/quotes/charlie-munger/why-should-it-be-easy-to-do-something-that-if-done-well-two-or-three/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/c7d/charlie-munger-458_done_why-should-it-be-easy-to-do-something-th_1490962.jpg)

> [Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.](https://sms4smile.com/quotes/charlie-munger/stock-picking-is-like-gambling-those-who-win-well-seldom-bet-but-when/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/950/charlie-munger-458_gambling_stock-picking-is-like-gambling-those-who_1282235.jpg)

> [The best armor of old age is a well-spent life preceding it.](https://sms4smile.com/quotes/charlie-munger/the-best-armor-of-old-age-is-a-well-spent-life-preceding-it/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/6ee/charlie-munger-458_age_the-best-armor-of-old-age-is-a-well-spen_2532183.jpg)

> [ The general systems of money management \[today\] require people to pretend to do something they can't do and like something they don't.… ](https://sms4smile.com/quotes/charlie-munger/the-general-systems-of-money-management-today-require-people-to/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/246/charlie-munger-458_life_the-general-systems-of-money-management_798109.jpg)

> [I've heard that one-half of the students at elite schools want to go into private equity or hedge funds. They want to…](https://sms4smile.com/quotes/charlie-munger/i-ve-heard-that-one-half-of-the-students-at-elite-schools-want-to-go/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/878/charlie-munger-458_age_i-ve-heard-that-one-half-of-the-students_70375.jpg)

> [I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the…](https://sms4smile.com/quotes/charlie-munger/i-find-it-quite-useful-to-think-of-a-free-market-economy-or-partly/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/702/charlie-munger-458_animal_i-find-it-quite-useful-to-think-of-a-fre_268838.jpg)

> [Well in the history of the See's Candy Company they always say, "I never did it before, and I'm never going to…](https://sms4smile.com/quotes/charlie-munger/well-in-the-history-of-the-see-s-candy-company-they-always-say-i/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/be5/charlie-munger-458_behavior_well-in-the-history-of-the-see-s-candy-c_1345500.jpg)

> [The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still…](https://sms4smile.com/quotes/charlie-munger/the-name-of-the-game-is-continuing-to-learn-even-if-you-re-very-well/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/0ab/charlie-munger-458_aptitude_the-name-of-the-game-is-continuing-to-le_1846508.jpg)

> [I think track records are very important. If you start early trying to have a perfect one in some simple thing like…](https://sms4smile.com/quotes/charlie-munger/i-think-track-records-are-very-important-if-you-start-early-trying-to/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/e3b/charlie-munger-458_honesty_i-think-track-records-are-very-important_518104.jpg)

> [We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices.…](https://sms4smile.com/quotes/charlie-munger/we-may-well-have-a-competitive-advantage-buying-decent-businesses-at/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/53f/charlie-munger-458_advantage_we-may-well-have-a-competitive-advantage_1376200.jpg)

> [Well, the questioner came from Singapore, which has perhaps the best economic record in the history of developing an economy. And therefore…](https://sms4smile.com/quotes/charlie-munger/well-the-questioner-came-from-singapore-which-has-perhaps-the-best/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/37d/charlie-munger-458_arrogant_well-the-questioner-came-from-singapore_246049.jpg)

> [I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they'd say,…](https://sms4smile.com/quotes/charlie-munger/i-regard-the-amount-of-brainpower-going-into-money-management-as-a/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/7d6/charlie-munger-458_amount_i-regard-the-amount-of-brainpower-going_2815468.jpg)

> [I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more…](https://sms4smile.com/quotes/charlie-munger/i-think-there-s-an-awful-lot-of-twaddle-and-bullshit-on-eva-the-whole/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/c04/charlie-munger-458_awful_i-think-there-s-an-awful-lot-of-twaddle_1737025.jpg)

> [You don't want to be like the motion picture exec who had so many people at his funeral, but they were there…](https://sms4smile.com/quotes/charlie-munger/you-don-t-want-to-be-like-the-motion-picture-exec-who-had-so-many/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/e5b/charlie-munger-458_brother_you-don-t-want-to-be-like-the-motion-pic_1574489.jpg)

> [Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding,…](https://sms4smile.com/quotes/charlie-munger/well-the-open-outcry-auction-is-just-made-to-turn-the-brain-into-mush/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/8cd/charlie-munger-458_auctions_well-the-open-outcry-auction-is-just-mad_1967593.jpg)

