If it happens every year like clockwork, what's so extraordinary about it? — Charlie Munger Copy Share Image
Any year that you don't destroy one of your best-loved ideas is probably a wasted year — Charlie Munger Copy Share Image
For years I have read the morning paper and harrumphed. There's a lot to harrumph about now. — Charlie Munger Copy Share Image
A director who gets $150,000 per year from a company and needs the money is not independent. — 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
If we mix only a moderate minority share of turds with the raisins each year, probably no one will recognize what will… — Charlie Munger Copy Share Image
The Internet bubble circa 2000 is the most extreme in modern capitalism. In the 1930s, we had the worst depression in 600… — Charlie Munger Copy Share Image
I believe that we are at or near the apex of a great civilization... In 50-100 years, if we're a poor third… — Charlie Munger Copy Share Image
A lot of share-buying, not bargain-seeking, is designed to prop stock prices up. Thirty to 40 years ago, it was very profitable… — Charlie Munger Copy Share Image
If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef… — Charlie Munger Copy Share Image
Look at those hedge funds - you think they can wait? They don't know how to wait! I have sat for years… — Charlie Munger Copy Share Image
One metric catches people. We prefer businesses that drown in cash. An example of a different business is construction equipment. You work… — Charlie Munger Copy Share Image
A few public hangings will really change behavior. One of our Presidents said if he could execute three people each year for… — Charlie Munger Copy Share Image
There are two kinds of businesses: The first earns 12%, and you can take it out at the end of the year.… — Charlie Munger Copy Share Image
Every business tries to turn this year's success into next year's greater success. It's hard for me to see why Microsoft is… — 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… — Charlie Munger Copy Share Image
We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent… — Charlie Munger Copy Share Image
Mutual funds charge 2% per year and then brokers switch people between funds, costing another 3-4 percentage points. The poor guy in… — Charlie Munger Copy Share Image
If you take sales presentations and brokers of commercial real estate and businesses... I'm 70 years old, I've never seen one I… — Charlie Munger Copy Share Image
The general culture of investment banking has deteriorated over the years. We did a $6 million deal years ago for Diversified Retailing… — Charlie Munger Copy Share Image
Finding a single investment that will return 20% per year for 40 years tends to happen only in dreamland. In the real… — 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
Over the long term, it's hard for a stock to earn a much better return that the business which underlies it earns.… — 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
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
![“If the same family were always on the bottom, then you'd have big resentments. But if DuPonts go down and Pampered Chef up, [that's good]. That much churn makes people think the system is fairer. Buffett: We don't like churn now, but we liked it more 30-40 years ago.” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/cf5/charlie-munger-458_bigs_if-the-same-family-were-always-on-the-bo_3003042.jpg)
![“We regard using [a stock's] volatility as a measure of risk is nuts. Risk to us is 1) the risk of permanent loss of capital, or 2) the risk of inadequate return. Some great businesses have very volatile returns - for example, See's [a candy company owned by Berkshire] usually loses money in two…” quote by Charlie Munger](https://sms4smile.com/quotes/img-quotes/50c/charlie-munger-458_candy_we-regard-using-a-stock-s-volatility-as_1564654.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)
![“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)
