--- title: "Meaning & Key Takeaway of: To some extent, stocks are like…" description: "\"To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's valu..." image: "https://sms4smile.com/quotes/i/6b8/charlie-munger-458_investing_to-some-extent-stocks-are-like-rembrandt_2084729.jpg" --- # To some extent, stocks are like Rembrandts. They sell… ![“To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.” quote by Charlie Munger](https://sms4smile.com/quotes/i/6b8/charlie-munger-458_investing_to-some-extent-stocks-are-like-rembrandt_2084729.jpg) [Download](https://sms4smile.com/quotes/i/6b8/charlie-munger-458_investing_to-some-extent-stocks-are-like-rembrandt_2084729.jpg) [Open image](https://sms4smile.com/quotes/i/6b8/charlie-munger-458_investing_to-some-extent-stocks-are-like-rembrandt_2084729.jpg) > “To some extent, stocks are like Rembrandts. They sell based on what they've sold in the past. Bonds are much more rational. No-one thinks a bond's value will soar to the moon.” [Charlie Munger](https://sms4smile.com/quotes/author/charlie-munger/) ## About This Quote This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation. Stocks are valued by past performance and sentiment, while bonds are judged by rational fundamentals and lower expectations. **In simple terms:** Stocks driven by hype; bonds by logic. Key Takeaway Invest with realistic expectations. Themes investment valuation psychology risk management Mood analytical pragmatic Type financial educational When to use this quote - portfolio building - risk assessment - financial education Key Concepts behavioral finance market efficiency asset allocation Questions to Reflect On - What biases affect stock decisions? - When might bonds be risky? A Different Perspective Bonds can underperform in high‑inflation environments. ★ ★ ★ ★ ★ No ratings yet [Bonds](https://sms4smile.com/quotes/about/bonds/) [Customer](https://sms4smile.com/quotes/about/customer/) [Investing](https://sms4smile.com/quotes/about/investing/) [Moon](https://sms4smile.com/quotes/about/moon/) [Past](https://sms4smile.com/quotes/about/past/) [Thinking](https://sms4smile.com/quotes/about/thinking/) [Time](https://sms4smile.com/quotes/about/time/) [Values](https://sms4smile.com/quotes/about/values/) ## Related quotes > [Buy a $100 U.S. bond and frame it to teach your children about inflation by watching the U.S. bond value diminish to almost nothing…](https://sms4smile.com/quotes/marc-faber/buy-a-100-u-s-bond-and-frame-it-to-teach-your-children-about/) [Marc Faber](https://sms4smile.com/quotes/author/marc-faber/) > [Nirvana, to a value investor, is paying a cheap price for a company that is growing in value every year at a nice rate…](https://sms4smile.com/quotes/whitney-tilson/nirvana-to-a-value-investor-is-paying-a-cheap-price-for-a-company/) [Whitney Tilson](https://sms4smile.com/quotes/author/whitney-tilson/) > ["Average" isn't so hot at the race track given those steep track takes. 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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. 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It is almost that literal, the dead forming your bond to the…](https://sms4smile.com/quotes/julene-bair/to-have-deep-roots-in-a-place-means-having-dead-buried-there-it-is/) [Julene Bair](https://sms4smile.com/quotes/author/julene-bair/) > [“It is so simple and easy to hate and so grueling and hard to love, when the emotional “love forever”- revelation has become a…](https://sms4smile.com/quotes/erik-pevernagie/it-is-so-simple-and-easy-to-hate-and-so-grueling-and-hard-to-love/) [Erik Pevernagie](https://sms4smile.com/quotes/author/erik-pevernagie/) > [By the mid-1950s, the young bond traders on the Street were becoming more and more of a fraternity. We organized informal luncheons every Thursday…](https://sms4smile.com/quotes/william-e-simon/by-the-mid-1950s-the-young-bond-traders-on-the-street-were-becoming/) [William E. Simon](https://sms4smile.com/quotes/author/william-e-simon/) > [“Don't get entangled With what you long for or dislike. 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