> [I think you'll make more money in the end with good ethics than bad. Even though there are some people who do…](https://sms4smile.com/quotes/charlie-munger/i-think-you-ll-make-more-money-in-the-end-with-good-ethics-than-bad/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/0ff/charlie-munger-458_buffett_i-think-you-ll-make-more-money-in-the-en_2134453.jpg)

> [And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. "for example," people do not…](https://sms4smile.com/quotes/charlie-munger/and-your-brain-doesn-t-naturally-know-how-to-think-the-way-zeckhauser/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/92e/charlie-munger-458_affected_and-your-brain-doesn-t-naturally-know-ho_1086183.jpg)

> [In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much…](https://sms4smile.com/quotes/charlie-munger/in-investment-management-today-everybody-wants-not-only-to-win-but-to/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/848/charlie-munger-458_artificial_in-investment-management-today-everybody_2136607.jpg)

> [All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have…](https://sms4smile.com/quotes/charlie-munger/all-the-equity-investors-in-total-will-surely-bear-a-performance/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/cae/charlie-munger-458_bears_all-the-equity-investors-in-total-will-s_1328072.jpg)

> [We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's…](https://sms4smile.com/quotes/charlie-munger/we-get-these-questions-a-lot-from-the-enterprising-young-it-s-a-very/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/3de/charlie-munger-458_asks_we-get-these-questions-a-lot-from-the-en_1263548.jpg)

> [If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then,…](https://sms4smile.com/quotes/charlie-munger/if-you-have-only-a-little-capital-and-are-young-today-there-are-fewer/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/b15/charlie-munger-458_abuse_if-you-have-only-a-little-capital-and-ar_949303.jpg)

> [We believe there should be a huge area between everything you should do and everything you can do without getting into legal…](https://sms4smile.com/quotes/charlie-munger/we-believe-there-should-be-a-huge-area-between-everything-you-should/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/535/charlie-munger-458_areas_we-believe-there-should-be-a-huge-area-b_1342655.jpg)

> [Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back.…](https://sms4smile.com/quotes/charlie-munger/tthe-first-rule-is-that-you-can-t-really-know-anything-if-you-just/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/1f8/charlie-munger-458_bangs_tthe-first-rule-is-that-you-can-t-really_2055905.jpg)

> [ If the technology hadn't changed, they \[newspapers\] would still be great businesses. Network TV \[in its heyday\], anyone could run and do… ](https://sms4smile.com/quotes/charlie-munger/if-the-technology-hadn-t-changed-they-newspapers-would-still-be-great/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/c02/charlie-munger-458_business_if-the-technology-hadn-t-changed-they-ne_2396489.jpg)

> [Berkshire was built on the eternal verities: basic mathematics, basic horse sense, basic fear, and basic diagnosis of human nature to make…](https://sms4smile.com/quotes/charlie-munger/berkshire-was-built-on-the-eternal-verities-basic-mathematics-basic/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/3b8/charlie-munger-458_amount_berkshire-was-built-on-the-eternal-verit_1862367.jpg)

> [If you want good behavior, don't pay on a commission basis. Our judges aren't paid so much a case. We keep them…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/842/charlie-munger-458_bases_if-you-want-good-behavior-don-t-pay-on-a_12457.jpg)

> [I have concluded that most PhD economists under appraise the power of the common-stock-based "wealth effect," under current extreme conditions... "Wealth effects"…](https://sms4smile.com/quotes/charlie-munger/i-have-concluded-that-most-phd-economists-under-appraise-the-power-of/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/2ee/charlie-munger-458_academic_i-have-concluded-that-most-phd-economist_788569.jpg)

> [...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much…](https://sms4smile.com/quotes/charlie-munger/in-terms-of-business-mistakes-that-i-ve-seen-over-a-long-lifetime-i/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/9c9/charlie-munger-458_advice_in-terms-of-business-mistakes-that-i-ve_2005422.jpg)

> [A lot of people think if you just had more process and more compliance -- checks and doublechecks and so forth --…](https://sms4smile.com/quotes/charlie-munger/a-lot-of-people-think-if-you-just-had-more-process-and-more/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

[Image](https://sms4smile.com/quotes/i/26a/charlie-munger-458_be-careful_a-lot-of-people-think-if-you-just-had-mo_839202.jpg)

