Chance Quote by Charlie Munger

“The first chance you have to avoid a loss from a foolish loan is by refusing to make it; there is no second chance.”

Charlie Munger

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Chance Firsts Foolish Loan Loss No second chances Second chance

More by Charlie Munger

Almost all good businesses engage in 'pain today, gain tomorrow' activities.

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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…

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Acquire worldly wisdom and adjust your behavior accordingly. If your new behavior gives you a little temporary unpopularity with your peer group then to…

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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…

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I have what I call an iron prescription that helps me keep sane when I naturally drift toward preferring one ideology over another and…

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The tax code gives you an enormous advantage if you can find some things you can just sit with.

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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…

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Some years ago one oil company bought a fertilizer company, and every other major oil company practically ran out and bought a fertilizer company.…

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They [Mc Donalds] take people and give them a first job, which enables them to get a second job. They do a very good…

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What good is envy? It’s the one sin you can’t have any fun at.

Charlie Munger

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We believe that almost all really good investment records will involve relatively little diversification. The basic idea that it was hard to find good investments and that you wanted to be in good investments, and therefore, you'd just find a few of them that you knew a lot about and concentrate on those seemed to me such an obviously good…

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 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 the basic business would grow steadily, so there's more…

Charlie Munger

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I might, by chance, write something just as shoddy; But then I wouldn't show it to everybody.

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When I get a chance to play golf or go on a boat with good people, take the boat out and put some lobsters…

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The happy medium is television. And if you find a good suitor, you can do it for years. With movies, you roll the dice.…

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I get afraid of the dark if I'm in a great deal of dark, and I have to move around inside of that fear...…

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I have heard that if you pull a bent breath through the second hole of a harmonica tuned to the key of Georgia while…

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There are times when we can feel destiny close around us like a fist around a doorknob. Sure, we can resist. But a knob that won't turn, a door that sticks and never budges, is a nuisance to the gods. The gods may kick in the jamb. Worse, they may walk away in disgust, leaving us to hang dumbly from…

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