## Other authors on Wells

## More by Charlie Munger

> [Almost all good businesses engage in 'pain today, gain tomorrow' activities.](https://sms4smile.com/quotes/charlie-munger/almost-all-good-businesses-engage-in-pain-today-gain-tomorrow/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/if-you-want-good-behavior-don-t-pay-on-a-commission-basis-our-judges/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to…](https://sms4smile.com/quotes/charlie-munger/acquire-worldly-wisdom-and-adjust-your-behavior-accordingly-if-your/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/i-think-time-and-time-again-in-reality-psychological-notions-and/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and…](https://sms4smile.com/quotes/charlie-munger/i-have-what-i-call-an-iron-prescription-that-helps-me-keep-sane-when/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [The tax code gives you an enormous advantage if you can find some things you can just sit with.](https://sms4smile.com/quotes/charlie-munger/the-tax-code-gives-you-an-enormous-advantage-if-you-can-find-some/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/the-great-lesson-in-microeconomics-is-to-discriminate-between-when/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.…](https://sms4smile.com/quotes/charlie-munger/some-years-ago-one-oil-company-bought-a-fertilizer-company-and-every/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [ They \[Mc Donalds\] take people and give them a first job, which enables them to get a second job. They do a very good… ](https://sms4smile.com/quotes/charlie-munger/they-mc-donalds-take-people-and-give-them-a-first-job-which-enables/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [What good is envy? It’s the one sin you can’t have any fun at.](https://sms4smile.com/quotes/charlie-munger/what-good-is-envy-it-s-the-one-sin-you-can-t-have-any-fun-at/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good…](https://sms4smile.com/quotes/charlie-munger/we-believe-that-almost-all-really-good-investment-records-will/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [It is way less certain to be a wonderful business in the future. The threat is alternative mediums of information. Every newspaper is scrambling…](https://sms4smile.com/quotes/charlie-munger/it-is-way-less-certain-to-be-a-wonderful-business-in-the-future-the/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [In the corporate world, if you have analysts, due diligence, and no horse sense, you've just described hell.](https://sms4smile.com/quotes/charlie-munger/in-the-corporate-world-if-you-have-analysts-due-diligence-and-no/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/we-have-to-have-a-special-insight-or-we-ll-put-it-in-the-too-tough/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

> [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…](https://sms4smile.com/quotes/charlie-munger/i-ve-heard-that-one-half-of-the-students-at-elite-schools-want-to-go/)

[Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/)

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                        "text": "Stock-picking is like gambling: those who win well, seldom bet, but when they do, they bet heavily.",
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                        "text": "The best armor of old age is a well-spent life preceding it.",
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                        "text": "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.",
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                        "text": "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 with their age cohorts at Goldman. This can't possibly end well in terms of meeting these expectations.",
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                        "text": "I find it quite useful to think of a free-market economy - or partly free market economy - as sort of the equivalent of an ecosystem. Just as animals flourish in niches, people who specialize in some narrow niche can do very well.",
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                        "text": "Well in the history of the See's Candy Company they always say, \"I never did it before, and I'm never going to do it again.\" And we cashier them. It would be evil not to, because terrible behavior spreads.",
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                        "text": "The name of the game is continuing to learn. Even if you're very well trained and have some natural aptitude, you still need to keep learning.",
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                        "text": "I think track records are very important. If you start early trying to have a perfect one in some simple thing like honesty, you're well on your way to success in this world.",
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                        "text": "We may well have a competitive advantage buying decent businesses at decent prices. But they won't be fabulous businesses and fabulous prices. There's too much competition and money out there, with many buyout specialists.",
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                        "text": "Well, the questioner came from Singapore, which has perhaps the best economic record in the history of developing an economy. And therefore he referred to 15 percent per annum as modest. It's not modest, it's arrogant.",
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                        "text": "I regard the amount of brainpower going into money management as a national scandal. When some idiot would get rich, they'd say, 'Well, old Charlie was out in the field playing the big brass tuba on the day it rained gold.' A lot of people have become rich lately who were playing the tuba on the day it rained gold.",
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                        "text": "I think there's an awful lot of twaddle and bullshit on EVA. The whole game is to turn retained earnings into more earnings. EVA has ideas about cost of capital that make no sense. Of course, if a company generates high returns on capital and can maintain this over time, it will do well. But the mental system as a whole does not work.",
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                        "text": "You don't want to be like the motion picture exec who had so many people at his funeral, but they were there just make sure he was dead. Or how about the guy who, at his funeral, the priest said, \"Won't anyone stand up and say anything nice for the deceased?\" and finally someone said, \"Well, his brother was worse.\"",
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                        "text": "Well the open-outcry auction is just made to turn the brain into mush: you've got social proof, the other guy is bidding, you get reciprocation tendency, you get deprival super-reaction syndrome, the thing is going away... I mean it just absolutely is designed to manipulate people into idiotic behavior.",
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                        "text": "I think you'll make more money in the end with good ethics than bad. Even though there are some people who do very well, like Marc Rich-who plainly has never had any decent ethics, or seldom anyway. But in the end, Warren Buffett has done better than Marc Rich-in money-not just in reputation.",
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                        "text": "And your brain doesn't naturally know how to think the way Zeckhauser knows how to play bridge. \"for example,\" people do not react symmetrically to loss and gain. Well maybe a great bridge player like Zeckhauser does, but that's a trained response. Ordinary people, subconsciously affected by their inborn tendencies.",
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                        "text": "In investment management today, everybody wants not only to win, but to have a yearly outcome path that never diverges very much from a standard path except on the upside. Well, that is a very artificial, crazy construct. That's the equivalent in investment management to the custom of binding the feet of Chinese women",
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                        "text": "All the equity investors, in total, will surely bear a performance disadvantage per annum equal to the total croupiers' costs they have jointly elected to bear. This is an inescapable fact of life. And it is also inescapable that exactly half of the investors will get a result below the median result after the croupiers' take, which median result may well be somewhere between unexciting and lousy.",
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                        "text": "We get these questions a lot from the enterprising young. It's a very intelligent question: You look at some old guy who's rich and you ask, 'How can I become like you, except faster?' Spend each day trying to be a little wiser than you were when you woke up. Discharge your duties faithfully and well. Step by step you get ahead, but not necessarily in fast spurts. But you build discipline by preparing for fast spurts... Slug it out one inch at a time, day by day, at the end of the day -- if you live long enough -- most people get what they deserve.",
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                        "text": "If you have only a little capital and are young today, there are fewer opportunities than when I was young. Back then, we had just come out of a depression. Capitalism was a bad word. There had been abuses in the 1920s. A joke going around then was the guy who said, 'I bought stock for my old age and it worked - in six months, I feel like an old man!' \"It's tougher for you, but that doesn't mean you won't do well - it just may take more time. But what the heck, you may live longer.\"",
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                        "text": "We believe there should be a huge area between everything you should do and everything you can do without getting into legal trouble. I don't think you should come anywhere near that line. We don't deserve much credit for this. It helps us make more money. I'd like to believe that we'd behave well even if it didn't work. But more often, we've made extra money from doing the right thing. Ben Franklin said I'm not moral because of it's the right thing to do - but because it's the best policy.",
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                        "text": "Tthe first rule is that you can't really know anything if you just remember isolated facts and try and bang 'em back. If the facts don't hang together on a latticework of theory, you don't have them in a usable form… You may have noticed students who just try to remember and pound back what is remembered. Well, they fail in school and in life.",
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                        "text": "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] don't have these types of substitutes.",
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                        "text": "Berkshire was built on the eternal verities: basic mathematics, basic horse sense, basic fear, and basic diagnosis of human nature to make predictions regarding human behavior. We stuck to the basics with a certain amount of discipline and it has worked out quite well.",
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                        "text": "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 isolated with a fixed salary. Judges in this whole thing have come out pretty well - there have been relatively few scandals.",
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                        "text": "I have concluded that most PhD economists under appraise the power of the common-stock-based \"wealth effect,\" under current extreme conditions... \"Wealth effects\" involve mathematical puzzles that are not nearly so well worked out as physics theories and never can be... What has happened in Japan over roughly the last ten years has shaken up academic economics, as it obviously should, creating strong worries about recession from \"wealth effects\" in reverse.",
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                        "text": "...in terms of business mistakes that I've seen over a long lifetime, I would say that trying to minimize taxes too much is one of the great standard causes of really dumb mistakes. I see terrible mistakes from people being overly motivated by tax considerations. Warren and I personally don't drill oil wells. We pay our taxes. And we've done pretty well, so far. Anytime somebody offers you a tax shelter from here on in life, my advice would be don't buy it.",
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                        "text": "A lot of people think if you just had more process and more compliance -- checks and doublechecks and so forth -- you could create a better result in the world. Well, Berkshire has had practically no process. We had hardly any internal auditing until they forced it on us. We just try to operate in a seamless web of deserved trust and be careful whom we trust.",
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